Today’s Market Summarised

Nifty continued its dream bull-run, after opening with a huge gap-up at 13,460 levels today. Although the index consolidated in a 50-point range in the morning, it broke out of this level as soon as European markets opened with a gap-up (at 1:30pm). The index flew up to create fresh all-time highs, boosted by banks, and closed at 13,529, up 136 points or 1.02%.

Bank Nifty opened the day at 30,362 level with a gap-up and was seen consolidating. After the European markets opened with a gap-up, Bank Nifty crossed 30,500 level with relative ease and went up to even 30,800. The index of banks closed at 30,709, up 447 points or 1.48%.

Media stocks and Private Banks performed the best today in the market, while PSU Banks performed the worst. Even with this, we say Bank Nifty going up significantly, showing the power of private banks on the index. Realty and IT performed well over the day, as well.

Global markets are looking really happy. European markets are all trading in green. Asian markets have all closed in green.

News Picks

Media stocks went on a rally, with PVR(up 7.5%) and Inox(up 5.5%) along with SunTV(up 3.5%) pushing the index up. Theatre stocks rallied on hopes of an upcoming vaccine. Some news stocks were also up after the government’s plan to have a wider face in public media, likely indicating higher spends and more jobs.

Reliance and HDFC Bank moved Nifty today, along with Infosys. The stocks were up today, after being continuously beaten down for many days.

YES Bank shares closed again 10% up, continuing its rally. There are hopes that the stock will be upgraded to large-cap category from mid-cap by mutual fund industry body, the Association of Mutual Funds in India (AMFI). Separately, the stock also got a boost from the lender’s likely plan for an asset reconstruction company (ARC).

United Phosphorous Ltd continued its up-rally to close as Nifty’s top-gaining stock today. The agricultural sector is looking good, and fertilizer stocks are definitely in demand.

WockPharma closed up more than 4% after the company received bulk order to manufacture Oxford-AstraZeneca vaccine at their UK plant.

ICICI Securities shares jumped more than 4% up after the news of ICICI Bank decided to sell 2.21% stake in ICICI Securities through an offer for sale (OFS) on December 9 and 10. The stock price did not hit the floor price, indicating some strong sentiments in the stock

Markets Ahead

As was covered in our pre-market report, COVID-19 vaccination has officially begun in the UK. Global markets were pushed up with the power of this positivity, and hence our markets responded. Yes people, this is it. We have always talked about how global markets will see an unbelievable rally once the vaccine is out. And you are witnessing that rally.

With Reliance and HDFC Bank back with good momentum, NIFTY may actually rally in to the skies. FIIs are surely pumping in more money, and hence markets are moving up. IT stocks are recovering, with TCS, Infosys and many more near their all-time highs.

Mid-caps are looking good, with the rally gaining strength. The Nifty Midcap index gained 0.6% while the small-cap index closed 0.5% higher. The Midcap index ended higher for the ninth straight day, at the highest level since February 2018.

Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.

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