Sustained foreign inflows have been helping stock markets reach new highs repeatedly.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equities rose once again on Tuesday’s opening bell, setting fresh all time highs. S&P BSE Sensex began trading at 45,568 while Nifty was just shy of 13,400 levels. Among the top gainers on Sensex were UltraTech Cement, Bharti Airtel, and Larsen & Toubro. Laggards on the index were Sun Pharma, Axis Bank, and Tech Mahindra. Broader markets were again outperforming the benchmark indices. Domestic equities were seen beating the negative global cues coming from Asian peers that were largely in the red on Tuesday Morning.
Days after Pfizer and Serum Institute of India applied for the emergency user authorization for their covid-19 vaccines, Bharat Biotech has also entered into the race and applied for the same. Pfizer has already been given a go ahead by the United Kingdom and Bahrain for its vaccine. Bharat Biotech’s vaccine is being prepared in collaboration with the Indian Council of Medical Research. All the applications will be reviewed by the subject expert committee (SEC) on COVID-19 at the Central Drugs Standard Control Organisation (CDSCO).
Highlights
"The market is moving from strength to greater strength. One must be cautiously long in this market as we are in a passage of resistance. This range is between 13400-13700 so while the odds are that we will get past these selling pressure zones, traders should consider booking profits at regular intervals while continuing to remain on the long side," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Rupee has been tugged between the inflows that are capping any sharp losses in the pair and RBI’s buying that is preventing gains on the other side. More so, the volatility in the USDINR pair shall be subdued as markets await concrete directional cues which seem blur as of now amid RBI’s intervention. The momentum of rupee will largely depend on RBI’s tolerance to let rupee appreciate and how aggressive is the central bank in absorbing inflows. Broadly, as long as rupee trades within 73.00-75.00 levels, dips between 73.00-73.50 levels can be taken for buying and upticks above 74.00-74.20 shall be utilized to sell for near term exposures: Amit Pabari, managing director, CR Forex Advisors
COMEX gold trades mixed near $1865/oz after a 1.4% gain yesterday. Gold trades mixed as support from general weakness in the US dollar, increased expectations of US stimulus, rising virus cases, mixed economic data from major economies, US-China tensions and Brexit uncertainty is countered by optimism about vaccine and continuing ETF outflows. Gold has rallied sharply in last few days and while a break above $1850/oz has opened path for extended gains, vaccine progress and continuing ETF outflows could limit upside: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
"This global market rally has surpassed all expectations. Europe had the best month ever, in November. Among emerging markets India has become an outstanding performer and is attracting huge FII inflows which is driving the momentum in the market. Sectoral rotation - from growth to value - is an important trend in the market now. Investors may remain invested in quality stocks, but refrain from aggressive buying at this stage," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex opened at 45,568, a fresh all-time high for the index. Nifty was tradign above 13,350 and scaling to new highs.
Pre-open session took Sensex higher 141 points to sit at 45,568 while Nifty 50 was just shy of 13,400.
Sensex was near 45,600 during the pre-open session while Nifty was comfortably holding above 13,400.
S&P BSE Sensex was seen tradign above the 45,600 levels during Tuesday's pre-open session. Nifty 50 was above 13,400 as domestic markets were seen beating weak global cues.
Maximum Put OI in the current series is placed at 12,000 strike with 34.35 lakh contracts, followed by 13,000 strike with 32.41 lakh contracts.
SGX Nifty points to a flat opening with a negative bias for BSE Sensex and Nifty 50 on Tuesday. A host of factors such as newsflow related to COVID-19 vaccine, Supreme Court hearing on interest waiver or loan moratorium case, Tata versus Mistry case, oil prices, rupee movement and other global cues will set the market tone for today. Analysts expect that optimism around coronavirus vaccine may push indices higher today. Asian peers were seen trading mixed in early deals on Tuesday.
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"The short term trend of Nifty continues to be positive and the market is inching towards our upper trajectory of 13500-13600 levels gradually. Minor consolidation or intraday weakness are expected to be a buy on dips opportunity for the short term. Immediate support is now placed at 13250," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
On the charts, a long bull candle was formed on Monday on the daily timeframe chart and that registered yet another new all time high of 13366 levels. "Though, Nifty placed near the swing highs, still there is no indication of any reversal or intraday profit booking signal as of now. This is positive indication and one may expect further upside in coming sessions," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
For the December series, maximum Call Open Interest (OI) is placed at 13,000 strike with 26.45 lakh contracts. This is followed by 13,500 strike with 20.29 lakh contracts.
Nifty futures were trading flat with a negative bias in the early deals on Tuesday, suggesting a flat opening for BSE Sensex and Nifty 50. In the previous session, headline indices ended at a fresh record high levels led by robust buying in finance, FMCG and banking stocks. Analysts say that Tuesday’s session would be interesting to watch out for, as close above 13360 will push Nifty 50 higher.
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Hiring momentum seems to be stabilising with the overall job openings in November remaining largely the same as in October at 1,00,000 openings. However, the contribution of full-time opportunities dropped to 90% from 95% in October 2020, as contract hiring picked up during the month.
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We attended Mindtree’s (MTCL’s) Analyst Day, where the management shared its new 4x4x4 strategy and opportunities in digital trends. Here are the key highlights from the meet: MTCL announced its new 4x4x4 strategy, with four industry groups, four service lines, and four geographies. While the four industry groups are in its existing areas of operations, the changes in service lines (Customer Success, Data and Intelligence, Cloud and Enterprise IT) point to an elevated focus on Digital (three out of the four service lines are in the Digital domain).
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As the equity markets continue to hit new highs every week, mutual fund houses are looking for ways to diversify risk. One of the strategies adopted by the industry is to invest in global markets. Two new fund offers (NFOs) that opened for subscription last week will invest a part of the investible corpus in overseas stocks.
Pfizer has also knocked on the doors of the DGCI for its coronavirus vaccine and so has Pune-based Serum Institute of India.
After Pfizer and Serum Institute, Hyderabad-based pharmaceutical firm Bharat Biotech on Monday applied to the central drug regulator seeking emergency use authorisation for its COVID-19 vaccine Covaxin. Covaxin is being indigenously developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR).