HDFC Securities highlights that Indian equity Benchmark indices ended at fresh record closing highs on Jan 11. The Nifty opened gap up and after a minor correction, closed almost at the opening highs. At close, the Nifty was up 137.50 points or 0.96% at 14,484.80. Over the past two months Nifty has risen almost 20%.
 
Volumes on the NSE were on the higher side compared to recent averages. Among sectors, IT, Auto. FMCG and Pharma were the main gainers while Metals and PSU Bank were the main losers.
 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

See Zee Business Live TV Streaming Below:

Asian stock markets were mostly lower on Monday as investors turned cautious following news about growing calls for U.S. President Donald Trump's removal from office and continuing signs of economic damage from the pandemic. European stocks fell from over 10-month highs on Monday as investors feared a surge in coronavirus cases across the continent and mainland China (leading to even tighter restrictions) could delay an economic recovery.
 
Nifty has closed the day with another almost 1% gain on Jan 11. In the process Indian markets were among the best performing markets globally on Jan 11. Positive newsflow including results are pushing indices and stocks higher. A negative advance decline ratio however is a sign of caution after such a steep rise. Typically distribution happens in such times of euphoria, which gets noticed a few days later.
 
Ajit Mishra, VP - Research, Religare Broking says that Markets started the week on a robust note led by positive global cues and strong earnings from IT behemoth TCS. Despite a tepid show by banking stocks, the Nifty managed to end with gains of 1% to close just shy of 14,500 levels. The broader markets underperformed wherein both Midcap and Smallcap ended flat. On the sector front, IT and Auto were the top outperformers in today’s trade whereas Metal, Capital Goods and Oil & Gas ended with losses.

 

The anticipation of better than expected earnings season combined with supportive global cues aided the upbeat start. Going forward, stock-specific volatility would remain high as earnings season would gain pace. Further, key macro data like CPI, WPI and IIP would also be actively tracked by investors. Amid all, we reiterate our positive yet cautious stance on markets and advise aligning positions according to the prevailing trend.