Sensex Today: The BSE Sensex, and the Nifty50 opened with 0.2 per cent gains each on Friday amid mixed global trends. The 30-stock index added 122 points to quote at 77,611 levels, while the 50-stock index rose 50 points to 23,620 levels.
The broader BSE MidCap, and SmallCap indices, too, gained in tandem with the frontline indices with gains in the range of 0.4 to 0.49 per cent.
Among sectors, the Nifty IT index advanced 2 per cent, followed by 0.2 per cent gains in the Nifty Metal, and Pharma indices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“The market is in a consolidation phase, and this is likely to continue. There are no major triggers for aggressive buying or selling. Even in this consolidation phase the undertone of the market is bullish and, therefore, buying on dips will emerge imparting resilience to the market. Strong up moves will attract profit booking and, therefore, sustained rally would be difficult. Even when the market consolidates, leading private sector banking stocks have the potential to move up further. Large delivery based buying is happening in this segment. This is perhaps the only segment which offers value in this overvalued market.”
Global Cues
On Thursday, Wall Street stocks retreated from earlier record highs in line with gains seen in international markets, despite soft US economic data. Treasury yields, anticipating new supply next week, rebounded after an initial dip.
Meanwhile, the dollar strengthened as higher U.S. yields widened the gap compared to rates in other currencies, which are generally lower. The dollar approached the 160 yen mark, a level that prompted Tokyo to intervene in late April to stabilize its currency.
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