Sensex Today | Stock Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Stock market has a unique ability to climb many walls of worries. If the undertone of the market is bullish the market will climb worrying walls which may appear formidable. It is important to appreciate the fact that even in the midst of the West Asian crisis, markets are resilient, globally. The fundamental support to the market comes from the resilience of the US economy, the declining US bond yields and the hope that the Israel-Hamas conflict will remain a localised crisis which will not impact crude prices. However, investors should remain cautious since the situation taking a turn for the worse cannot be ruled out.

The fact that Nifty is just 2.5% away from the all-time high indicates the strength and resilience of the market. Even though FIIs are sustained sellers in the market, buying by DIIs, HNIs and retail are counterbalancing the selling and supporting the market. Safety is in large-caps.