NSE Nifty was up by 0.47 per cent or 102.05 points at 22,012.80 points, while the BSE Sensex was at 72,329.53, up by 0.39 per cent or 297.15 points in early trading on Friday.

A total of 3,113 stocks were actively traded, 2,254 advanced, while 793 declined and 66 stocks remained unchanged, where 160 stocks hit a 52-week high and 8 stocks hit a 52-week low at 9.45 am on Friday. 

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The market has been range-bound in recent days due to bouts of selling and buying. During the last two days, FIIs sold equity worth Rs 6,993 crore in the cash market, while DIIs bought equity worth Rs 5,173 crore. The trend of FII selling is likely to continue since the 10-year US bond yield is high at 4.24 per cent. The trend of DII buying, too, is likely to continue since the flows into the DIIs continue to be robust. The global market construct continues to be favourable, with the mother market US remaining resilient with S&P 500 at record highs. Pockets of overvaluation in the broader market continue to be a worry. Banking stocks are fairly valued. RIL is strong.”

Anand James, Chief Market Strategist, Geojit Financial Services, commenting on the Nifty’s outlook said, “Yesterday’s doji stands in the way of a smooth passage enroute to 22450-550 objectives. This raises the prospects of rejection trades near 22100, which is a fair possibility. However, we will persist with the “buy on dips” approach until below 21785.”

Major gainers on the NSE at 9.30 am include, M&M (6.81%), Power Grid (4.57%), BPCL (4.38%), NTPC (3.92%) and ONGC (2.83%). Major losers include, Axis Bank (-2.01%), Apollo Hospitals (-1.84%), ITC (-1.65%), Britannia (-1.31%) and Hindustan Unilever (-1.30%).

The BSE Midcap was up by 0.46 per cent, and BSE Smallcap by 0.69 per cent, indicating gains. 

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