New Delhi, Feb 20 (IANS) This year alone, Nifty has set six new record highs during intraday trade and this is indicative of the strong momentum in the market, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
An important characteristic of the bull market is its ability to set new successive record highs and this market has been doing this consistently, he said.
Selling by FIIs, triggered by rising bond yields in the US, is having no impact on this up trending market where DIIs bought Rs 17850 crores in February so far and domestic HNIs and retail investors are calling the shots, he added.
High quality fundamentally strong largecaps like RIL, ICICI Bank and Bharti taking up the leadership in the rally is positive for the bulls. Also it is important to remember that large caps have valuation comfort in this market where segments of the broader markets have tipped into frothy valuations. Since the Bank Nifty is around 4% away from its record high, more action is likely in banking stocks.
In the near-term, volatility will be high. Sharp corrections can happen at any time, he said.
Deepak Jasani, Head of Retail Research, HDFC Securities, said Goldman Sachs upgraded its rating on global equities to “overweight” on prospects of economic growth and recovery in manufacturing activity, after starting the year with a “neutral” rating across assets.
Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures, he said.
BSE Sensex is trading at 72,726.89 points, up by 18.73 points. Powergrid is up by 3 per cent.
(Sanjeev Sharma can be reached at Sanjeev.s@ians.in)
–IANS
biz/san/uk
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
