Stock markets are likely to react to the positive news flow around coronavirus vaccination, with countries now initiating their mass vaccination phase. Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices gained nearly over 2% each in the holiday-shortened previous week. Sensex now sits at 45,079 while the 50-stock NSE Nifty is at 13,258 — their highest ever closing levels. Vaccine optimism, rebounding economic outlook, and foreign flows have been keeping stock markets in a jubilant mood and are likely to continue on the same path this week. On Monday morning Asian peers were trading in the red. Hang Seng was down over 1% while Shanghai Composite too was trading with losses. Japanese stock indices followed with losses while KOSDAQ was trading flat. SGX Nifty too was in the red, down over 45 points.
Stock markets are likely to react to the positive news flow around coronavirus vaccination, with countries now initiating their mass vaccination phase. Along with that, the optimism shown by the RBI on Friday post the MPC is also likely to aid the stock market. The Monetary Policy Committee decided to keep rates unchanged on Friday and the RBI Governor maintained that liquidity is available. The refusal of the RBI to keep liquidity flowing will aid the financial sector, according to various experts, who welcomed the move.
Highlights
Sensex and Nifty gained during the pre-open session on Monday. Sensex was up 19 points while Nifty was above 13,250.
While major Asian peers were trading with losses on Monday morning, Sensex and Nifty were trading with gains. Sensex was near 45,200 while Nifty had breached 13,300.
Nifty crossed the 13,300 levels during the pre-open session on Monday morning. S&P BSE Sensex too was trading higher.
Nifty futures on the Singapore Exchange were seen tradign 65 points lower just ahead of the opening bell on Monday morning.
Broader market has shown resilience by forming a higher peak and troughon the larger degree charts (weekly and monthly) and closed at 2 years high after resolving out of their long term falling channel breakout, indicating resumption of major up trend. The strengthening of market breadth continues to act as a tailwind for durability of ongoing up trend. At current juncture, 94% components of Nifty midcap and small cap indices are trading above their long term 200 days SMA compared to last week’s reading of 90%.
~ Dharmesh Shah – Head – Technical, ICICI direct
The ongoing rally in the Nifty is backed by continuous improvement in the market breath (which gauge the strength of the market) as currently 94% components of Nifty trading above their long term 200 days SMA compared to last week’s reading of 88%, indicating inherent strength.
Dharmesh Shah – Head – Technical, ICICI direct
"In the coming week, Nifty 50 index would face major hurdle at 13350/13400 levels, which is nearby, however, the Bank Nifty should outperform and move to 31000 levels without any major efforts. The Strategy should be to buy on dips with a final stop loss of Nifty 50 index at 13100," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
SGX Nifty was trading in the red on Monday morning and so were major Asian peers, hinting at a negative start for Sensex and Nifty. On the charts, Nifty formed a long bull candle and closed last week towards new highs. “The confusing weekly pattern of doji has been negated on Friday, as Nifty closed above the high of last week at 13145. This could be considered as a strength of an upside momentum post upside breakout of long term resistance of uptrend line,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that Nifty faces resistance at 13,500 and support at 13,150.
Read full story
Bharat Electronics (BEL) derated in FY19 after the Ministry reduced margins on nominated projects to 7.5% from 10-12.5%. Investor concerns on the uncertainty of the margin impact kept valuations subdued, despite the rising order flow. Management explicitly mentioned at its Nov. 2020 analyst meet, that FY20 has seen the impact of lower margins already and 20% is sustainable. We believe margin delivery, order flow and execution ramp-up will drive upside.
Read full story
We hosted Asian Paints (APNT) at our Nomura Investment Forum 2020. Management highlighted that robust demand trends (Q2FY21 volume growth of +11%) continued in October, supported by the wedding season, festive demand, and pent-up demand. November also saw strong growth, albeit not as high as October. The company does not expect any pressure on gross margins from the recent uptick in crude oil prices.
Read full story
BSE Sensex and Nifty 50 continued to rally and added nearly one per cent gains last week. Sensex breached the psychological level of 45,000 on the upside for the first time in the history while the broader Nifty 50 index jumped above the crucial 13,250 levels. This was fifth consecutive week for the Nifty 50 where it managed to post positive returns. The broader markets too ended with healthy gains. The market rally was fuelled by newsflow related to COVID-19 vaccine, RBI MPC policy, GST collection in November and better-than-expected GDP numbers.
Read full story
The value of equity holdings of the nation’s financial powerhouse LIC has crossed USD 77 billion (Rs 5.7 lakh crore) by the end of the September quarter which is a shade below its record holding of USD 84 billion in the March 2018 quarter, rallying over 40 per cent in the first half, says a report.
Read full story