Sensex welcomes 2021 with longest weekly streak in a decade
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The 30-share pack Sensex climbed 117.65 points, or 0.25 per cent, to 47,868.98 to extend the streak of weekly gains to 9, the longest since 2010.
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Nifty closed above the 14,000 mark for the first time.
NEW DELHI: IT and public sector banks were in demand on Friday as benchmark indices rallied for yet another day to close at fresh highs. Amid lack of global cues, domestic events boosted sentiments on Dalal Street.
As the earning season is close by and analysts are expecting India Inc. to continue their outperformance, bulls are leaving no stone unturned to pour money in the market. Volatility indicator also took a sharp plunge, reflecting waning of nervousness on Street.
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Year-ender 2020 | Nifty PSU Bank worst of the bloc, will 2021 be better?
The PSU Banks were just recovering from the bad-loan crisis when the coronavirus pandemic hit the sector. December 16, 2020 / 03:13 PM IST
The Nifty PSU Bank index looks set to end the year 2020 as one of the top laggards among sectoral indices
As of December 15 close, the Nifty PSU bank index was down 27 percent against a nearly 12 percent gain in the benchmark Nifty during the same period.
The year 2020 has been a volatile year for not only the PSU bank stocks but for the entire financial space as well. The coronavirus outbreak hit the sector hard but the resilience shown by the large private sector players in the second half of the year helped pare losses.