By Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Mumbai- 7th December 2020: As the markets closed on 7 December, the key Indian indices continued their upward momentum with a fresh record high of closing. BSE Sensex went up by 347.42 points or 0.77% and closed at 45426.97. Similarly, Nifty went up by 97.30 points or 0.73% and closed at 13355.80.
The Finance, Pharma, and FMCG stocks extended strong support to the market. PSU Bank index gained 2 percent while Pharma, Infra, and FMCG indices surged by 1 percent each. BSE Midcap and Smallcap indices also saw an increase of 1 percent each.
Top Gainers and Losers
As the all-time high rally continued, today, the top gainers on Nifty were UPL (4.56%), Adani Ports (3.59%), HUL (3.24%), Bharti Airtel (3.19%), and Coal India (2.55%). The top losers included Kotak Mahindra Bank (1.36%), JSW Steel (1.32%), Tata Steel (1.16%), Nestle (1.44%), and SBI Life (1.51%).
In terms of shares, 1972 shares ended in the green and 936 shares were in red while 190 shares remained unaffected.
Collective Review
Overall, HUL, HDFC, ITC & ICICI Bank contributed more than half to Nifty’s gains, and Hindustan Unilever concluded at a fresh 52-week high. A sharp upside move was seen in Adani Enterprises. ICICI Bank & SBI also pushed Nifty Bank higher in the banking sector while a negative HDFC Bank capped the gains. Nifty Media also witnessed good buying activity with the thrust coming from Zee Entertainment & Sun TV.
Despite being at an all-time high, the domestic market is expected to move strongly in the near term with vaccine progress, economic recovery, and strong FII inflows. Buying interests are also emerging on every dip because of the rotational participants across segments. Looking at the stock-specific trading approach, decent returns are being yielded, and it is advisable to move on with the same.
Global Outlook:
On the global front, European stocks are being driven by the ongoing post-Brexit trade deal between the UK and the EU. Because of this, they have a bit of volatility in them. In the Asian Market, Hang Seng and Nikkei fell by 1.23% and 0.76% respectively while KOSPI gained 0.51%.
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