Markets Daily - Dec 7, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices began a new week on a positive note continuing their upward momentum and ending at fresh record closing highs on December 7. At close, the Nifty was up 97.30 points or 0.73% at 13355.80.

Volumes on the NSE were largely in line with recent average. On the sectoral front, Media, PSU Bank, Pharma, Infra and FMCG indices were the main gainers.

World shares fell on Monday as growing risks of a no-deal Brexit that hit the pound hard and fresh Sino-U.S. tensions led traders to take profits from higher levels in early trade.

China's exports in November rose 21.1 percent from a year earlier, the fastest pace in almost three years. Imports grew 4.5 percent last month, slightly less than expected.

Asian equities recorded their biggest foreign inflow in at least 12 years in November ($17.5 bn), as promising developments related to COVID-19 vaccines bolstered expectations of a faster regional recovery from the pandemic.

Nifty closed at almost its intraday high. Global cues have however turned cautious. Nifty may have another 100-150 odd points to rise before a correction sets in. In the meanwhile stock/sector rotation continues.

Source : Equity Bulls

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