New Delhi, Jul 19 (IANS): Domestic institutional investors (DII) were sellers in eight out of the 12 trading sessions with a net sell figure of Rs 7,868 crore, according to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

II buying has completely overwhelmed DII selling resulting in the 550 point rally in July.

In India, he said, "we have the extra push being provided by the sustained FII flows. In July FIIs have been buyers in 11 out of 12 trading sessions and have invested Rs 15156 crores through the stock market alone, excluding bulk deals".

“Market experience teaches us that it is difficult to sell at the top and buy at the bottom. So, a strategy of selling now to buy when the market corrects may be risky. However, considering the high valuations, investors may consider some profit booking if that helps in the realisation of some planned financial goals,” he added.

He said the market continues to be resilient supported by favourable global set-up and sustained FII inflows.

It is important to understand that the ongoing global market rally is primarily driven by the strength of the US economy, which is, so far, showing no signs of recession that the markets had feared and discounted in 2022.

The recent corporate results from the US have been better-than-expected enabling continuation of the rally.

BSE Sensex went past the 67,000 milestone in morning trade on Wedneday led by the NTPC.

Sensex was trading up 63 points at 66,858 points. NTPC was up a massive 4 per cent in trade.