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The stock markets opened on positive note on Friday, the first day of 2021, and sustained the gains till noon. The BSE Sensex jumped to a high of 47,954.54 in early trade but currently (noon) hovering around 47,855, a gain of about 105 points or 0.22 per cent over the previous day's close.
According to analysts, markets continue to witness thin participation from their clients.
The NSE Nifty after hitting a high of 14,037.25, is currently ruling at 14,008, up 0.2 per cent. During the day so far, it hit the low of 13,991.35 after opening at 13,996.10.
According to brokerage Motilal Oswal Financial Services, "As we enter 2021, the market is sitting at all-time high and is showing resilience on the back of abundant liquidity, positive developments on the vaccine front and signs of economic recovery. More importantly, Covid-19 cases have seen a meaningful decline. Improved corporate earnings have also buoyed the market sentiments. We expect Nifty earnings to remain flattish in FY21 while expecting a sharp rebound in FY22."
Among the Sensex, M&M, TCS, State Bank of India, Maruti Suzuki and IndusInd Bank were the major gainers while ICICI Bank, PowerGrid, Hindustan Unilever, Sun Pharma and Bajaj Finser were among the big lowers.
However, the BSE MidCap and BSE SmallCap have outperformed Sensex on Day 1 of 2021 with a gain of 0.92 per cent 0.80 per cent respectively.
BEL, Indian Hotels, NBCC, BHEL, IDBI, LIC Housing Finance, Kansai Nerolac and Motilal Oswal Financial led the gainers in midcap space while Godrej Properties, Glaxo and Whirlpool are among the losers.
Among the smallcap, Skipper, SREI Infra, Seya Industries, A2Z Infra, Kirloskar Ferro are top gainers while Borosil Renewables, Vakrangee and Ashiana are among the losers.
All the 19 sectoral indices, except BSE Bankex are in the green. Among them, BSE Auto, BSE Capital Goods, BSE Information Technology and BSE Industrials were the biggest gainers.
As many as 1,873 stocks advanced so far while 810 declined, capturing the broad positive tone of the market.
Further liquidity flows across Emerging Markets could remain strong which bodes well for Indian markets. However, intermittent corrections cannot be ruled out as there is a risk of second wave of Covid-19 and thus sustenance of economic recovery holds the key Motilal Oswal Financial said.
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