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The S&P BSE Sensex opened up by 225 points, or 0.45 per cent at 49,969.99 and Nifty-50 opened above 68 points at 14,744.
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After five continuous sessions of bloodbath, Markets on Tuesday, February 23 turned positive with green figures on the screen at the opening. The foreign markets closed lower as rising inflation concerns weigh the sentiment. Sensex touched its two-month low in the previous session as the index slipped over 1100 points.
The S&P BSE Sensex opened up by 225 points, or 0.45 per cent at 49,969.99 and Nifty-50 opened above 68 points at 14,744. The Nifty Bank index turned positive and added nearly 200 points to reach the day’s high of 35,544.10 (at filing). All sectoral indices were trading green with Nifty Energy and IT leading the rally.
Shares of ONGC, Tata Motors, BPCL and GAIL were among the top gainers of Nifty. ONGC has hit the day’s high of Rs 114 after adding over six per cent in the early trade. Reliance Industries was trading above one per cent after the company announced O2C business spin-off into 100 per cent subsidiary.
Kotak Mahindra, Asian Paints and Maruti Suzuki contribute to the top drags in the early trade.
The Foreign Institutional Investors who were contributing to net buyers with their excess cash flow in the Indian markets have now turned net sellers on rising concerns of Virus cases and global factors like inflation and rising yield bonds. This is one of the top factors which led the market to fall sharply in the previous sessions, say experts. On February 22, FIIs net sold shares worth Rs 893.25 crore and the DIIs (Domestic Institutional Investors) sold shares worth Rs 919.88 crore.
Experts feel that the markets will bounce back, and it is still a buy-on-dips market for the participants.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said, As the market is approaching the monthly expiry of the current month, the market could bounce back from 14500/49340 levels. The short-term and medium-term strategy should be to buy on dips. On the higher side, 14900/50400 and 15000/50600 levels would be immediate hurdles. Our advice is to invest in strong companies between 14650-14550/49400-49500 levels with a medium-term view.”