BSE Sensex and Nifty 50 ended more than 2 per cent greater on the initial trading day of the week, mainly driven by shopping for in IT, pharma, and metal stocks. BSE Sensex surged 1128 points to finish at 50,136, though the Nifty 50 index settled at 14,845. During intraday, Sensex hit a day’s higher of 50,268 and a low of 49,331.68. Nifty 50 touched 14,876 as day’s higher and 14,617 as low. Market breadth favored bulls as 1,551 stocks sophisticated though 1,402 declined. A total of 209 scrips remained unchanged. HDFC Bank, Infosys, Housing Development Finance Corporation (HDFC), Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS) and ICICI Bank have been amongst prime BSE Sensex contributors. The broader market place indices underperformed equity benchmarks. S&P BSE MidCap gained almost one per cent or 196 points to settle at 20,166.59. While the S&P BSE Smallcap index completed 1.3 per cent or 264 points greater at 20,543.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has effectively closed previous its resistance zone of 14700-14800. However, I would be more comfy if we can get previous 14950 on a closing basis. That would trigger a rally up to levels closer to 15300. Until we do not get previous 14950, there is usually a opportunity we take a U-turn from these levels and head southwards to 14400. Extreme caution is advised at the present levels.
S Ranganathan, Head of Research at LKP Securities
Markets opened firm on robust international cues with Joe Biden slated to announce his $3tn infra package. Investors shrugged off the increasing coronavirus instances in couple of states as the GOI prepares for a vaccine rollout on a bigger scale. Steel & IT stocks led the bull charge though FMCG stocks joined the party in late afternoon trade as the Sensex scaled previous 50k.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
As anticipated, the very same point occurred in the market place today. The formation of a Bullish Harami served as a strong reversal formation for the market place. The Nifty crossed the 14750 levels and moved really close to 14900. Today, all sectors except Bank Nifty and Auto performed properly. Tomorrow we would see some raise in bank stocks, primarily due to the fact the Bank Nifty closed above the level of 33700. Bank Nifty can go up to 34500/34700. If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side, Nifty / Sensex would discover important help at 14730 and 14620 levels. Buy in between 14750/14730 and for that preserve a cease loss at 14600.
Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
Indian markets have extended their recovery for a second session, boosted by strength across the board. Global cues have been supportive of the rally because Friday, with each US and European markets advancing to life-time highs. Despite the recovery more than the previous two sessions, Indian markets have been beneath-performing their international peers for the previous couple of days. For the brief-term, in spite of the commonly supportive international cues, we could witness bouts of volatility in the domestic markets. The strengthening dollar and increasing US yields, in distinct, stay the essential forces to watch out for as they could act as headwinds to the brief-term recovery.