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Sensex rises 437 points, Nifty closes at 13,601; M&M, SBI, Infosys, ITC top gainers

Sectorally, all the indices closed in green territory, with almost 4% rise in realty, 3.2% in media, 2.3% gain in IT index, and almost 2% gain in PSU Bank

twitter-logoBusinessToday.In | December 23, 2020 | Updated 18:45 IST
Sensex rises 437 points, Nifty closes at 13,601; M&M, SBI, Infosys, ITC top gainers
Infosys, SBI, ITC, HCL Tech, Maruti, Tech Mahindra, TCS, M&M and Titan were among the top gainers on Sensex

Market indices closed on a bullish note for the second straight session on Wednesday, taking cues from positive global equities. Sensex ended 437 points higher at 46,444 and Nifty gained by 134 points to 13,601.

Yesterday, Sensex ended 452 points higher at 46,006 and Nifty gained 137 points to 13,466. Last Friday, Sensex had hit an all-time high of 47,026 and Nifty had logged a lifetime high of 13,772.

Infosys, SBI, ITC, HCL Tech, Maruti, Tech Mahindra, TCS, M&M and Titan were among the top gainers on Sensex. On the other hand, ONGC, NTPC, Axis Bank, HDFC, ICICI Bank and L&T were among the laggards.

Sectorally, all the indices closed in green territory, with almost 4% rise in realty, 3.2% in media, 2.3% gain in IT index, and almost 2% gain in PSU Bank.

Asian equities rose slightly higher Wednesday after recent fall, following President Donald Trump's comments that suggested he may veto a USD900 billion economic aid package amid concerns regarding the new COVID-19 strain.

Stocks in the US fell for a third straight session yesterday after Trump criticized the 900 billion aid plan approved by Congress and urged lawmakers to raise payments to the public. Traders said the new lockdown and travel restrictions imposed by many countries overshadowed the new COVID-19 relief package.

European markets were mostly trading a tad higher as traders shrugged off concerns over new coronavirus strain in the UK and focussed on the EU and UK post-Brexit trade deal which is expected to be finalised soon.

S Ranganathan, Head of Research at LKP Securities said,"Having shrugged off the bear hug yesterday afternoon, the Bulls were in total control on Wednesday as well. The IT big boys led the rally well supported by FMCG stocks. Afternoon trade witnessed a more broad-based uptrend with investors gaining back the confidence."

Vinod Nair, Head of Research at Geojit Financial Services said, "Market is continuing its rally amidst concerns over new virus strain, lockdown and weak global cues, fueled by IT, mid and small caps. The additional stimulus announced in the US did not gain much momentum in the global market as the quantum of the benefit was well-factored, but Europe and EMs are maintaining the buoyancy. In the coming days, the market will also focus on Brexit trade deals which is expected to be finalized soon and fallout in the economy due to strict lockdown."

Ajit Mishra, VP - Research, Religare Broking said," Markets are taking comfort from the global markets, which are holding strong despite the renewed COVID challenge. Meanwhile, the passage of the stimulus package in the US has relieved the participants to some extent. We suggest continuing with a cautious stance and limiting leveraged positions. The defensive pack is doing well on expected lines and likely to maintain this bias ahead as well. Traders should align their positions accordingly."

Expressing views on Nifty's technical outlook, Rohit Singre, Senior Technical Analyst at LKP Securities said, "As expected index managed to hold its yesterday's bullish momentum and closed a day on a positive note at 13604 with gains of one per cent and formed a bullish candle on the daily chart. On the hourly chart, it seems index is in V shape recovery and if it turns to be true then we may see a current pullback to extend further towards 13775 which is the previous swing high and on other hand, good supports are formed near 13550-13460 zone."

On the currency front, the rupee pared most of its initial losses and settled for the day 8 paise higher at 73.76 per US dollar, tracking a rebound in domestic equities.

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