Indices Continue With Their Uptrend For Sixth Session, Log Fresh Highs; M&M Surges 10%

The benchmark indices continued with their uptrend for the sixth consecutive session on Monday after robust gains of over 9 percent during the last week. At 9:19 am, Sensex gained 532 points or 1% to 51278, while Nifty was up by 1.07% or 160 points at 15088. Nifty Bank also gained 2% at the time of writing this copy. Meanwhile, broader markets with gains of 1.32% on the Nifty Mid-cap 100 outperformed the indices.

Among top gainers in early deal today are M&M, ONGC, SBI, ICICI Bank and Hindalco while laggards include NTPC, Divis Labs, Bajaj Auto and Coal India.

M&M scrip surges as analysts hold a bullish outlook on the scrip post Q3 numbers. Nomura has given a new TP of over Rs. 1100, JP Morgan sees TP at Rs 1,030. The scrip last traded with gains of 10% and hit fresh 52-week high of Rs. 952.05

Scrip of SBI continued with its stellar run post Q3 numbers and traded close to its 52-week high of Rs. 408.35 at Rs. 403.05 per share on the NSE.

Asian indices were trading near record highs in today's session with Japan's Nikkei up 2 percent, Hang Seng up 1.1% and Singapore Straits Times up 0.7%.US stocks extended their rally in Friday's session and clocked best weekly gains on the S&P 500 and Nasdaq since the US elections held in early November.

Oil prices neared $60 per barrel mark on hopes a $1.9 trillion US coronavirus package will be released in the US as soon as this month.

GoodReturns.in