Saturday, June 22, 2024

Sensex scales 66K mark with 400-point jump

BSE Sensex crossed the 66,000 mark on Thursday as the index moved up 400 points.

BSE Sensex is trading above 66,000 points, NTPC leads the gains up by 2 per cent, TCS up by 2 per cent.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said an important trend in the market is the increasing clout of DIIs, HNIs and retail investors and the diminishing influence of FPIs.

During August, September, October and November till date FPIs cumulatively sold stocks for Rs 83,422 crore through the exchanges. During this period DIIs alone bought stocks worth Rs 77,995 crore. FPI selling is completely getting neutralised by DII and individual investor buying. This is the reason why Nifty is around 19,675, the same level which it was in early August, he said.

The resilience of the market and strong up moves on favourable days like Wednesday have forced a rethinking in FPI strategy. That’s why they bought for Rs 550 crore Wednesday after sustained selling in all other days of November.

FIIs turning buyers is favourable for banking stocks, particularly the large-caps, which are attractively valued. Automobiles are on a strong wicket, he said.



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