Daily Markets - Dec 17, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices registered yet another record high in today's session, rising for the fifth consecutive session. The high low range for the Nifty was just 100 points. At close, Nifty 50 index ended 0.42% higher at 13,740.

Volumes on the NSE were below recent averages. Among sectors, Banks and Pharma were the main gainers while Media, PSU Bank and Metals ended lower.

World stocks climbed new peaks and oil marched higher on Thursday as investors bought risky assets on hopes of a U.S. fiscal stimulus and the Federal Reserve's pledge to keep pumping cash into markets. A Brexit deal appears increasingly in focus even as all eyes are now on the Bank of England's policy rate decision on Thursday.

Nifty continues to make new highs. Sectoral rotation is back in limelight. Intraday reversal of momentum in BurgerKing dampened spirits to some extent. Advance decline ratio went into the negative suggesting profit taking by traders. Broader markets could continue to be rangebound while Nifty could still rise another few hundred points.

Source : Equity Bulls

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