Stock in focus: Rajesh Palviya of Axis Securities recommends Exide, Va Tech Wabag, and Glenmark today
Stock Market News: Domestic equity benchmark indices, the Sensex and the Nifty 50, rose in early trade on Friday, extending their gain for the third day in a row, ahead of the RBI's monetary policy announcement today. Buying in IT stocks contributed to the market's bullish trend.The 30-share BSE Sensex rose 254.53 points to 75,329.04 in early trading.
The NSE Nifty rose by 99.4 points to 22,920.80.Following Tuesday's dramatic tumble, the BSE benchmark has risen 2,995.46 points, or 4.15 percent, over the last two days.According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, in the near term, the market is expected to be pushed down by massive FII selling, which has totaled ₹24,960 crores in the previous three days.
As a result, largecaps in industries such as finance and information technology, where FIIs handle mega amounts of money, may underperform. This pattern will alter once FIIs become purchasers, which is unavoidable.
Meanwhile, long-term investors may collect these high-quality largecaps in an otherwise highly valued market with a wide margin of safety.Excessive speculative activity occurs in stocks with a very low floating stock. Retail investors who engage in these speculative activities face significant risks.Today’s monetary policy meet is not expected to impact the market since any rate action by the MPC is unlikely, said Vijayakumar.Since March 2023, the benchmark index has been trending higher within an "Up-sloping Channel," bounded by 23,800 and 21,200 levels.
A breakout from this range could potentially spark fresh momentum in either direction. Currently, the index is favorably positioned above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), reaffirming a
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