Sensex and Nifty added to their gains and surged on Tuesday morning,as they looked to carry the momentum of a three-day gaining streak.
Sensex and Nifty added to their gains and surged on Tuesday morning,as they looked to carry the momentum of a three-day gaining streak. S&P BSE Sensex gained 400 points while the 50-stock NSE Nifty managed to cross the 11,100 mark. Financials along with Reliance Industries Limited helped the stock markets soar higher. Domestic equities were taking cues from global peers that surged after several vaccine trials for the coronavirus showed progress. HDFC Securities is bullish on the Nifty, expecting it to jump even further during this week.
Financials, RIL lift Sensex: Banking and finance stocks were again seen carrying the benchmark index higher on Tuesday. ICICI Bank was the top Sensex gainer on the opening bell, followed by HDFC Bank. Axis Bank, Kotak Mahindra Bank were also in the green. India’s largest private company, Reliance Industries Limited again helped the stock markets jump, as it gained 2.14% to trade at Rs 1, 960 per share.
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Sector scanner: All sectoral indices on the Nifty were trading with gains on Tuesday morning. Nifty PSU Bank was the top gainer surging over 2%, followed by Nifty Auto, Nifty Private Bank, and Nifty Bank.
Global cues: US stock indexes closed higher Monday, with the Nasdaq scoring a record close and its best daily gain in nearly 12 weeks. Asian share markets were rising on Tuesday as the coronavirus vaccine trial showed positive progress. “The Lancet medical journal published promising results of a Covid-19 vaccine study by the University of Oxford and AstraZenaca. Earlier in the morning, Pfizer and BioNTech reported positive early data from their own Covid-19 vaccine study,” HDFC Securities said.
EU leaders agree on 750 billion recovery fund: A deal for a massive stimulus plan was agreed on by European Union leaders The EU has faced the brunt of the coronavirus pandemic and it hopes that the deal will reviatise the bloc’s future.
Technical view: “The markets achieved their target of 11100 upon opening itself! We should now be headed towards the levels of 11500 – this may not be a one way move, but ideally that should be the direction of this market. Hence a “buy on dips” strategy on the Nifty can be implemented. Every fall would be a chance to enter a buy trade,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.