Global cues, FII inflows lift equity indices to new highs; realty stocks rise
Mumbai, December 16, 2020
Strong buying support combined with influx of fresh foreign funds lifted the key Indian equity indices to reach record intra-day highs on Wednesday.
Accordingly, the NSE Nifty50 opened with a "gap up" and reached an all-time high at 13666.45, following the strong market sentiments globally.
In terms of sectors, Realty, Metal and Auto indices were major gainers.
At 1.50 p.m., the Sensex was trading at 46,623.03, higher by 359.86 points or 0.78 per cent from the previous close.
The Nifty50 was trading at 13,669.10, higher by 101.25 points or 0.75 per cent from the previous close.
"At current juncture, support for Nifty is inching higher to 13450 - 13500 zone; while resistance can be seen around 13750 zone," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
"Considering current chart structure and derivatives data, we are expecting continuation in ongoing up move of Nifty towards 13750 levels in coming week. Thus, traders are advised to remain positive and use intraday dips as buying opportunity. On stocks front, one can look for buying opportunity in stocks like Ashokley, Apollo Tyre and Godrej prop."
According to Gaurav Garg, Head of Research, CapitalVia Gloabl Research: "Nifty till now traded in a consolidated manner and a movement can be expected in the second half following the European markets."
"The board members of SEBI are set to meet today and can discuss few key issues regarding the relaxation in minimum promoters contribution in FPOs."
"All sectoral indices were trading in the green. M&M, Tata Motors, Divislab, ONGC, Nestle India were the top contributors and TechM, Eicher Motor, Gail, HCL Tech, Ultratech Cement were the top losers on Nifty."