Sensex, Nifty end higher for second straight day; here’s what experts make of today’s market movement

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November 23, 2020 4:30 PM

Indian share market continues touching new highs by closing up by 0.5 per cent due to positive global cues on Monday.

sensex, niftyDuring the second half of the calendar 2020, the Nifty 50 index moved from strength to greater strength

Led by buying in Reliance Industries Ltd and information technology stocks, BSE Sensex and Nifty 50 ended half a per cent higher on Monday. The S&P BSE Sensex gained 195 points, or 0.44 per cent to settle at 44,077 while the broader Nifty 50 index ended at 12,926, up 67 points, or 0.52 per cent. During intraday, Sensex hit a record high of 44,271 and Nifty 50 made a record high of 12,969. India VIX, the volatility index, gained 6.09 per cent to close at 20.81. ONGC shares were the top Sensex gainer, followed by IndusInd Bank, Infosys, Tech Mahindra, RIL, Tata Consultancy Services and HCL Tech. The broader market outperformed equity benchmarks. The S&P BSE MidCap index gained 1.25 per cent to end at 16,642 while the S&P BSE SmallCap index finished at 16,405, up 1.37 per cent.

Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended the first day of the week with gains, even as banking stocks underperformed in a volatile session. Nifty seems to be inching towards the 13200-13300 mark over the next few sessions as the street continues to get excited by vaccine news. Repeated intraday recovery from the lows comforts the traders and investors. Global stocks advanced as AstraZeneca Plc said an interim analysis of clinical trials showed its coronavirus vaccine has an average efficacy of 70% in protecting against the virus.

Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

Indian market continues touching new highs by closing up by 0.5% due to positive global cues. As the spike in Covid cases is reported in only a few cities in India mainly due to the Diwali festival, so markets have not reacted negatively to this news. We believe no major lockdown is on the cards, as the overall Covid situation is under control. Going forward, the market will react depending upon Covid situation and the global economic recovery.

Ajit Mishra, VP – Research, Religare Broking Ltd

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.

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.

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