On Monday Led by buying in Reliance Industries Ltd and information technology stocks, BSE Sensex and Nifty 50 ended half a per cent higher. 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.
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.
“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.” Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd.
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.