Markets

Markets maintain firm trend in afternoon session

KS Badri Narayanan KS Badri Narayanan | Updated on December 28, 2020

Sensex rallies over 300 points to 47,287, Nifty up 101 points at 13,851

The benchmark indices, the BSE Sensex and NSE Nifty, maintained their firm run in the afternoon session on Monday.

At 1.30 pm, Sensex was up 314 points or 0.67 per cent at 47,287. Nifty was trading at 13,851, up 101 points or 0.74 per cent.

There was no let-up in the market momentum in the last week of 2020, as benchmarks continued to climb on the back of buying by foreign institutional investors.

While the Nifty-50 crossed the 13,800-mark quite comfortably, the BSE-500 crossed the 18,000-mark in early trade on Monday.

According to analysts, as this is the monthly settlement week in derivative contracts on the NSE, most traders are rolling over their long positions. With the FPIs pumping in more money into the Indian stock markets, a greater number of stocks participated in the rally, they added.

The BSE Sensex is ruling 0.57 per cent higher at 47,241.05 and the NSE Nifty has climbed 0.6 per cent at 13,830.

As many as 1,652 stocks are trading in the green, while 546 declined and 107 remained unchanged on the BSE.

According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the market appears to be back on ‘Buy on dips mode’ aided by sustained FII buying. “An important trend is the increasing strength of financials, particularly private sector banking stocks. Data and indications from top bankers suggest that the banking sector is reviving quicker than expected,” he added.

He expects the market to scale another record high.

Some of the stocks that gained included Nirlon, P&G Hygiene, Grindwell Norton, Welcorp and Mahindra Life. These stocks gained in excess of 6 per cent.

HCC, Vedanta, Asahi India, Polyplex and ITDC are among the prominent losers.

At least 148 stocks either registered their 52-week highs or all-time highs on Monday on the BSE. Among the stocks that hit highs are 3i Infotech, Adani Ports, Adani Enterprises, Apollo Tricoat Tubes, Asian Paints, Bector Foods, Cadila Healthcare, Cera Sanitaryware, Cipla, Endurance Technologies, Gland Pharma, Godrej Properties, Heidelberg, MindTree, MindSpace, Paisalo Digital, Sun Pharma and Whirlpool.

 

Published on December 28, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like