Taking Stock | Nifty Reclaims 13,600; Investors Richer By Rs 3 Lakh Crore
Mid and small-caps outperformed large-caps. BSE Midcap and Smallcap indices rose 2.40 percent and 2.65 percent higher, respectively.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 83,216.28 | -94.73 | -0.11% |
| Nifty 50 | 25,492.30 | -17.40 | -0.07% |
| Nifty Bank | 57,876.80 | 322.55 | +0.56% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Shriram Finance | 816.35 | 23.85 | +3.01% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Bharti Airtel | 2,001.20 | -93.70 | -4.47% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10426.80 | 144.90 | +1.41% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Infra | 9393.60 | -95.20 | -1.00% |
For the last 2 days, technology and pharmaceutical stocks have been offering significant support to the market.
Now it's the turn of financials to perform otherwise it would be tough for Nifty to hit the level of 13,780 again.
Bank Nifty closed above the level of 29,800, which is indicating at bullishness and could rally towards 30,400/30,500 levels. Nifty50 index will find support at 13,500 and 13,430 levels.
Market is continuing its rally amidst concerns over new virus strain, lockdown and weak global cues, fuelled by IT, mid and small-caps.
The additional stimulus announced in the US did not gain much momentum in the global market as the quantum of the benefit was well-factored, but Europe and EMs are maintaining the buoyancy.
In the coming days, the market will also focus on Brexit trade deals which are expected to be finalized soon and fallout on the economy due to strict lockdown.
Nifty managed to hold its yesterday’s bullish momentum and closed the day on a positive note at 13,601 with gains of one percent and formed a bullish candle on the daily chart.
On the hourly chart, it seems the index is in V-shape recovery and if it turns out to be true then we may see the current pullback extending further towards 13,775 which is the previous swing high and on the other hand, good supports are formed near 13,550-13,460 zone.
Having shrugged off the bear hug yesterday afternoon, the bulls were in total control on Wednesday as well. The IT big boys led the rally well supported by FMCG stocks. Afternoon trade witnessed a more broad-based uptrend with investors gaining back the confidence.
Market logged healthy gains on December 23 amid mixed global cues. Sensex closed 437 points, or 0.95 percent, higher at 46,444.18 and Nifty settled 135 points, or 1 percent, higher at 13,601.10.
Mid and smallcaps outperformed large-caps. BSE Midcap and Smallcap indices rose 2.40 percent and 2.65 percent higher, respectively.
Key equity indices Sensex and Nifty are witnessing strong gains amid mixed global cues.
IT and FMCG heavyweights, such as Infosys, TCS, Hindustan Unilever and ITC are among the top contributors to the gain in the market benchmarks.
Mid and small-caps are outperforming their large-cap peers. Sensex was 0.73 percent up at 1300 hours but BSE Midcap and Smallcap indices were up over 2 percent at that time.
The year 2020 has been a challenging year for the auto sector. Two-wheelers and tractors have performed well as far as the growth is concerned.
On the other hand, CVs have continued to struggle with growth due to structural issues predating this crisis such as axle load norms, etc.
The industry is showing a bit of revival due to the festive season and we can expect this momentum to continue in the next year.
In addition, the government’s new PLI scheme will act as a catalyst and take the growth of the auto sector to the next level.
: Gold prices are trading firm, due to weakness in the Dollar Index. However, fresh worries over US stimulus may keep gold under pressure, as President Donald Trump threatened not to sign the pandemic relief bill.
Gold is also likely to find support from the Brexit crisis. Time is running out for a Brexit deal, with only nine days left before the UK leaves the EU single-market, with or without a trade agreement.
Gold prices are likely to find support at the 20-days EMA at $1,861 per ounce, and the 200- days EMA at $1,822 levels, while a key resistance is likely to be seen around $1,920 per ounce $1,963 per ounce.
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