Sensex rises above 65K mark despite heavyweights under selling pressure

Asignificant trend inthe marketis that fundamentally strong stocks like large cap private sector banks have turned weak on Fllselling

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BSE Sensex rises above the 65,000 points mark on Wednesday. BSE Sensex ended trading at 65,226.04 points. Global cues are negative for markets in the near-term. The sustained rise in the US bond yields, which has triggered continuous FII selling, is showing no signs of abating, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

This means FIIs will continue to sell and the bulls will be on the back foot, he said.

On the positive side, valuations in some segments are becoming attractive and this may push DIIs and retail investors to buy stocks in such segments. An inevitable consequence of this complex situation is heightened volatility, he added.

A significant trend in the market is that fundamentally strong stocks like large cap private sector banks have turned weak on FII selling. For long-term investors, this is an opportunity, he said.

Wall Street steadies after selloff as a relaxing bond market offers some oxygen: Wall Street is holding steadier Wednesday after the bond market relaxed its vise a bit on the stock market.