Sensex, Nifty Today. (Representative image/Reuters)
Among 30 shares of Sensex, 19 shares were trading in green; the top gainers were Reliance Industries, Bajaj Finance, Power Grid, Tech Mahindra, and Wipro rising up to 1.37 per cent
The BSE Sensex on Friday, February 9, rose over 153 points to 71,581.92 in the early morning trade, while the NSE Nifty was trading 54 points higher at 21,772.6.
The Sensex had opened on a flat note, then entered the red territory for a bit and then bounced back to rise 153 points as compared with the previous close of 71,428.43.
On Friday, among the 30 shares of Sensex, 19 shares were trading in green. The top gainers were Reliance Industries, Bajaj Finance, Power Grid, Tech Mahindra, and Wipro rising up to 1.37 per cent. Those trading in the red territory included Bharti Airtel, Infosys, Mahindra and Mahindra, JSW Steel, and Maruti.
V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “When valuations are high the bears will use any negative news to push the market down. The slightly negative news, from the market perspective, came yesterday in the slightly hawkish comments of the RBI Governor. The good news that the economy is doing better-than-expected and a GDP growth projection of 7 per cent and CPI inflation of 4.5 per cent for FY25 was ignored. The selling was aggravated with FIIs, too, running with the bears. There is a significant build up in the short position of FIIs. This normally happens along with the rise in the US 10-year bond yields which is now at 4.15 per cent.”
He added that FII selling and bear onslaught are unlikely to take the market down significantly. There will be strong buying on dips. The sustained flows into mutual funds which are gathering momentum will enable the DIIs to buy aggressively. A good investment strategy now would be to buy the bluechips which FIIs are selling.