The Nifty is likely to touch 9,000 before finance minister Arun Jaitley presents his next Union Budget, says Udayan Mukherjee.

On the global front, liquidity continues to be strong and volatility is low. Good news from the European Central Bank (ECB) in terms of rates can cheer global markets, he says. However, one needs to keep an eye on the geopolitical situation, which can blindside and emerge as a risk, he cautions.

Further, he adds that chances of a massive decline in global markets due to slew of expected rate hikes by global central banks is low. Market participants who have well constructed portfolios, comprising of pharma and auto stocks shouldn’t take profits, he recommends.

Also, one should stick to sectors like banks, auto ancillaries and select infrastructure stocks, he adds. “Stocks like Sun Pharma and Maruti have done well in the past few sessions. Consumer names are also coming back in flavour,??? he adds. On the flipside, one should avoid stocks in the metals and mining sector which are likely to be impacted by the coal scam.

The Nifty has hit record high at 8000 just minutes after opening at an all time high. The 50-share index is up 50.15 points at 8004.50.

The Sensex is up 169.79 points at 26807.90. About 824 shares have advanced, 188 shares declined, and 45 shares are unchanged. Coal India, NTPC, Hero MotoCorp, Hindalco and L&T are major gainers in the Sensex. Among the losers are BHEL and Infosys.

The Indian rupee opened flat at 60.50 per dollar versus 60.50 Thursday. Euro slipped to a fresh one-year low early as the situation in Ukraine worsened. Meanwhile, pressure on the euro helped the dollar index reach a high not seen in over 13 months.