Indices in India have been in a secular rally, hitting fresh highs almost every day. Foreign investors have continued to provide thrust to the market but expensive equities seems to have spooked investors finally.
Shares of Firstsource Solutions rallied 16 per cent to hit a fresh record high of Rs 106.40 on the BSE on Monday on the back of heavy volumes. The stock of the global provider of Business Process Management (BPM) services has zoomed 48 per cent in the past four trading sessions. On Thursday, the stock hit an intra-day high of Rs 94, surpassing its previous high of Rs 93, touched on May 15, 2007. The trading volumes on the counter more-than-doubled with a combined 10.65 million equity shares, representing 1.5 per cent of the total equity of Firstsource Solutions, changing hands on the NSE and BSE, till 09:48 am. In comparison, the S&P BSE Sensex was up 0.64 per cent at 47,273 points.
NEW DELHI: Nifty touched its all-time high on Wednesday forming a Hanging man pattern on the daily chart. Amit Trivedi of Yes Securities says that the appearance of such a pattern at current levels could attract some profit taking. However, follow-up action needs to be closely watched.
According to Ashis Biswas, Head of Technical, CapitalVia Global Research, the market s short-term technical condition shows an upward shift in the prevailing market range, and it is likely to range between 13,550 and 13,780. Indian market is effortlessly rallying to record highs on a daily basis, tracking firm global markets. Increasing prospects of the US stimulus measures, hopes of an effective vaccine and a conclusive Fed meeting to announce a positive policy are lifting market sentiments across the globe. In the domestic market, all sectors witnessed good momentum with realty leading the rally in hopes of a revival in demand, said Vinod Nair, Head of Research at Geojit Financial Services.