Indices cross milestone, record run continues for 7th straight day

Record run continued for the seventh straight session on December 9 with Sensex and Nifty crossing their milestone with a percent gain. The BSE Sensex was up 494.99 points or 1.09% at 46,103.50, and the Nifty was up 136.10 points or 1.02% at 13529.10.

“Market is effortlessly rallying to a new high on a daily basis, with all the sectors contributing in the bull run. The Indian rupee is strongly moving ahead against the USD, as the dollar is attracted to the domestic developments, providing an edge compared to other Asian peers,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Small and Microcaps are hugely outperforming the market, and the euphoria is expected to stay in the short to medium-term. Hopes of vaccine and stimulus packages in India and developed nations are raising the spirit of equity market,” he added.

The Nifty Bank index added 1.4 percent, IT and FMCG index gained 0.8 percent each, while Nifty PSU Bank index shed 1 percent.

Broader markets underperformed the benchmarks with BSE midcap index was up 0.40 percent, while the smallcap index rose 0.5 percent.

UPL, Asian Paints, IOC, Kotak Mahindra Bank and HDFC Bank were among major gainers on the Nifty, while losers were Hindalco, Shree Cements, UltraTech Cement, Wipro and Grasim.

Also Read – Gainers & Losers: 10 stocks that moved the most on December 9

Stocks & sectors

The BSE IT, Bank and Realty indices rose 1 percent each.

A volume spike of more than 100 percent was seen in Seiemens, GMR Infra, and BEL.

Long buildup was seen in BEL, Siemens, Apollo Hospitals while short buildup was seen in PNB, ACC and UltraTech Cement.

Over 250 stocks, including DHFL, Hatsun Agro and Mastek hit a 52-week high on the BSE.

Technical View

“Unless Nifty trades below 13449 levels in next session weakness shall not be expected where as intraday strength may remain even on weekly expiry session if bulls manages to sustain above 13550 levels. In such a scenario a target of 13700 can’t be ruled out,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory,

“Considering the fact that current index level is far away from it short term average price traders are advised to remain cautious and will be better off by booking profits and maintaining a neutral stance,” he added.