Indian markets surged to new records on Thursday led by gains in banking, consumer goods and oil & gas stocks. Buying in heavyweights Reliance Industries, ITC and ICICI Bank supported the markets in climbing all time highs. The S&P BSE Sensex claimed a new milestone of 59,000 in intraday trade today. While the Sensex was trading higher by 256 points or 0.44% at 58979.5, the Nifty added 58.2 points or 0.33% at 17577. Kranthi Bathini of WealthMills Securities spoke to Money9 on what has led to the record performance of markets.
“Markets have continued to surprise everyone on the upside throughout this year but one must always expect the unexpected in stock markets. The strategy investors must follow in this market is to invest in a staggered manner as anytime we could see a correction taking place after the sharp rally. Investors must book profits where needed. One must stick with fundamentally strong stocks and maintain 20-30% cash on portfolios”, he said.
He spoke about his earlier recommendations Subex which has given a peak return of almost 200% from February when he had recommended the stock at Rs 25. He believes investors having the stock in portfolio can continue to hold.
While another stock one can look at for long term investment, despite the current record market levels is Hemisphere Properties for a 25% upside form current levels and a duration of one year. The stock is currently trading at Rs 137.
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