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Indices end at record closing; Sensex up 394 pts at 49,792, Nifty at 14,645

Sectorally, all except Nifty FMCG index ended the day in the green on the NSE with the FMCG index closing down 0.16 per cent

Image SI Reporter New Delhi
Representative image

Representative image

Stock market LIVE updates: An upbeat mood in the global markets, ahead of the swearing-in of Joe Biden as the 46th President of the United States, catapulted benchmark indices to fresh record highs on Wednesday. That apart, expectations of hefty US spending after US Treasury Secretary nominee Janet Yellen urged lawmakers to "act big" to save the economy further bolstered sentiment. Domestically, gains in heavyweights like Reliance Industries, HDFC, Infosys, TCS, and ICICI Bank, too, provided the necessary support.

In the intra-day session, the S&P BSE Sensex hit a new peak of 49,874, surging over 450 points. The index eventually settled at 49,792 levels, up 394 points or 0.8 per cent. Tech Mahindra, Maruti Suzuki, Asian Paints, Reliance Industries, Infosys, and M&M gained between 2 per cent and 3 per cent, and ended as the top performing stocks on the 30-share index. On the downside, NTPC, PowerGrid, HDFC Bank, ITC, and Nestle settled as top laggards, down up to 1 per cent.

It's NSE counterpart, Nifty50, surpassed the 14,650-mark and hit a fresh record high of 14,665. The index ended with gains of 123.5 points, or 0.85 per cent, at 14,645. 

Sectorally, all except the Nifty FMCG index ended the day in the green on the NSE with the FMCG index closing down 0.16 per cent. On the upside, Nifty IT, Auto, and PSU Bank indices closed with gains of over 2 per cent each.

Among individual counters, Tata Consultancy Services and Tata Elxsi – hit their respective new highs on the NSE today, whereas Wipro, Mindtree, Mphasis and Coforge surged up to 5 per cent. READ MORE

In the auto index, Tata Motors and tyre stocks were the top gainers on the index. Among the OEMs, Tata Motors hit yet another 28-month high of Rs 278 on the NSE, while Ceat, JK Tyre, MRF, and Apollo Tyres advanced in the range of 4 per cent to 15 per cent. READ MORE

In the broader market, the S&P BSE MidCap index settled 1 per cent higher, while the S&P BSE SmallCap index gained 0.58 per cent.

Global cues

European rebounded, with the Euro STOXX 600 climbing 0.4%. Indexes in Frankfurt and Paris were both up a similar amount, though London shares were flat.

The buoyant mood mirrored that in Asia, where MSCI’s Asia-Pacific index outside Japan rose 0.8% to its highest ever. Hong Kong’s Hang Seng gained 1% to near its 2019 peak. Australian shares hit a record high.

(With inputs from Reuters)
4:44 PM

MARKET CLOSING COMMENT :: Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

The Nifty index opened on a positive note and gradually moved higher during the day to register new highs. In just a couple of sessions, the index recovered all its losses of the recent correction and has ended the day tad below 14650.

If we look at the recent chart of Nifty on the daily time-frame, it is seen that the 20-day EMA has acted as a support on intermediate declines and the index has continued its ‘Higher Top Higher Bottom’ structure. With the last two days of upmove, this moving average support now coincides with Monday’s low of 14222 and thus, it now becomes a sacrosanct for the short term.

Meanwhile, we continue with our advice for traders to keep focusing on stock specific moves and identify the sectors which are showing momentum on a given day. Traders should also avoid taking leverage positions at this juncture and focus on timely exits on the trading positions. The intraday supports in Nifty for the coming session are placed around 14535 and 14490 whereas resistances are seen around 14710 and 14770.
4:34 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

On a day when Joe Biden assumes office, the Bulls of Dalal Street held the Indices high, inching a step closer to the 50K mark buoyed by RIL and well supported by Auto & IT. The broader markets witnessed buying into Tyre stocks and PSU banks
4:34 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

