Taking Stock | Market closes at fresh record highs with Nifty above 13,850; metals outshine

© Sandip Das Taking Stock | Market closes at fresh record highs with Nifty above 13,850; metals outshine

The market kicked off the last week of the year on a positive note with benchmark indices closing at fresh record highs on December 28.

The BSE Sensex was up 380.21 points or 0.81% at 47,353.75, and the Nifty was up 123.90 points or 0.90% at 13,873.20.

“We’re mirroring the global markets and indications are in favour of prevailing up move to continue and Nifty can test another milestone of 14,000 mark soon. On the domestic front, Auto sales numbers and PMI data would be actively tracked by participants ahead. Meanwhile, we suggest maintaining a positive yet cautious stance and avoiding contrarian trades,” said Ajit Mishra, VP – Research, Religare Broking.

The Nifty Metal index and PSU Bank rose more than 2 percent and Nifty Bank index added 1 percent, while some selling was seen in pharma names.

Broader markets ended in the green, with the BSE midcap and smallcap rose 0.8 percent and 1.5 percent respectively.

Tata Motors, JSW Steel, HDFC Life, Titan and SBI Life Insurance were among major gainers on the Nifty, while losers were Sun Pharma, HUL, Shree Cements, Britannia Industries and Cipla.

Stocks & sectors

The BSE Realty and Metal indices jumped 2 each, while Oil & Gas, Bank and Capital Goods indices ended with a percent gain.

A volume spike of more than 100 percent was seen in Muthoot Finance, Hero MotoCorp and Biocon.

Long buildup was seen in Tata Power, Muthoot Finance, and Voltas and short buildup in Cummins, Biocon and Sun Pharma.

Over 250 stocks, including SAIL, TCS, Sun Pharma, hit a 52-week high on the BSE.

Technical View

The Nifty formed a Bullish candle on daily scale and is making higher lows from last four sessions.

“Now it has to continue to hold above 13750-13777 zones to witness a fresh rally towards new life time high of 14000 then 14200 zones, while on the downside major support exists at 13700 and 13600 levels,” said Chandan Taparia of Motilal Oswal Financial Services told Moneycontrol.

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