Daily Markets - Jan 1, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Benchmark equities ended the first day of 2021 on a positive note with Nifty closing above 14,000 level. Nifty opened with an upgap and remained in a narrow range of 48 points later. At close, the Nifty was up 36.70 points or 0.26% at 14,018.50. For the week, the Nifty ended 1.96% higher.

Volumes on the NSE were the lowest since April 01, 2020 suggesting low participation. Among sectors, PSU Bank, IT and Auto gained the most while Bank Nifty and Consumer Durables ended in the negative. Broad market indicators rose more than the Nifty.

None of the major Asian and European markets were trading on Jan 01.

Nifty has finally managed to close above 14000. Advance decline ratio is sharply in the positive suggesting higher interest in broader markets. The uptrend in the market is maturing after the Nifty ended up for the ninth consecutive week; however there are no signs of immediate reversal.

Source : Equity Bulls

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