Taking Stock | Nifty ends 1st session of 2021 above 14k

Today's Market

The market kicked off the new calendar year 2021 on a positive note with Nifty managing to end above 14,000 levels for the first time. At close, the Sensex was up 117.65 points or 0.25% at 47,868.98, and the Nifty was up 36.70 points or 0.26% at 14,018.50.

“With a hope that 2021 will be a year of economic recovery, the market is touching all-time highs on a daily basis. Stocks across sectors cheered with mid & smallcaps at the forefront. The combined effect of foreign inflows and real earnings growth can keep the market rallying going forward,” said Vinod Nair, Head of Research at Geojit Financial Services.

The Nifty PSU Bank index rose over 3 percent, while Auto and IT indices rose 0.8 percent each.

Broader markets outperformed the main indices, with the BSE midcap index closing 1.2 percent and the smallcap index 0.90 percent higher.

Adani Ports, ITC, TCS, M&M and SBI were among major gainers on the Nifty, while losers included ICICI Bank, SBI Life Insurance, Hindalco, HDFC Bank and Titan Company.

Stocks & sectors

The BSE capital goods, healthcare, auto and realty indices rose 0.8-1 percent, while the banking index ended with marginal losses.

A volume spike was seen in Canara Bank, PNB and Cholamandalam Financial Holdings.

Long buildup was seen in Cholamandalam Financial, PNB, L&T Finance, while short buildup was seen in Bandhan Bank.

More than 300 stocks, including Mastek, India Cements and NCC, hit a fresh 52-week high on the BSE.

Technical View

The Nifty continued its winning streak, forming higher lows since the last seven trading sessions.

It started the new series and the new year on a positive note as it moved upwards steadily throughout the day to hit a new record lifetime high of 14,049.

“Now it has to continue to hold above 13,850 zones to witness a fresh rally towards 14,200 then 14,500 zones, while on the downside major support exists at 13,777 and 13,700 levels,” said Chandan Taparia of Motilal Oswal Financial Services.

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