Sensex Welcomes 2021 with Longest Weekly Streak in a Decade
Oxford COVID-19 Vaccine Approved by Expert Panel for India
December 2020 GST collections hit all-time high at Rs 1.15 lakh crore
Mahindra-Ford joint venture plans canceled
Mahindra sales drop 10%, Maruti increases 20% in December
Antony Waste makes a solid debut on New Years Day
Let’s take a quick look at what happened on Dalal Street today:
The national stock market posted its longest weekly winning streak since 2010 when the Sensex went green for the ninth week. Welcoming the new year with a bang, both Sensex and Nifty hit new all-time highs on the first day of 2021.
Sensex rose 118 points to close at 47,869 points, while Nifty finished above the 14,000 mark for the first time.
TCS was up 2%, while ITC was up 2.3%. Top lender State Bank of India advanced 1.7 percent.
The rebound was widespread, as the winners were more than double the losers. The EEB mid-cap and small-cap indices rose 1.24% and 0.90%, respectively, outperforming the top-line index.
Will Nifty’s strong performance continue for the remainder of 2021? Which sectors are overheated right now?
To discuss this and more, we spoke with Rusmik Oza, head of fundamental research at Kotak Securities, to figure out what to expect in the market.
Welcome to the show, Mr. Oza.
1) It was a wonderful start to the New Year! What is your market outlook for January?
2) What sectors or stocks are you afraid may be in the overbought zone?
3) Antony Waste Handling Cell debuted with a cousin, but it was the least impressive debut in recent times. How do you see the evolution of the IPO market in the short term?
Technically, while Nifty broke the psychologically important mark of 14,000 for the first time, the 58-point trading range was extremely narrow. A decent bullish candle on the weekly charts has a range of 238 points, which analysts say is cause for concern.
We spoke to Nilesh Jain, technical and spin-off research analyst at Anand Rathi Financial Services, to decode the charts.
Welcome to the show, Mister Jain
1) A new high in each session seems to be an established trend for Nifty. What do the charts predict from here?
2) Which stocks do you think have the potential to make decent profits in the coming weeks and which ones do you think could overheat?
3) What is the direction to follow for Bank Nifty?
Most markets around the world closed on the first day of the New Year.
That is all for now. Visit ETMarkets.com for all the news, market analysis, investment strategies, and dozens of stock recommendations. Enjoy your evening. Goodbye!
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