India’s major stock indices climbed to new highs for the second day in a row as euphoria over Pfizer’s coronavirus vaccine raised hopes for a global economic recovery. Led by a rally among banking and financial stocks, the NSE Nifty 50 Index today rose 1.36% to 12,631, while the BSE Sensex closed 680 points higher at 43,277. Including today’s earnings, Sensex is up for the seventh day in a row, extending the increase to 3,660 points in seven sessions.
Global markets were mostly higher today after Pfizer Inc. said Monday that its experimental COVID-19 vaccine showed more than 90% effectiveness based on initial test results.
Shares of InterGlobe Aviation, which owns IndiGo, rose 9%, while those of hotel operators Indian Hotels and Lemon Tree rose 14% and almost 10%, respectively.
Among other sectors, the Nifty Bank index closed 3.9% higher and the financial index rose 4.1%. Both indices posted gains for the seventh straight session.
Bajaj Finance won 8.9% to beat the winners among the Nifty. The country’s top lender, State Bank of India, was up 5.6% and IndusInd Bank added 7.7%.
Build-to-software conglomerate Larsen and Toubro was up about 7%.
The Nifty Pharma index fell 4.33%, dragged down by losses from the pharmaceutical company Cipla, which fell 5.4%. The Nifty IT index fell 3.9%.
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Ajit Mishra, Vice President of Research, Religare Broking Ltd
“Nifty doesn’t show any signs of slowing down and may take a breather around 12,800. Needless to say, the recent surge was largely driven by banking and finance, while others are selectively contributing. Traders need to line up. their positions accordingly and use the drops to accumulate stocks that are participating in the rally. “
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“We see a clear break to the upside based on the weekly and monthly chart. The long-term chart pattern on the monthly chart indicates a further upside potential of 12800 for the Nifty in the short term. The short-term trend of the Nifty remains positive. . there is no indication of any reversal pattern at the highs. The next bullish levels will be seen around 12800 for the next few sessions. Immediate support is now placed at 12550. “
Manish Hathiramani, Technical Analyst and Property Index Trader, Deen Dayal Investments
“We almost reached 12650 on the Nifty; if we are able to sustain the 12650-12700 levels, the index can move to 13000 levels. Therefore, 12700 could represent resistance and some profit reserve can be considered at these levels. and thereafter a buy. The downturn strategy can be used to enter the Nifty on any downturn or correction.
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