Kanika Agarrwal, Co-founder and Chief Investment Officer, Upside AI:
Volatile day for the markets today. Nifty went up led mainly by financials while the broader market was flat. For the next quarter, we remain bullish on value stocks and small caps. Key trends we are tracking are vaccine rollout, reaction to new strains and government commentary on the budget. Given the year-end and lower volumes, continue to expect volatile days going into the new year with pockets of stocks driving movement.
December 29, 2020 / 04:22 PM IST
Rohit Singre, Senior Technical Analyst at LKP Securities:
One more positive session and index closed a day at 13927 with gains of half a percent forming a small Doji kind of candle pattern on the daily chart. The index has formed a good base near 13800 zone holding above said levels we may see 14k mark in Nifty soon which is immediate hurdle on the higher side. The Nifty Bank looks more lucrative at the moment as the index has witnessed a fresh breakout above 31k mark now going forwards it will act as fantastic support and if managed to hold above 31k mark we may see good move in the nifty bank towards 31500-32000 zone.
December 29, 2020 / 04:21 PM IST
Ajit Mishra, VP - Research, Religare Broking:
Markets inched higher and settled with modest gains, following supportive global cues. The benchmark opened on a positive note however profit-taking at higher levels capped the upside as the session progressed. Amid all, buoyancy in banking, IT and FMCG majors kept the market tone positive. At the same time, the market breadth ended almost on a flat note due to underperformance from both Midcap and Smallcap pack.
We believe the recent buoyancy in the banking pack would help the index to maintain the prevailing bias. Markets are still rewarding to those who are focusing more on the selection of stocks and expect the trend will continue ahead also. Needless to say, participants should maintain some caution, especially in the leveraged positions due to scheduled derivatives expiry ahead.
December 29, 2020 / 04:15 PM IST
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The markets were a tad shy of hitting the 14000 level but that should be achieved sooner than later. The Nifty can climb towards 14100 which should be the next level of resistance. The week's support is at 13600 so traders can utilise intraday corrections to initiate long positions for higher targets.
December 29, 2020 / 04:14 PM IST
S Ranganathan, Head of Research at LKP Securities:
Financials helped key Indices to close the day well into positive territory with the broader markets seeing demand for Gas stocks. The day also witnessed upmoves in names that are not usually seen frequently amongst gainers as savvy investors were seen scouting for value in a Bull Market.
December 29, 2020 / 04:14 PM IST
Vinod Nair, Head of Research at Geojit Financial services
It was a volatile day, started well but edged lower losing all the gains, in the end, the markets recovered much of the losses and closed with a small upside. Finance stocks were the major contributors in the upside but broader market underperformed the main benchmark. Selling was seen in auto, pharma and metal sectors among others too. A major part of the global developments like stimulus and Brexit deal are priced in the market. In the absence of major domestic or global events expected in the near-term, the market will focus on the upcoming Q3 earnings and stock-specific updates.
December 29, 2020 / 03:43 PM IST
Rupee Close: Indian rupee ended higher by 8 paise at 73.42 per dollar, amid buying seen in the domestic equity market. It opened higher by 6 paise at 73.44 per dollar against previous close of 73.50 and remained in the range of 73.34-73.44.
December 29, 2020 / 03:35 PM IST
Market Close: Benchmark indices rallied in the fifth consecutive session, closing at fresh record highs supported by the financial and IT stocks.
At close, the Sensex was up 259.33 points or 0.55% at 47,613.08, and the Nifty was up 59.40 points or 0.43% at 13,932.60. About 1519 shares have advanced, 1438 shares declined, and 162 shares are unchanged.
IndusInd Bank, Tech Mahindra, Axis Bank, ICICI Bank and HDFC were among major gainers on the Nifty, while losers were Hindalco, Nestle, Coal India, Tata Motors and NTPC.
Except IT and Bank, other sectoral indices ended in the red. BSE Midcap and Smallcap indices ended with little change.
December 29, 2020 / 03:32 PM IST
Vedanta Resources to issue $400 million Notes:
In order to meet the liquidity needs, mining conglomerate Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group. All these notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd.
December 29, 2020 / 03:17 PM IST
Allied Digital gets contract worth Rs 160 crore:
In this quarter, Allied Digital Services LLC, USA (Subsidiary company of Allied Digital Services) has bagged 3 Multi-Year prestigious services deals with collective Total Contract Value of USD 21.8 Million (Rs 160 crore) from leading customers across Healthcare, Finance and Automobile segments.