Benchmark indices hit new highs once again on Monday, with the Nifty increasing 97.2 points (.73%) to close at 13355.75 and the Sensex gaining 347.42 points (.77%) to finish at 45426.97. Robust shopping for in finance, FMCG and banking counters offset weak worldwide cues and a depreciating rupee. Positive news on the Covid vaccine front also lifted the sentiment.
Siddhartha Khemka, head – retail study, Motilal Oswal Financial Services, stated, “On the domestic side, progress on the Covid-19 vaccine led to the extension of the rally despite weak global cues.”
Market specialists think the broader market place continues to give possibilities. The BSE Midcap and BSE Smallcap rose by .95% and 1.3%, respectively, on Monday. In November, mid-cap and modest-cap indices outperformed the Sensex. On a year-to-date basis, their efficiency is significantly much better compared to the Sensex, with the BSE Midcap increasing by 14.3% and the BSE Small Cap increasing by 24.5%.
Sorbh Gupta, associate fund manager, Quantum Mutual Fund, stated, “The benchmark indices look richly valued, after the sharp November rally, but the broader market still offers significant opportunities. We remain optimistic about Indian equities with a slightly longer-term view.”
Foreign portfolio investors on Monday purchased stocks worth $512 million, according to provisional information on the exchanges.
Big gainers on the Sensex have been Hindustan Unilever, Bharti Airtel, HDFC, ITC, and Tech Mahindra, up by 3.09%, 3.05%, 2.54%, 2.5%, and 2.41%, respectively.
Significant losers have been Nestle India, Kotak Mahindra Bank, Tata Steel, Bajaj Finance and HDFC Bank, down by 1.49%, 1.37%, 1.3%, 1% and .94%, respectively.