Sensex crosses 71,000 led by IT stocks

The strongest tailwind for the market now is the sharp dip in the US bond yield

The strongest tailwind for the market now is the sharp dip in the US bond yield
The strongest tailwind for the market now is the sharp dip in the US bond yield

BSE Sensex was up 559 points at 71,108 points

BSE Sensex crossed the 71,000 points mark on Friday led by heavyweight IT stocks. BSE Sensex was up 559 points at 71,108 points.

The biggest gainers in the Sensex are IT stocks with HCL Tech up by 5 percent, Infosys up by 4 percent, TCS up by 4 percent, and Tech Mahindra up by 3 percent. Tata Steel is up 3 percent.

The market is likely to consolidate after the run-up in the first half of this month and positive news flows and buy-on dips can keep the market resilient, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The strongest tailwind for the market now is the sharp dip in the US bond yield (the 10-year is around 3.95 percent) triggering large capital flows to emerging markets like India, he added.

Since large-cap financials and IT are reasonably valued and have been FII’s favorite sectors, these segments will continue to do well, he said.

[With Inputs from IANS]

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