Markets Daily - Dec 9, 2020 - Mr. Deepak Jasani - Head, Retail Research, HDFC Securities

Indian equity benchmark indices continued their record run - 5th upday for Sensex and 7th upday for the Nifty - registering yet another record high, helped by a strong global sentiment. The S&P BSE Sensex crossed the 46,000 mark in today's session taking only three days to capture the last 1000 points. The NSE Nifty 50 index too ended above the mark of 13,500 in today's trading session. At close the Nifty ended 1% higher at 13,529.

Volumes on the NSE were lower than recent average. Among sectors, Banks, Media, Realty, IT, FMCG were the main gainers while PSU Bank & Metals ended in the negative. Midcap and smallcap indices ended with lesser gains.

Global stocks reached record highs on Wednesday as investors focused on efforts to provide more fiscal stimulus and positive news on COVID-19 vaccines. Fresh optimism on conclusion of Brexit talks also helped.

China reported that its consumer price index slipped 0.5% in November compared with a year earlier. Economists said the country's first slip into deflation since 2009 was no cause for alarm.

Nifty continues its upward climb with little signs of a reversal soon. In fact today's rise has come with an upgap between 13435-13449. It will be interesting to watch as to whether this upgap is filled soon or whether today's gap is an exhaustion gap which indicates that we are close to a top.

Source : Equity Bulls

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