New Delhi, Nov 21 (IANS): The range bound movement of the market is likely to be broken with an upward move soon, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The global cues are supportive. The softening US bond yields, the 10-year yield is at 4.41 per cent, will provide the big global macro backdrop for a market rally, he said.

The market is likely to wait till the state elections outcome is known. If the election outcome indicates political stability even after the General elections of 2024, that will act as the trigger for the rally. And, if such a rally happens, it is likely to be led by large-caps across the board in sectors like banking, IT, automobiles, capital goods, telecom, real estate and construction-related segments, he said.

Weakening Chinese growth prospects will weigh on commodities. Financials, particularly NBFCs, beaten down by the RBI decision to hike the risk weightage on unsecured loans present long-term buying opportunity, he added.

BSE Sensex is up 277 points at 65,932 points. JSW Steel is up more than 2 per cent. Reliance is up more than 1 per cent.