Indian stock markets started the Hindu calendar year Samvat 2077 on a positive note, with Sensex and Nifty rising in the special one-hour Muhurat trading session on Diwali. The Sensex rose more than 350 points to 43,809. The Nifty also hit a new record when it rose to 12,826.15
Samvat 2076 delivered smart returns for investors with Sensex gaining 11%, although the ride was highly volatile. Markets surpassed their all-time highs earlier in the week aided by news of a successful vaccine after Pfizer and BioNTech SE said their COVID-19 vaccine was more than 90% effective based on initial trial results. .
Most U.S. and European equity markets ended the week on an optimistic note on Friday, as hopes for the coronavirus vaccine outweighed concerns about rising infections in Europe and the United States. In New York, the Dow index ended up 1.4% on Friday, while the S&P 500 finished at an all-time high after posting its own 1.4% gain. Most European markets also closed slightly higher.
For the upcoming holiday shortened week, Ajit Mishra, Research Vice President at Religare Broking Ltd, believes that global signals will refocus as there are no major domestic triggers and the corporate earnings season is almost over. Indian markets will be closed on Monday.
“In the event of any decline, it would find support around the 12,400-12,500 zone. In the meantime, we suggest focusing on the wider markets as we are seeing new traction, but we stick to the medium and small quality names. compounding, “he says.
Sameet Chavan of Angel Broking says the markets look strong technically and therefore any drop towards 12600 – 12450 should be used as a buying opportunity. “On the positive side, the next milestone of 13000 is likely to be reached very soon – in fact, we are not ruling out the possibility of reaching 13100-13200 in the next week,” he said. (With contributions from the agency)
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