One more positive session along with that index made fresh levels today and closed a day at 14645 with gains of nearly one per cent formed bullish candle for the second consecutive day. Now the good base is created is around 14560 followed 14500 zone holding above said levels index can show some more positive move towards 14700-14750 zone also any dip near 14500 zone will be again buying opportunity. In nifty bank strong hurdle is still at 32700 zone any decisive break above 32700 zone can quickly push the index to 33k zone
4:31 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty continued with a sustainable upmove for the second consecutive session on Wednesday and closed the day higher by 123 points. Nifty opened on a positive note, shifted into a further upside in the early part of the session before shifting into an intra-day range move. Minor dips of mid part has turned out to be a buy on dips opportunity and Nifty registered a new all time high at 14666 towards the end.
Another long bull candle was formed, which indicate an uptrend continuation pattern. The previous four sessions decline has been retraced completely in the last two session. This faster retracement could signal further upside in the short term.
The positive sequence like higher highs and lows continued on the daily chart and Nifty is currently making an attempt to reach higher highs. Previously, the short term downward corrections have resulted in a sustainable upside for many sessions. Hence, having moved up sharply from the higher bottom in the last two sessions, Nifty is expected to show further upside gradually.
The immediate support of 10 day EMA has proved to be a false downside breakout and that led to a sharp upside reversal. As per this pattern, this 10 period EMA could be tested again during next dip, after moving into new highs above 14666-14700 levels. On the upper side, the long term trend line resistances (top-top and bottom-bottom, as per monthly chart) could come into play.
Conclusion: The short term trend of Nifty continues to be positive and Wednesday's upmove could be a confirmation of bullish reversal from the lows. One may expect further upside for the next few sessions, before encountering a next crucial overhead resistances around 14800 levels. Immediate support is at 14550.
4:28 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Extending yesterday’s gains, the market continued its upward trend and gained nearly a percent. Supportive global cues led to a positive start which was further fuelled by the buying in index majors. Consequently, markets touched a new record high largely led by healthy buying in Auto and IT counters. On the benchmark front, the Nifty ended with gains of 0.9% at 14,645 levels. All the sectoral indices, except FMCG, ended in the green.
The recent buoyancy on the global front combined with the supportive local cues are helping the index to regain momentum. However, volatility is still high on the stock-specific front. Keeping all in mind, we feel it’s prudent to continue hedged positions and prefer index majors over the others.
4:21 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

The market rallied and moved higher to cross the immediate hurdle of 14655/49800. Even if the market does not hold at a high level, we can expect a rally in the best case scenario up to 14750/50000 and up to 14850/50500. As we are approaching the major event of Union Budget, it would keep the market volatile between the broader trading range. The strategy should be to buy on dips between 14550-14500/49600-49500. Keep a final stop loss at 14450/49200 for the same. The focus should be on Commodities and Auto companies
4:05 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian equity benchmark indices rose for a second day in a row on Jan 20 with Nifty making new intra day record highs. At close, the Nifty was up 123.50 points or 0.85% at 14,644.70.
Volumes on the NSE were higher than the previous day. Among sectors, Auto, IT, PSU Banks and Media rose the most while FMCG ended marginally in the negative.
Nifty made a new intra day high reflecting the underlying strength in the indices. Its close was the highest ever. Volumes after rising post Jan 04, have come back to normal. Advance decline ratio has improved to much above 1:1. Institutional buying (esp FPI) has gradually slowed however neither the institutions nor the non-institutional participants seem to be in a hurry to take profits even as the Budget looms ahead.
3:51 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

An optimistic western market aided the Indian market to touch lifetime highs with new buying in segments like Auto, IT and PSU Bank. So far, the Q3 results have been better-than-forecasted and this has led to continued buying across sectors. Ahead of Joe Biden's inauguration as President, the US market is on an upbeat mood with high expectations of a big US stimulus
3:50 PM

Market stats :: BSE m-cap reclaims Rs 197-trillion mark

3:49 PM

SECTOR OF THE DAY :: Bank of Baroda, J&K Bank jump 5%

3:47 PM

SECTOR OF THE DAY :: Tata Motors, Tyre stocks rally

3:45 PM

STOCK OF THE DAY :: MRF hits fresh record high

3:44 PM

STOCK OF THE DAY :: Tata Motors hits highest level since September 2018

3:43 PM

Broader marker check :: BSE MidCap index settles 1% higher

3:41 PM

Sectoral trends on NSE :: Auto, PSB, IT indices end over 2% higher

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First Published: Jan 20 2021 | 7:54 AM IST

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