The futures and options derivatives series for March rolled out on a bullish note on Friday with market participants displaying buying interest across all segments, including selective upticks in IT segment after US President Donald Trump again tweaked H-1B visa norms.

The 30-scrip Sensitive Index of Bombay Stock exchange recaptured the 34,000 level and the broader market’s 50-share Nifty of National Stock Exchange surpassed the 10,450-mark in afternoon deals.

Analysts ascribe increase in benchmarks to a combination of renewed buying interest, particularly in banking segment and short covering.

Data with NSE suggests foreign portfolio investors or FPIs booked heavy profit in the current month until Thursday through net sale of `14,355.94 crore worth equity apparently to protest against the imposition of long term capital gain or LTCG Tax in the Budget 2018-19.

On the other hand, DIIs were net buyers in stocks worth `12,245.07 crore which can be interpreted as value buying mostly by mutual funds that are still flush with retail investors’ household funds finding their way via SIPs or systematic investment plans.

Analysts say FPIs could be unwinding their long positions before the new fiscal year starts on 1 April to escape LTCG Tax imposed on equity gains of Rs 1 lakh and more.

Factors internal and external supporting Friday’s rally included drop in US 10-year Treasury bonds from 2.957 to 2.929 per cent weakening the dollar, corresponding appreciation in the partially convertible rupee and jump in broader MSCI (Morgan Stanley Composite) Index for Asia-Pacific (outside Japan) by 1 per cent.

Bank shares steadied and improved on fresh buying following reports of Enforcement Directorate, Income Tax and Central Bureau of Investigation’s claims that seized assets of alleged letter of undertaking or LoU scamster Nirav Modi and his uncle Mehul Choksi so far can facilitate recovery of dues up to `4,000 crore.

The agencies say more seized assets are yet to be valued as they await reports of professional or forensic experts who have been asked to certify whether or not diamonds, gems and jewellery confiscated from the premises of Modi and Choksi are genuine.

After a steady climb, the Sensex closed for the week at 34,142.15 (+322.65) points gaining 0.95 per cent. Nifty increased 1.04 per cent to end 10,491.65 (+108.35) points. Nifty Bank at 25,302.50 (+347.30) points was up 1.39 per cent. Nifty PSU Bank settled at 3,190.25 (+35.25) points up 1.12 per cent.

In Sensex 26 shares advanced and five declined for Nifty the ratio was 43:7. Analysts say the “bull market” correction that was overdue since April 2017 could be over as they expect equity benchmarks to trade steady and firm up in March.

Big investors and partner in Rare Enterprises Rakesh Jhunjhunwala, however, has asked investors not be too adventurous and asked them to leave investment portfolio to professionals.

“The best medium is MFs . Investing is a complex procedure requiring a lot of professional help and monitoring. Use MFs via SIPs,” he said in a conversation with a business daily. According to Jhunjhunwala, the bull market will continue because India basically is on a bull-run.

The reasons he has offered to buttress his contention is that India’s economy would be picking up to 7 per cent to 8 per cent and with inflation in the range of 4.5 per cent, the market too will stay on bullish track.

He flayed FPIs for their opposition to LTCG Tax. Jhunjhunwala also supported the government’s move to consolidate state-run banks into three or four bigger entities as well as their privatisation.

He was critical of erstwhile Prime Minister Indira Gandhi for nationalization of banks. The big investors alleged that Mrs Gandhi “institutionalised” corruption in the country.

Sensex gainers’ list on Friday included Yes Bank Rs 323.40, 2.21 per cent; Bharti Airtel `424.30, 1.98 per cent; ICICI Bank `322.65, 1.46 per cent; Axis Bank `586.65, 1.25 per cent; and SBI `276, 1.25 per cent.