Sensex crosses 66 thousand with a jump of 400 points
New Delhi (Uttam Hindu News): BSE Sensex rose by 400 points on Thursday and crossed 66 thousand points. BSE Sensex is trading above 66 thousand points, NTPC is ahead with a gain of 2 percent, TCS is ahead with a gain of 2 percent. V.K. Vijayakumar, chief investment strategist, Geojit Financial Services, said a significant trend in the market is the increasing dominance of DIIs, HNIs and retail investors and the decreasing influence of FPIs.
FPIs have cumulatively sold shares worth Rs 83,422 crore through exchanges so far during August, September, October and November. During this period, DII alone bought stocks worth Rs 77,995 crore. FPI selling is being completely neutralized by buying by DIIs and individual investors. He said, that is why Nifty is around 19,675, the same level as it was in the beginning of August.
Market resilience and strong uptrend on favorable days like Wednesday have forced a rethink on FPI strategy. That is why they bought Rs 550 crore on Wednesday after continuous selling on all other days of November. FIIs becoming buyers are favorable for banking stocks, especially large-caps, which are attractively priced. Automobiles are in a strong position, he said.
