NSE Nifty was up by 0.13 per cent or 24.90 points to 19,431, while the BSE Sensex was at 64,959 up by 0.03 per cent or 16.84 points at 1 pm.
A total of 3715 stocks were actively traded, 2103 advanced, while 1466 stocks declined, and 146 stocks remained unchanged. While 281 stocks hit a 52-week high, and 163 stocks hit a 52-week low.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said “There are three significant trends in equity markets now, One, global markets are stable as indicated by the 7-day winning streak in Dow and S&P 500. Two, a risk on is evident in markets primarily driven by the sharp correction in the US 10-year bond yield from the recent high of 5 per cent to 4.57 per cent. Three, the crash in Brent crude from around $94 to below $82 now indicates that the market doesn’t expect the Israel-Gaza conflict to aggravate into a wider regional conflict.”
He further added, “The market construct is favourable for the continuation of the rally despite the geopolitical uncertainties. The tug of war between the FIIs and DIIs continues with sustained selling by the FIIs and sustained buying by the DIIs. Since the buy on dips strategy is working, retail investors are buying in the broader market on every dip. There is no selling pressure in the broader market since FII selling is confined to large caps. The best opportunity for long-term investors is in high quality large caps since these stocks will do well when FIIs eventually turn buyers.”
Top gainers on the BSE include Princepipe, GMDC Ltd, Hindpetro, GPPL, JK Tyre with gains ranging from 13 per cent to 6 per cent. Top losers on the BSE include Midhani, Rain, Cressanpp, Repco Home, Wardinmobi with losses ranging from 4 per cent to 3 per cent.