Mumbai : This week is proving to be very special for the stock market. Tuesday has brought good signs for the domestic market. The market, which was looking dull for the last several days, seems to be regaining its brightness from Monday. Bullish momentum is being seen in today's pre-opening session.
In early trading on Tuesday, BSE Sensex rose 372.51 points to reach the level of 80,482.36 points. Also, an increase of 121.4 points has been seen in NSE's Nifty, after which it is trading at 24,343.30 points. Talking about the currency exchange market, here the rupee is trading 5 paise faster than the US dollar.
sell shares at this price
Experts said selling pressure still persists in the market as buying by foreign institutional investors (FIIs) yesterday was attributed to MSCI rebalancing, which included more pressure from HDFC Bank. According to NSE data, FIIs bought shares worth Rs 9,947 crore on Monday, while domestic institutional investors or DIIs sold shares worth Rs 6,907 crore. MSCI rebalancing is a regular process in which stocks are added or removed from the MSCI index to maintain its accuracy and effectiveness as a market benchmark.
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What are the opinions of experts
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said the two-day rally in the market is unlikely to be sustained beyond a point as earnings concerns are the major headwinds. The impact of short covering and the positive emotional impact of Maharashtra election results will be temporary. He further said that FIIs becoming big buyers yesterday should not be given much importance as it happened due to MSCI giving more importance to HDFC Bank. Leading banks will remain resilient due to continued buying and proper valuations.
(update in progress)
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