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November 23, 2020 / 03:43 PM IST

Closing Bell: Sensex, Nifty hit intraday record high, but pare minor gains before closing the day

On the sectoral front, except banks other indices ended in the green led by the IT and Energy (up 2 percent each) followed by the metal, pharma and infra. BSE Midcap and Smallcap indices rose 1 percent each.

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  • November 23, 2020 / 04:36 PM IST

    Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
     
    The Nifty had a gap up opening on November 23 however it couldn't build upon the early gains. After a dip in the first half of the session the index recovered in the second half & went on to cross the swing high of 12963. Nevertheless the index couldn't sustain in the higher territory. On the higher side, the key psychological level of 13000 continued to play its crucial role as a barrier. The price action over the last few sessions shows that the Nifty is stuck in a range of 13000-12700 & can take a dip towards 12800 before going higher. On the higher side, 13350 will be the short term target to watch out for.

  • November 23, 2020 / 04:32 PM IST

    Vinod Nair, Head of Research at Geojit Financial services:

    RBI’s proposal to consider large & well managed NBFCs to be converted into banks and to raise promoters stake in private banks to 26%, was taken positive by Pvt banks, NBFCs & new banks. Generally, banking stocks are re-rating, assuming revamp in credit growth and fall in NPAs going forward. Further, positive update on vaccine during the weekend, reiterated hopes of faster economic recovery next year. Domestic markets gained from global peers, which were mainly reflected in IT and Pharma sectors.

  • November 23, 2020 / 04:18 PM IST

    Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities:

    The Nifty 50 index managed to make a new high at 12968.85 on back of rise in frontline defensive stocks in the technology, pharmaceutical and FMCG sector. However, the Nifty 50 index  needs a decisive break-out above the 12970 to trade comfortably above the 13000 levels. Weakness in financial stocks could derail the current momentum in the market.

    The strategy should be to trade long if Nifty 50 index crosses 12970 levels for the target of 13100 and 13180 levels, respectively.  Below 12800, the index would gradually fall to 12600 levels. Focus should be on building material stocks.

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  • November 23, 2020 / 04:15 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets started the week on a positive note and gained over half a percent amid volatility. After a gap up opening, the benchmark oscillated in a range and settled closer to the day’s high, thanks to healthy buying in Energy, IT and Pharma sectors. Further, news of rapid roll-out of vaccine too boosted investor’s sentiments. Consequently, the Nifty ended near 12,927 levels, up by 0.5%. The broader market indices continued their outperformance and ended in the range of 1.1-1.4%.

    Markets are currently seeing time-wise correction while we’re seeing noticeable buying in index majors on every dip. Going ahead, upcoming derivatives expiry, global cues and updates on COVID-19 will remain in focus. On the expected lines, we’re seeing fresh traction in defensive viz. FMCG, IT and pharma while the rate sensitives are taking a breather after the phenomenal run. Traders should align their positions accordingly.

  • November 23, 2020 / 04:09 PM IST

    Ashis Biswas, Head of Technical Research, CapitalVia Global Research:

    The market continues to witness a lack of momentum and stayed in the range between 12750 to 12950. As of now, the short-term technical condition of the market appears like a sideways correction is in the process. While it is subject to further price action evolution, our research suggests it is prudent to wait for a decisive breakout above 13040 and technical factors to improve before going long in the market. As such we retain our cautious stance and advise the traders to refrain from building a fresh buying position until we see further improvement and breakout above 13040.

  • November 23, 2020 / 04:03 PM IST

    Tech Mahindra partners with RUAG International:
     
    Tech Mahindra Ltd. a leading provider of digital transformation, consulting and business re-engineering services and solutions, announced a strategic partnership with RUAG International, an organisation specialising in aerospace, headquartered in Switzerland, for global IT infrastructure and digital transformation. 

    Tech Mahindra will support RUAG International in its IT Infrastructure digitisation strategy by transforming the core infrastructure operations using next-generation service to enhance customer experience and faster time-to-market.

  • November 23, 2020 / 03:51 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    Indices closed 0.5% higher today amidst high volatility with a lot of activity seen in NBFC names & Small Finance Banks. Technology heavy weights along with Metals & Oil & Gas majors too lent good support to the bulls.

  • November 23, 2020 / 03:47 PM IST

    Indices ends higher, Nifty above 12900:

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  • November 23, 2020 / 03:45 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The Nifty moved from a nervous situation this morning to green pastures by the afternoon! However, it is shying away from hitting the 13000 mark. It is facing some resistance around the 12950-12970 levels but based on charts we should be able to achieve the levels of 13100-13200. Since we have a good support at 12700, every dip can be utilised to accumulate long positions.

  • November 23, 2020 / 03:35 PM IST

    Market Close: Benchmark indices settled higher after started the week on the positive note as both the indices touched their fresh record high during the day.

    At close, the Sensex was up 194.90 points or 0.44% at 44,077.15, and the Nifty was up 67.50 points or 0.52% at 12,926.50. About 1636 shares have advanced, 1133 shares declined, and 178 shares are unchanged.

    ONGC, IndusInd Bank, GAIL, Dr Reddy’s Labs and Tech Mahindra were among major gainers on the Nifty, while losers were HDFC, ICICI Bank, Axis Bank, SBI Life Insurance and SBI.

    On the sectoral front, except banks other indices ended in the green led by the IT and Energy (up 2 percent each) followed by the metal, pharma and infra. BSE Midcap and Smallcap indices rose 1 percent each.

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