Indian market started the week on a strong note pushing benchmark indices above their crucial resistance levels. The S&P BSE Sensex is back above 40,000 while the Nifty50 reclaimed 11800 levels supported by strong global cues.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 448 points to 40,431 while Nifty50 closed with gains of 110 points at 11,873.
"Market sentiment was lifted in expectation of the US stimulus package before the election and renewed hopes of a corona vaccine by year-end. So far the earnings have come in line with the expectation which supported a broad-based momentum in the market while bank nifty outperformed on account of better than expected results,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
“The continuation of this trend along with fiscal measures from the government will enthuse the prospects of H2FY21 economic recovery,” he said.
Sectorally, the action was seen in banks, finance, public sector, and oil & gas space while mild profit taking was seen in auto, telecom, healthcare, and IT stocks.
On the broader markets front – the S&P BSE Mid-cap index was up 0.58 percent while the S&P BSE Small-cap index closed with gains of 0.43 percent – underperforming benchmark indices.
Top Nifty gainers include names like GAIL India, Nestle India, and ICICI Bank.
Top Nifty losers include names like Cipla, Hero MotoCorp, and Divi’s Laboratories.
Stocks & Sectors:
Sectorally, the action was seen in the S&P BSE Bankex which was up 3.3 percent, followed by the S&P BSE Finance 2.6 percent, and S&P BSE Public Sector rose 2.6 percent.
Selling pressure was seen in S&P BSE Auto index which fell 1.1 percent, followed by the S&P BSE Healthcare index which was down 0.87 percent, and the S&P BSE Telecom index fell 0.66 percent.
Volume spike of more than 100% was seen in Vedanta, Pidilite Industries, and MindTree.
Long Buildup was seen in stocks like MindTree, Colgate Palmolive, and ACC.
Short Buildup was seen in stocks like Ambuja Cement, Hero MotoCorp, and Voltas.
More than 100 stocks on the BSE hit a fresh 52-week high that includes names like SRF, OFSS, and Amber Enterprises.
Technical View:
Nifty formed a Doji candle on the daily charts with long lower shadow which indicates that declines are being bought but multiple hurdles are intact.
Overall price and data setup suggest bounce may be seen but multiple hurdle and supply pressure at higher zones could restrict its upside momentum.
“Now it has to hold above 11800-11820 zones to witness an up move towards 12000 zones while on the downside support exists at 11750 then 11666 levels,” Chandan Taparia, Motilal Oswal Financial Services Limited told Moneycontrol.
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