Sensex, Nifty continue upward march; here’s what experts make of today’s trading session

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Updated: December 23, 2020 4:22 PM

S&P BSE Sensex jumped 437 points to close at 46,444 while the 50-stock NSE Nifty gained and breached the 13,600 levels.

hdfc, hdfc share priceHDFC Ltd also said that the individual loan business continued to see improvements during the December quarter

Stock markets rebounded after a weak opening to close with gains yet again on Wednesday. S&P BSE Sensex jumped 437 points to close at 46,444 while the 50-stock NSE Nifty gained and breached the 13,600 levels. The top gainer on Sensex was FMCG major Hindustan Unilever, up 2.67%. This was followed by Infosys, Mahindra & Mahindra, and State Bank of India. Only four Sensex constituents closed in red with Titan being the top laggard, falling 0.81%. All sectoral indices closed with gains. Nifty Realty and Nifty Media were the top gainers, zooming over 3% each. Broader markets outperformed benchmark indices. 

Deepak Jasani, Head of Retail Research, HDFC Securities-

“Indian equity benchmark indices continued their rebound from losses of Dec 21 and ended higher for the second straight day. Volumes on the NSE were below recent average. Among sectors, Realty Media IT PSU Bank, FMCG, Metals and Pharma were the main gainers. World stocks inched up on Wednesday, as a last-minute intervention by President Donald Trump dampened positive sentiment over a U.S. stimulus deal, while the European markets rose on the possibility of a Brexit agreement that could be likely as early as on Wednesday. In the second day post the selloff, Nifty has retraced ~75% of the latest fall. However, lower volumes are a dampener. Now the next resistance level of the Nifty is at 13665-13710 while supports will come in at 13485.”

Vinod Nair, Head of Research at Geojit Financial services

“Market is continuing its rally amidst concerns over new virus strain, lockdown and weak global cues, fueled by IT, mid and small caps. The additional stimulus announced in the US did not gain much momentum in the global market as the quantum of the benefit was well-factored, but Europe and EMs are maintaining the buoyancy. In the coming days, the market will also focus on Brexit trade deal which is expected to be finalized soon and fallout in the economy due to strict lockdown.”

Ajit Mishra, VP – Research, Religare Broking-

“Markets extended rebound and gained over a percent amid mixed cues. The benchmark indices started on a flat note and gradually inched higher as the session progressed. Markets are taking comfort from the global markets, which are holding strong despite the renewed COVID challenge. We suggest continuing with a cautious stance and limiting leveraged positions. The defensive pack is doing well on expected lines and likely to maintain this bias ahead as well. Traders should align their positions accordingly.”

S Ranganathan, Head of Research at LKP Securities

“Having shrugged off the bear hug yesterday afternoon, the Bulls were in total control on Wednesday as well. The IT big boys led the rally well supported by FMCG stocks. Afternoon trade witnessed a more broad-based uptrend with investors gaining back the confidence.”

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments-

The Nifty has gained over 50% of the sharp fall it had earlier this week. What needs to be seen is if we are able to cross the 13700-13800 levels on a closing basis as that could prove to be a runway to achieving 14000. I would still suggest caution until we have not crossed the above levels.”

Rohit Singre, Senior Technical Analyst at LKP Securities –

“As expected index managed to hold its yesterday’s bullish momentum and closed a day on a positive note at 13604 with gains of one per cent and formed a bullish candle on the daily chart. On the hourly chart, it seems index is in V shape recovery and if it turns to be true then we may see a current pullback to extend further towards 13775 which is previous swing high and on other hand, good supports are formed near 13550-13460 zone.”

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