Stock in focus: Rajesh Palviya of Axis Securities recommends Hero MotoCorp, Crompton Greaves, and Ajanta Pharma today
Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, began Friday's session in green amid positive global cues. Due to investor risk aversion during the ongoing election sessions, the domestic market saw heavy selling pressure on Thursday. However, because there aren't any significant positive triggers, analysts predict that this volatility will continue in the near future.
The 30-share BSE Sensex opened higher by 71.28 points or 0.10% at 72,475.40 level while the Nifty 50 began at 21,990.95 level, up 33.50 points or 0.15%. Also Read: Sensex Today Live Updates: Sensex climbs 330pts, Nifty at 22,050; FMCG, Metal, Oil & Gas lead gains The chief investment strategist of Geojit Financial Services, Dr. V K Vijayakumar, noted that this month's institutional activity disparity is getting more evident.
Throughout all of this month's trading days, FIIs have become persistent sellers and DIIs have become persistent buyers. Thus far this month, FII sales have totaled ₹22,858 crores, while DII purchases have totaled ₹16,700 crores. It seems that HNIs and retail investors have booked some profits and are in a wait-and-see mode, maybe in response to the noise and uncertainties around the election results, based on data indicating steeper falls in the overall market.
Further, Vijayakumar said that it's crucial to realise that FIIs are selling because China and Hong Kong are outperforming India (the Shanghai Composite and Hang Seng have increased by 4.19% and 8.61%, respectively) while India is underperforming (the Nifty 50 has dropped by 3.5% in the past month). This is not due to election-related worries. Also Read: Share market today: Sensex cracks over 1,000 points as indices at 2-month low; investors
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