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 FIIs, who have made a 'U' turn in their strategy, have turned big buyers having invested around Rs 20,000 crore, including bulk purchase, in the last two weeks, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The rally is being driven by segments like banking and IT which were under performers for quite some time. During the last two weeks while the Nifty is up by 6 per cent, Bank Nifty is up by 7.4 per cent and Nifty IT is up by around 11 per cent. Since there is huge delivery based buying in these segments, they have the potential to remain resilient, he said.

An important point from recent market experience is that in the tug of war between FIIs and DIIs, the latter have been trumping the former consistently by buying from them when they sell and selling to them the very same stocks which they sold, at much higher prices, he added.

Global and domestic factors, except valuations, are favourable for the market. It makes sense to remain invested, particularly in large caps. Some profit booking can be considered in mid and small caps where valuations are very high, he said.

BSE Sensex is up 27 points at 71511 points on Monday. Sun Pharma is up 1.6 per cent.