Auto stocks lead Sensex in intra-day session
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New Delhi: Auto stocks including M&M and Tata Motors led the 300-point gain in the Sensex on Tuesday. M&M was up more than 3 per cent, while Tata Motors and Maruti Suzuki were up more than 1 per cent. Sensex was trading at 74,991 points, up by 320 points.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said this bull market is remaining resilient despite headwinds, and is slowly gathering momentum despite high valuations. A significant feature of the ongoing bull run is that the FIIs are consistently being outsmarted by the DIIs and retail investors.
“Every time the US bond yields go up, particularly when the 10-year yield rises above 4.5 per cent, the FIIs have been selling but the DII plus retail buying has been completely overwhelming the FII selling, forcing the FIIs to buy the same stocks they sold earlier at higher prices later,” he said.
