Today’s Market Summarised
Nifty opened the day above its previous all-time high, and closed the day near a fresh all-time high. What a start to the week! After opening above the 13,800 mark, Nifty respected the opening range till after 12 pm. Nifty went up just ahead of the positive opening of European markets, and closed near the day high at 13,873, up 123 points or 0.90%.
Bank Nifty too followed the same trend as Nifty. After opening at 30,558 with a gap-up, Bank Nifty went up calmly and consolidated before noon. Just after 12 pm, the index tested new highs and closed near the day-high at 30,880, up 478 points or 1.57%.
PSU Banks outperformed Private Banks today. In fact, they were the top-performing sector today, closely followed by Realty and Metal. Pharma and FMCG index closed in the red.
Asian markets mostly closed in green today. European markets are currently all trading in the green today.
Shares of DLF went up more than 2.7% after multiple positive news surrounding the company. We had discussed in the pre-market report and even last days reports.
Shares of SAIL went up more than 6%, after reports of the steel production increasing over 9% in November.
Reliance shares closed just above Rs 2,000 mark today. The stock remained muted over the day.
Realty and finance stocks, including Godrej Properties, Indiabulls Housing Finance and L&T Finance Holdings went up today. This was after reports of positive focus on the infrastructure sector in the 2021 budget.
Shares of Tata Motors went up more than 5%, after a deal for Brexit was reached between Britain and the European Union.
Shares of Biocon fell more than 4% after the US FDA deferred application for the companies cancer drug.
Donald Trump has signed and hence made official the next US Stimulus. And just as we discussed last day, Gold prices have closed at their highest level in 6 weeks.
The Christmas Rally of US and European stock markets continue and will keep the positivity in the Indian markets going.
Nifty has touched a fresh all-time high. Bank Nifty has just touched its previous post-Covid high near 30,900. The 31,000-level remains a strong resistance, but the index may cross this level soon. Let us see if Nifty will touch 14,000 this year, or not.
Hope you will all tune in to The Stock Market Show tonight. Keep watching this space for more.