Stocks in focus: Ruchit Jain of 5paisa recommends HPCL and Bank of India today
Stock Market News: The Sensex and Nifty 50, the domestic major indices, started Tuesday's trading day higher. Amidst robust global cues, the frontline indices continued to rise for the second day in a row. Early trading saw new record highs for the Bank Nifty and Nifty Midcap 100 indexes, while the India VIX, a measure of fear, climbed by more than 2%.
The 30-share BSE Sensex opened higher by 129.61 points, or 0.17%, at the 74,800.89 level, while the Nifty 50 commenced at the 22,679.65 level, up 36.30 points, or 0.16%. Also Read: Sensex Today Live Updates: Sensex up 200pts, Nifty at 22,720; Trent, M&M jump, Tata Chemicals down The bull market is still strong and continuing to gain traction despite high valuations, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The fact that retail investors and DIIs are routinely outsmarting FIIs is a key aspect of the current bull run. FIIs have been selling US bonds whenever the rates have increased, especially when the 10-year yield crosses over 4.5%. Even with the significant FII selling this month, Nifty is still up 700 points from its lows on April 18.
The lesson to be learned from this pattern is that since the bulls are in control of the market, any dip will be bought, according to Vijayakumar. Also Read: Stocks to Watch: UltraTech Cement, Tata Chemicals, Linde India, Trent, IOC, BSE The Nifty 50 started the week on a positive note and rallied higher, led by banking stocks. The Nifty 50 ended the day above 22,600 with gains of a percent, while the Bank Nifty index marked a new record high and outperformed with gains of two and a half percent, said Ruchit Jain, Lead Research Analyst at 5paisa.
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