Source : INDIA TODAY NEWS
Benchmark stock market indices opened flat on Tuesday, as crude oil prices remain elevated amid Middle East conflict, weighing in on investor sentiment. IT stocks were the biggest laggards in early trade.
The S&P BSE Sensex gained 63.36 points to 75,566.21, while the NSE Nifty50 added 21.90 points to 23,430.70 as of 9:42 am.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that with total uncertainty and confusion regarding the trend of the war continuing, this uncertainty is becoming reflected in the market, too.
“Even seasoned experts lack conviction to advise investors on the right strategy. All that can be said with conviction now is: remain invested and continue with SIPs,” he added.
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Nifty’s sharp bounce of 257 points yesterday was triggered mainly by short-covering from oversold territory. This bounce back is unlikely to sustain, given the massive selling by FIIs which touched Rs 9366 crores yesterday. In the near-term this FII selling will continue since other markets like the South Korean and Taiwanese markets are giving better returns to FIIs. More importantly, the earnings growth prospects in these markets look much better compared to India’s. In brief, the sustained FII selling is likely to weigh on markets in the near-term.
– Ends
SOURCE :- TIMES OF INDIA
