New Delhi, Feb 15 (IANS): A significant feature of a bull market is its ability to bounce back from a steep fall. This was evident on February 14 when Nifty bounced back by around 300 points from the lows, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The heavy selling by FIIs, which was expected in response to the spike in US bond yields, didn’t impact the market since it was neutralised by DII and individual investor buying, he said.

A significant feature of the market now is the change in leadership. Reliance has emerged as the leader of the rally and is supported by ICICI Bank and SBI. The strength of these fundamentally strong stocks augurs well for the bulls, he said.

The valuation gap between large-caps and the broader market continues to be an area of concern, he added.

Deepak Jasani, Head of Retail Research, HDFC Securities said equities in Asia opened higher on Thursday after Wall Street resumed a rally as robust earnings helped overcome worries about persistent inflation. Nifty ended on a positive note in a highly volatile market on February 14 post recovery from morning lows aided by recovery in Bank stocks.

BSE Sensex is trading at 71,824.98 points, up 2.15 points. M&M is up 3 per cent.