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Sensex ends at record high, Nifty nears 14K; Maruti, Titan, L&T, RIL top gainers

BusinessToday.In     December 30, 2020

Market indices continued to surge for the sixth straight session on Wednesday and ended at record highs in line with positive global equities. After hitting lifetime highs in the early trade, Sensex ended 133 points higher at 47,746 and Nifty gained 49 points to 13,981. During early trade, Sensex hit a lifetime high of 47,807 and Nifty touched 13,990 for the first time.

Maruti, M&M, Titan, L&T, RIL, HUL were among the top gainers, while ITC, Sun Pharma, SBI, TCS were among top losers. Sectorally, gains in realty, metal, auto, FMCG and IT were capped losses in pharma, private and public bank and financials.

Overseas, Asian stocks started on a weak note and ended mixed on Wednesday after major indexes on Wall Street snapped their multi-day winning streaks overnight. US markets closed in red pulling back from recent record highs as hopes for bigger government aid faded while dollar weakened.

In US, stocks slipped on Tuesday after reaching fresh all-time highs as traders weighed the possibility of even more fiscal stimulus being approved by Congress. European markets opened higher taking cues from positivity surrounding US covid-19 relief signed recently by Trump and Brexit trade deal.

Rohit Singre, Senior Technical Analyst at LKP Securities said,"Index closed a day on a positive note for a fifth consecutive session at 13982 with gains of half a per cent and formed a dragonfly Doji kind of candle pattern on the daily chart. The index reached to its immediate and strong hurdle zone of 14k mark now if index managed to hold above 14k mark then only we may see current bullish momentum to extend further towards 14200 zone otherwise some profit booking can witness and we may see the index to trade in the range of 13800-14000 zone."

Vinod Nair, Head of Research at Geojit Financial Services said,"Domestic sentiment is upbeat, expecting a nod for Oxford-AstraZeneca Covid vaccine usage in India. Growth sectors like Auto, Realty and Metal led the rally while defensives like pharma continued to remain under pressure. Although the market is at its most expensive valuation level, FPIs continue to pump in funds and roll the Indian market higher on a daily basis."

On the currency front, the rupee appreciated by 11 paise to close at 73.31 against the US dollar on Wednesday, supported by positive domestic equities and unabated foreign fund inflows.

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