Daily Markets - Dec 24, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices closed higher for the third consecutive day. Nifty opened with a gap up rose some more and later fell to make an intraday low at 1130 am. A sustained rise from there took the Nifty to make a double top. At close, Nifty settled at 13,749.25, with a gain of 148 points or 1.09 percent. It ended the week almost flat (down 11 points wow) after seven weeks of rise.

Volumes on the NSE were a bit lower than recent average. Among sectors, IT and Pharma were the main gainers while PSU Bank, Media, Metals and Auto were leaders. Broad market indices like smallcap and midcap indices underperformed with smaller gains.

Asian shares were mostly higher on Thursday after stocks registered small gains on Wall Street following a mixed set of reports on the economy. European stocks gained on Thursday as Britain and the European Union closed in on a free-trade deal and investors wagered on a global economic recovery.

Nifty ended the week flat after opening down and recovering towards the end of the week. Institutional participation will be lower in the coming week due to year end and Christmas considerations. Nifty has closed almost at the intraday and intraweek high raising hopes of a better opening on Monday. However it could run into profit taking later in the week.

Source : Equity Bulls

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