Daily Markets - Dec 31, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

The Indian benchmark equity indices ended Thursday's choppy session on a flat note. In the process Nifty breached all-time high level of 14,000 intraday. Nifty closed flat at 13,981.75 on Dec 31.

Volumes on the NSE were higher than the previous session. Among sectors, metals, pharma, realty and auto indices were up, while FMCG, PSU Banks and financials were down. Broader markets outperformed the Nifty.

Some major Asian bourses were closed for the New Year's holidays Thursday while the handful that remained open edged up to end a tumultuous 2020 at record highs. European stocks dropped in thin trading on the final trading day of a rollercoaster year even as tighter coronavirus restrictions in Britain and a move by the United States to raise tariffs on some EU products dampened sentiment.

Nifty touched 14000 on the final day of the calendar year. Despite low institutional presence, the broader markets continue to do well. There are no negative triggers on the horizon and hence the gradual move up could continue.

Source : Equity Bulls

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