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Global Cues and Healthy Q4 Results Elevate Markets

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Positive global cues along with healthy quarterly results pushed the Indian equity markets higher during Monday’s mid-afternoon trade session.

Accordingly, the two key indices had a gap up opening in line with positive global cues .

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However, they have been trading flat in a range since opening levels.

Besides, marginal profit booking decline in Pharma counters, all other sectors traded in the green out of which banking and realty space outperformed.

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Around 2.35 p.m., the S&P BSE Sensex traded at 48,307.73, higher by 429.28 points or 0.90 percent from its previous close.

The Nifty50 on the National Stock Exchange traded at 14,459.90, up 118.55 points or 0.83 percent from its previous close.

“Currently, the index is showing signs of recovery from lower levels; but getting stuck in a range. At the current juncture, support for Nifty is placed at 14300 and then 14150 zones; while on the upside hurdle is seen at 14530 and 14700 zones,” said Jay Purohit, Technical & Derivatives Research, MOFSL.

“However, we are expecting a continuation of outperformance in the Banking and Metal space and thus, one can look for buying opportunity in the same.”

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: “Market opened with a gap up as the government started taking measures against the increasing coronavirus cases as well as the US government has promised to send the essential raw material required for the production of the vaccines.”

“The positivity is also observed as the US market closed the record high as the economic recovery is visible. Asian markets traded in green as the global sentiments improved and showed positivity.”

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