Domestic benchmark indices, yet again scaled to fresh all-time highs and ended the day’s trade at their highest ever closing levels.
Market 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
Domestic benchmark indices, yet again scaled to fresh all-time highs and ended the day’s trade at their highest ever closing levels. S&P BSE Sensex now sits at 45,608 while the 50-stock Nifty was at 13,392. Broader markets, after having outperformed benchmarks initially, witnessed profit booking and closed in the red. UltraTech Cement, TCS, and Reliance Industries were the top Sensex gainers while Sun Pharma, IndusInd Bank and NTPC were the drags. India VIX or the fear gauge of domestic markets increased over 3% during the day to close at 18.62.
“Since November, PSU banks have been outperforming the market and this rally continued and took Indian benchmark indices to new highs in today’s volatile session. Reports of emergency vaccine rollout in India and hopes of a stimulus package in the US and Japan has also helped in keeping momentum live. European stocks are experiencing negative waves due to fading hopes of Brexit trade talks and an increasing number of covid cases. Although the markets are at an all-time high, the expected updates on vaccine rollouts and stimulus packages have the potential to take markets further.”
“Indices stayed buoyant despite volatility as IT majors did well along with support from key heavyweights. The highlight of the day was PSU banks as the space witnessed tremendous interest from investors.”
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –
“The markets have closed within the resistance passage of 13400-13700. There is always a possibility of turning around from these levels and correcting. The overall trend continues to remain positive, but traders should exercise caution at these levels of the Nifty. Strict stop losses should be maintained for all long trades.”
Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS –
“Markets have continued their march to historic highs, supported by rally not only among market leaders but among the laggards as well. With today’s rise, Nifty has touched a key fibonacci resistance of 13390. Going forward, one needs to monitor how the index trades near this level. If it sustains above it, the rally is likely to continue towards 13530. However, if the index fails to sustain above 13390, we could see a minor correction till 13100 in the next few sessions.”