Markets close at fresh record highs; FMCG, banks spurt

By: |
December 8, 2020 12:30 AM

Siddhartha Khemka, head – retail research, Motilal Oswal Financial Services, said, “On the domestic side, progress on the Covid-19 vaccine led to the extension of the rally despite weak global cues.”

The biggest losers on the Nifty were Shree Cement, TCS, Ultratech Cement, Bharti Airtel, and Grasim Industries down by 2.4%, 1.52%, 1.41%, 1.29%, and 1.17%.The biggest losers on the Nifty were Shree Cement, TCS, Ultratech Cement, Bharti Airtel, and Grasim Industries down by 2.4%, 1.52%, 1.41%, 1.29%, and 1.17%.

Benchmark indices hit new highs again on Monday, with the Nifty rising 97.2 points (0.73%) to close at 13355.75 and the Sensex gaining 347.42 points (0.77%) to end at 45426.97. Robust buying in finance, FMCG and banking counters offset weak global cues and a depreciating rupee. Positive news on the Covid vaccine front also lifted the sentiment.

Siddhartha Khemka, head – retail research, Motilal Oswal Financial Services, said, “On the domestic side, progress on the Covid-19 vaccine led to the extension of the rally despite weak global cues.”

Market experts believe the broader market continues to offer opportunities. The BSE Midcap and BSE Smallcap rose by 0.95% and 1.3%, respectively, on Monday. In November, mid-cap and small-cap indices outperformed the Sensex. On a year-to-date basis, their performance is much better compared to the Sensex, with the BSE Midcap rising by 14.3% and the BSE Small Cap rising by 24.5%.

Sorbh Gupta, associate fund manager, Quantum Mutual Fund, said, “The benchmark indices look richly valued, after the sharp November rally, but the broader market still offers significant opportunities. We remain optimistic about Indian equities with a slightly longer-term view.”

Foreign portfolio investors on Monday bought stocks worth $512 million, according to provisional data on the exchanges.

Big gainers on the Sensex were Hindustan Unilever, Bharti Airtel, HDFC, ITC, and Tech Mahindra, up by 3.09%, 3.05%, 2.54%, 2.5%, and 2.41%, respectively.

Significant losers were Nestle India, Kotak Mahindra Bank, Tata Steel, Bajaj Finance and HDFC Bank, down by 1.49%, 1.37%, 1.3%, 1% and 0.94%, respectively.

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