AgenciesNEW DELHI: Benchmark indices opened on a tepid note on Friday after four days of strong gains. The weakness was led by select banking and IT names.
At 9.40 am, the BSE Sensex was trading 136.53 points or 0.23 per cent lower at 59,196.07. Nifty50 was trading at 17,621.75, down 37.25 points or 0.21 per cent. The index breached the 17,700 mark in early trade. The midcap and smallcap indices edged up to 0.3 per cent higher.
"The levels of 17,720, followed by 17,780, are to be seen as immediate hurdles; whereas on the flipside, 17,630-17,560 are to be treated as intraday supports," said Sameet Chavan of Angel One.
Among Sensex stocks, was the worst performer, falling 1.42 per cent to Rs 1,062. , and declined 1.26 per cent, 1.08 per cent and 0.83 per cent, respectively. , , and declined up to 0.7 per cent.
Gainers included , and , which gained up to 1.1 per cent. , and edged 0.1 per cent higher.
VK Vijayakumar, Chief Investment Strategist at said the recent market rally is being driven by a steady decline in the dollar index from 109 to 105.26 level, which has facilitated capital flows to emerging markets.
"Two, the return of FIIs into the Indian market, which has completely changed the market sentiments here. It is important to appreciate the fact that FPIs have made a complete turnaround in their strategy in India with sustained buying over the last 10 sessions. This, and the fact that India has the best growth story for this year and the next, will impart resilience to the market," Geojit said.
"However, investors should exercise caution while chasing this rally since valuations are getting stretched. Remain invested in high quality growth stocks ; don't chase 'cats and dogs'" he said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
At 9.40 am, the BSE Sensex was trading 136.53 points or 0.23 per cent lower at 59,196.07. Nifty50 was trading at 17,621.75, down 37.25 points or 0.21 per cent. The index breached the 17,700 mark in early trade. The midcap and smallcap indices edged up to 0.3 per cent higher.
"The levels of 17,720, followed by 17,780, are to be seen as immediate hurdles; whereas on the flipside, 17,630-17,560 are to be treated as intraday supports," said Sameet Chavan of Angel One.
Among Sensex stocks, was the worst performer, falling 1.42 per cent to Rs 1,062. , and declined 1.26 per cent, 1.08 per cent and 0.83 per cent, respectively. , , and declined up to 0.7 per cent.
Gainers included , and , which gained up to 1.1 per cent. , and edged 0.1 per cent higher.
VK Vijayakumar, Chief Investment Strategist at said the recent market rally is being driven by a steady decline in the dollar index from 109 to 105.26 level, which has facilitated capital flows to emerging markets.
"Two, the return of FIIs into the Indian market, which has completely changed the market sentiments here. It is important to appreciate the fact that FPIs have made a complete turnaround in their strategy in India with sustained buying over the last 10 sessions. This, and the fact that India has the best growth story for this year and the next, will impart resilience to the market," Geojit said.
"However, investors should exercise caution while chasing this rally since valuations are getting stretched. Remain invested in high quality growth stocks ; don't chase 'cats and dogs'" he said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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