Indian key index bounces back over 15000 led by Banks and IT stocks
Indian share markets extended their previous day gains and opened higher on Thursday, February 25 amid monthly expiry. Positive global news on inflation and U.S markets ending higher created a strong impact.
The BSE Sensex opened higher by 450 points at 51,232.47, Nifty-50 added 132 points or 0.32 per cent at 15,114. Nifty Bank index continued to gain and crossed the 37,000 level.
Hindalco, Axis Bank, UPL and IndusInd bank stood among the top index gainers at opening. FMCG stocks tumbled as Nestle and Britannia accounted to top losers of Nifty.
On the sectoral front, all sectors were trading positive on Thursday except for FMCG. The Banking and IT sector gained the most at opening.
Shares of private banks zoomed for second straight session after the Finance Minister's announcement. Axis Bank, IndusInd Bank and Kotak Mahendra added over three, three and two per cent each.
BSE Midcap and Smallcap indices were trading higher by 0.94 per cent and 0.84 per cent at the time of filing.
Overall, the markets looked positive at opening because over 1000 shares advanced, 203 declined and 50 remain unchanged at opening.
Analysts still suggest that investors should use the dips in the market to buy and traders should be stock specific.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said, "Investors should adopt buy on dips strategy while traders should follow stock specific action."
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said, "We should keep following the strategy of buy on dips.”
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