According to Peter Lynch, “If you are in the right sector at the right time, you can make a lot of money very fast”
Most sectoral indices ended the day in the green with Nifty IT zooming 2.10% followed by the Nifty Realty index gaining 1.65%.
Tata Steel, Sun Pharma, Nestle India, Kotak Mahindra Bank & Tech Mahindra were among the top gainers. While Powergrid & Bajaj Auto were the losers.
Asian stocks are mostly trading higher on Friday following overnight gains for tech stocks stateside as the Nasdaq Composite rebounded.
Sensex closed at 59,919.69, down 433.13 points or 0.72%, while the Nifty declined 143.60 points or 0.80% to end the day at 17,873.60.
At 10:30am, Sensex tanked 563.92 points or 0.93% to 59,788.90, while Nifty stood at 17,848.70, down 168.50 points or 0.94%.
Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite.
Nifty PSU Bank was the top laggard with losses of 2.35%, while the Nifty Metal index tanked 1.76% and Nifty Realty index slipped 1.36%.
The 'buy on dips' strategy of retail investors and DIIs is countered with the 'sell on rally' strategy of FIIs.
China's consumer inflation for October rose 1.5% from last year. The producer price index for October surged 13.5% from last year.