Sensex, Nifty clock record closing highs for 13th time so far in Dec; will indices continue to surge higher?

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Updated: Dec 29, 2020 4:21 PM

One more positive session and index closed a day at 13927 with gains of half a per cent forming a small Doji kind of candle pattern on the daily chart

Stock Market, sensex, niftyMarket analysts believe that calendar year 2021 will be marked with hopes of early roll-out of the COVID-19 vaccine, normalisation of activities and unperturbed growth recovery

BSE Sensex and Nifty 50 extended their gaining streak to the fifth consecutive session on Tuesday, mainly led by buying in the bank and financial stocks. BSE Sensex ended 259 points or 0.55 per cent higher at 47,613.08, while the broader Nifty 50 index gained 59.40 points or 0.43 per cent to end at 13,932.60. During intraday, Sensex hit a fresh record high of 47,715, while Nifty touched 13,967.60 levels. The top index contributors were Housing Development Finance Corporation (HDFC), ICICI Bank, HDFC Bank, Infosys and Axis Bank. While the broader markets underperformed the equity benchmarks. The S&P BSE SmallCap index ended 0.16 per cent or 29.08 points up at 17,967 while the MidCap index slipped 0.07 per cent or 12.41 points to end at 17,810.82.

Rohit Singre, Senior Technical Analyst at LKP Securities

“One more positive session and index closed a day at 13927 with gains of half a per cent 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.”

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.”

Binod Modi, Head Strategy at Reliance Securities

“Continued buying by FPIs remains a dominant factor for market rally. Given soft monetary policy of global bankers, weak dollar, improved prospects of corporate earnings recovery and consistent improvement in covid-19 recovery rate will continue to remain as key tailwinds for strong FPIs participation in domestic markets in the near to medium term. 3QFY21 earnings report card will be crucial for markets. Nifty looks set to surpass 14000 level shortly. Considering rich valuations and earnings recovery threat emerging from high input prices, investors must focus on companies which have strong earnings potential and sound margins of safety.”

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