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"Strength in the dollar index after the FOMC stated that they are not in a hurry to cut rates led to declines in bullion. The Dollar index is trading at 8 week’s high levels amid positive economic data which has lent support to the dollar index," Anuj Gupta, Head Commodity & Currency, HDFC Securities said.

​So I think it will continue to be in a little range bound. We have to understand that the pre-provisioning operating profit was above sentiment, but maybe this was a one off. However, like I said, maybe the sheer weight of being such a large heavyweight will keep it under check. And I think today it could be a little bit weak . But if you have a longer term view, then definitely State Bank is one PSU bank where long term money should find its way.

Now, with the early signs of such a turn, the media could be one of the few undervalued pockets in this otherwise expensive market that offers potential for alpha creation for investors.

After strong buying in November and December of 2023, foreign institutional investors (FIIs) turned net sellers in January, weighed down by a firm dollar and a rise in global bond yields. While in the first two trading days of February, they were net buyers, it’s too early to conclude that they have made a comeback.

"RSI trending up" means that the Relative Strength Index (RSI) values are increasing, suggesting strengthening momentum in the price of the stock.

The Nifty IT index was trading 0.28 per cent up at 37428.45.

SAIL made a local high of 150 but thereafter corrected about 57%. For the past three months, the stock has been in an uptrend with increasing volume. The level of 125 was a major hurdle for the stock in its upmove, but that was breached with good volumes on Friday. The daily RSI for the stock is 66, indicating momentum in the stock.

Fintech major Paytm has been facing an existential crisis ever since the RBI barred the payment bank from accepting any deposits or credits to customer accounts. The regulator is also said to be considering cancelling the banking licence as well on possible money laundering and know-your-customer (KYC) violations at Paytm.

There will always be risks in the market. At high valuations, risks are higher. The biggest risk is that valuations are lofty. It is important to keep in mind the fact that India is now the most expensive market in the world. At 21,000 Nifty the market is trading at around 21 times FY 24 estimated earnings and around 19 times FY25 estimated earnings. It can be argued that high valuations partly reflect the confidence of investors in the India Growth Story.

Let me tell you a bit of history, which people may not remember. My father was in the stock market and he has lived through very painful times, the Dividend Control Act, the China War, when the markets were closed and there was no foreign investment coming into India. So they were non-existent out there.