Taking Stock | Profit booking drags Nifty below 14,150, IT, FMCG packs underperform
Broader markets outperformed the main indices with BSE midcap index rose 0.4 percent and the smallcap index ended marginally lower. January 06, 2021 / 04:29 PM IST
Profit booking in IT and FMCG stocks dragged the indices from the record highs in morning trade. Nifty finished the day below 14,150 level. The BSE Sensex shed 263.72 points or 0.54% at 48,174.06, and the Nifty was down 53.20 points or 0.37% at 14,146.30. Market is experiencing volatility due to weak Asian market and profit booking owing to rich valuation. Banking stocks are supportive, led by good loan growth data for Q3FY21 announced by key private banks. In the near-term, trend of the broad market will depend a lot on FII inflows while stock specific actions will be based on Q3 result, which is about to pick up, said Vinod Nair, Head of Research at Geojit Financial services.
Sensex starts 2021 on all-time high, logs longest weekly streak in 10 years
Sensex today climbed 0.3% to 47,868 while Nifty settled at 14,018
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Indian stocks advanced on the first day of the New Year to record highs, also registering their longest weekly winning streak in a decade. The S&P BSE Sensex today climbed 0.3% to 47,868 in its ninth straight week of gains. The broader Nifty advanced 0.26% to 14,018.
The Nifty returned about 15% last year with investors betting that rollout of vaccines for Covid-19 will usher in a rapid recovery in the economic growth and boost corporate earnings. Among the Sensex stocks, ITC and TCS rose over 2% while Bajaj Auto, M&M, Bharti Airtel and SBI gained between1% and 2%.
Bulls maintain momentum for 6th day amid vaccine hopes; Nifty stops short of 14K
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Among the bluechip names, UltraTech Cement was the top gainer, up 4.42 per cent. Its parent Grasim Industries, along with Shree Cement, Bajaj Finance, Eicher Motors, UPL, Maruti Suzuki and M&M were other gainers.
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The 30-share pack Sensex climbed 133.14 points or 0.28 per cent to 47,746.22. Its broader peer, NSE Nifty advanced 49.35 points or 0.35 per cent to 13,981.95.
NEW DELHI: Buying into auto and metal heavyweights was more than enough to lift benchmark indices to fresh highs, extending the rally to the sixth straight day as hopes of a vaccine nod in India grew.
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NEW DELHI: Nifty again touched its lifetime high, but shied away from breaching the crucial mark of 14,000 in today s trade and formed a Dragonfly Doji formation for the day, signalling indecisiveness in the market. Nifty continued its winning streak for the sixth consecutive session, but the recent indecisive candles call for caution with the trade.
Rohit Singre, Senior Technical Analyst at LKP Securities said, The index has reached its immediate and strong hurdle zone of 14,000-mark and if Nifty managed to hold above the 14,000-mark, then only we may see the current bullish momentum to extend further towards the 14,200 zone. Otherwise, some profit booking can be witnessed and the index is likely to trade in the range of 13,800-14,000 zone.
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