Stocks

Sensex surges 506 points to new closing high; Nifty tops 13,100

BL Internet Desk | Updated on December 01, 2020 Published on December 01, 2020

Closing bell:

Equity benchmark Sensex rallied 506 points to close at a fresh lifetime high on Tuesday, backed by gains in IT and financial stocks amid persistent foreign capital inflows.

A strengthening rupee and positive leads from other Asian markets too influenced market sentiment, traders said.

The 30-share BSE index ended 505.72 points or 1.15 per cent higher at 44,655.44.

Similarly, the broader NSE Nifty surged 140.10 points or 1.08 per cent to close at 13,109.05.

Sun Pharma was the top gainer in the Sensex pack, rising over 5 per cent, followed by IndusInd Bank, Tech Mahindra, ONGC, Bharti Airtel, Infosys, ICICI Bank and Bajaj Auto.

On the other hand, Kotak Bank, Nestle India, Titan, Bajaj Finance, HDFC Bank and NTPC were among the laggards.

Sector-wise, BSE realty, telecom and teck indices rose up to 3.49 per cent.

Foreign institutional investors remained net buyers in the capital markets as they purchased shares worth Rs 7,712.98 crore on Friday, according to provisional exchange data.

Nifty call:

 

Strategy: Buy on declines with a stop-loss at 13,040 levels

Supports: 13,050 and 13,025

Resistances: 13,100 and 13,130

Rupee call:

 

The rupee, after opening with a marginal gap-up, is showing substantial positive momentum. Moreover, the dollar index is showing that the dollar is trading weak. Hence, traders can be bullish on the rupee today and go long in declines with stop-loss at 73.85.

Supports: 73.7 and 73.85

Resistances: 73.5 and 73.3

Update:

Equity benchmark Sensex climbed over 120 points in opening trade on Tuesday, as better than expected GDP data strengthened market sentiment amid unabated foreign capital inflows.

The 30-share BSE index was trading 126.62 points or 0.29 per cent higher at 44,276.34.

Similarly, the broader NSE Nifty rose 32.45 points or 0.25 per cent to 13,001.40.

UltraTech Cement was the top gainer in the Sensex pack, rising about 2.5 per cent, followed by Infosys, Sun Pharma, Bajaj Auto PowerGrid, ICICI Bank and IndusInd Bank.

On the other hand, ONGC, M&M, Nestle India, Axis Bank and HDFC were among the laggards.

In the previous session, Sensex ended 110.02 points or 0.25 per cent lower at 44,149.72, and NSE Nifty slipped 18.05 points or 0.14 per cent to 12,968.95.

Equity markets were closed on Monday for Guru Nanak Jayanti.

India’s economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent, official data showed on Friday.

Meanwhile, the output of eight core infrastructure sectors dropped by 2.5 per cent in October, mainly due to decline in production of crude oil, natural gas, refinery products and steel.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 7,712.98 crore on a net basis on Friday, according to provisional exchange data.

Elsewhere in Asia, bourses in Tokyo, Shanghai, Hong Kong and Seoul were trading with gains in mid-session deals.

Stock exchanges on Wall Street ended lower in overnight sessions.

Brent crude futures, the global oil benchmark fell 1.22 per cent to USD 47.59 per barrel. (PTI)

Opening bell:

Taking cue from Global markets, the benchmark indices -- Sensex and Nifty also opened on a positive note.

Sensex rose 41.45 points to 44,191.1 in opening session, while Nifty was up 14.25 points at 12,983.20.

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Published on December 01, 2020
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