In early trade on Friday, February 9, the BSE Sensex rose 153 points to 71,581.92 points, while the NSE Nifty index rose 54 points to 21,772.6 points.
The Sensex opened flat and entered the red zone before rebounding to gain 153 points from its previous close of 71,428.43 points.
On Friday, 19 out of 30 stocks on the Sensex were trading in the green. Top gainers were Reliance Industries, Bajaj Finance, Power Grid, Tech Mahindra and Wipro, which rose 1.37%. Traders in the red zone include Bharti Airtel, Infosys, Mahindra and Mahindra, JSW Steel and Maruti.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “When valuations are high, bears will use any negative news to drive the market down. From a market perspective, this slightly negative news comes after the Reserve Bank of India governor made a slight statement yesterday. The hawkish rhetoric emerged. The good news of better-than-expected economic performance and GDP growth of 7% and CPI inflation of 4.5% in fiscal 2025 was ignored. Foreign investors running with the bears also intensified the sell-off. Shorts by foreign investors Positioning increased significantly. This typically occurs with a rise in U.S. 10-year bond yields, currently at 4.15%.”
He added that FII selling and short selling are unlikely to lead to a sharp decline in the market. Buying on dips will be strong. Sustained inflows into mutual funds are building momentum, which will enable DIIs to buy aggressively. A good investment strategy now is to buy blue chip stocks that FIIs are selling.
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