Breaking a two-day losing streak, Indian equity benchmarks rose in the opening session primarily due to value buying at lower levels by enthusiastic investors, according to market analysts.
At 9.47 a.m., Sensex was 1.2 per cent or 700 points up at 57,820 points, whereas Nifty 1.2 per cent or 208 points up at 16,162 points. However, Sensex declined slightly by 57,214.80 or 634.91 points (1.12%) as of 10:37 a.m.
"An interesting feature of the current volatile global equity market trend is that sharp dips in the market are followed by sharp up moves," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Whether it is in the US or India, retail investor enthusiasm is supporting markets even on negative news, said Vijayakumar.
Amidst the current volatility, banking stocks are at buyable valuations and IT stocks too, after the recent correction are good long-term bets, Vijayakumar added.
