As the final trading week of 2020 kicked off, investors were also encouraged by the developments on coronavirus vaccines 
Special 
As the final trading week of 2020 kicked off, investors were also encouraged by the developments on coronavirus vaccines Market indices raced to fresh peaks and ended at record highs on Monday, tracking gains in index majors, in line with a broad-based rally in global equities. Extending gains for the fourth straight session, Sensex ended 380 points higher at 47,353 and Nifty gained 123 points to close at 13,873. During today's session, Sensex hit an all-time high of 47,406 and Nifty logged a lifetime high of 13,885.
Titan, SBI, L&T, IndusInd Bank, Ultratech Cement, HDFC Bank and Asian Paints were among the top gainers on Sensex, while, HUL, Sun Pharma, Dr. Reddy and Bajaj FinServ were the top losers. Except for pharma, all the other indices closed in the green territory, with the PSU bank index ending 2.7% higher, followed by 2.5% rise in the metal and realty index.
Global equities were trading at record highs on Monday after President Donald Trump signed a Covid-19 induced economic aid package and as traders returned to work following a three-day Christmas weekend.
US President Donald Trump signed into law a $2.3 trillion pandemic aid and spending package he had until now refused to sign. Meanwhile, United Kingdom PM Boris Johnson and European Commission president Ursula von der Leyen finally struck a trade deal post Brexit on December 24 after hard negotiations for last nine months.
As the final trading week of 2020 kicked off, investors were also encouraged by the developments on coronavirus vaccines.
Further, positive data from China showing profits at industrial firms in November that rose 15.5% as compared with a year earlier, also strengthened equity market sentiments in Asia. Although news of the discovery of the new, more contagious variant kept sentiments a tad cautious.
On the currency front, the rupee appreciated by 6 paise to close at 73.49 per US dollar today, tracking weakness in the American currency and positive domestic equities.
On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said, "We are poised to hit 13,900 and then 14000 but we might face some resistance around the present levels of the Nifty. There could be about of selling pressure between 13,850-13,950. We have good support at 13,550-13,600 and any corrective wave can be utilised to buy into this upward rally."
Rohit Singre, Senior Technical Analyst at LKP Securities said,"Index managed to hold its bullish stream and managed to close a day on a positive note for the fourth consecutive session. The index has decisively crossed 13800 zone which was a good hurdle and managed to close above the same hinting fresh doors are open for 14k mark on the higher side if managed to hold above 13800 zone, good support for the index is still placed at 13820-13770 zone and resistance is coming near 13900-14000 zone"
Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited- Investment Advisor said," The market witnessed a lackluster movement and lack of momentum. It stayed in the range between the level of 13800-13880. 13750-13780 would be a support zone. As the market has sustained over the crucial level of 13750, we can expect the volatility to expand, which could lead to an upside projection till the levels of 13990. The momentum indicators like RSI, MACD indicating a positive outlook to continue and market breadth to improve further."
Coronavirus, vaccines and volatility: Stock market takes a wild ride in 2020
Six of top-10 firms add Rs 60,198 crore in m-cap; Infosys, TCS biggest gainers
Copyright©2025 Living Media India Limited. For reprint rights: Syndications Today
