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Thursday, December 03, 2020

Sensex hits new high; mid-cap & small-cap join two-week rally

The Sensex hit a new peak and closed with a gain of 315 points at 43,952.71, while the NSE Nifty Index rose 94 points at 12,874.20 on renewed buying support.

By: ENS Economic Bureau | Mumbai | Updated: November 18, 2020 12:48:46 am
The Sensex had gained 195 points on the special Moorat session on Saturday.

Domestic benchmark indices started the week on Tuesday on a buoyant note following global peers as positive developments on the vaccine front lifted the sentiment globally. The Sensex hit a new peak and closed with a gain of 315 points at 43,952.71, while the NSE Nifty Index rose 94 points at 12,874.20 on renewed buying support.

While the Nifty index traded with positive bias throughout the session and ended higher, the broader markets outperformed with both midcap and smallcap indices ending higher by 1.1 per cent and 0.9 per cent respectively. On the sector front, metal, capital goods and banking were the top gainers whereas IT, healthcare and oil & gas ended with minor losses. The Sensex had gained 195 points on the special Moorat session on Saturday.

According to Deepak Jasani, Head of Research, HDFC Securities, Asian stocks held gains and moved further into record territory on Tuesday, after U.S. benchmarks were pepped up by news of another promising coronavirus vaccine. European stock markets drifted lower Tuesday, amid caution over the economic outlook post the restrictions to combat the Covid-19 surge despite the latest positive Covid-19 vaccine news.

Explained

Concerns remain on next wave

“The market hit the all-time high, factoring yesterday’s trading holiday, led by banking stocks and investors rejoicing about the news of another vaccine to end the pandemic,” said Vinod Nair, head of research at Geojit Financial services.. Though the global markets started well this week, it experienced mixed sentiments owing to increase in virus cases and tighter restrictions in the western world. Optimism over the development of vaccine is still outweighing concerns over the next wave of Covid, he said.

Ajit Mishra, VP – Research, Religare Broking, said the upbeat global markets combined with the news of successful vaccine trails is helping the benchmark to inch higher with every passing day. “However, given the sharp up move recently, markets may see some consolidation. The bias would remain on the positive side. Further, with earnings season largely over, we expect global cues to dictate the market trend ahead,” he said.

Ruchit Jain, senior analyst, Angel Broking, said, the index was just shy away from the

13,000-mark, but it consolidated throughout the day post the gap up opening. The recent outperforming banking index too continued its northward journey and the broader markets kept buzzing as the Midcap index hit its 52-week high.

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