Stock Market Live Updates August 27, 2024: Nifty hovers near record high as markets open flat; IT and metal sectors show strength

Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened flat on Tuesday, with the Nifty hovering near its all-time high, as investors weighed positive global cues against caution ahead of key events later this week.

Vikram Kasat, Head - Advisory, PL Capital, said: “Valuations in the large cap space is comfortable as Nifty is currently trading at 18.9x 1-year forward EPS, which is nearly at par with the 15-year average of 19x. With expectations of strong festival season demand, rural revival and interest rate cuts would will provide support the markets, along with periods of consolidation. Focus has to shift to quality stocks now.”