Markets may continue to hit fresh peaks as liquidity continues to chase stocks. The Sensex closed at a new record this week, as investors looked to buy when the index fell below the 32,000 points.
Sugar stocks saw a big spike this week especially on Friday with stocks like Simbhaoli Sugar, Shree Renuka Sugar, Sakthi Sugars etc., gained ground. Shares in Wipro also had a phenomenal rally after the company announced a buyback of shares.
Going ahead we are likely to see some more gains in stocks. There is a lot of liquidity in the market that is propelling stocks higher. However, the only pocket that might still have some value is the PSU oil and gas space and the PSU mining space. For example, a stock like Coal India can still offer you a decent dividend of 7-8 per cent, while NMDC at the current market price of Rs 120 may not be a bad bet.