• Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
Sunday, July 3, 2022
No Result
View All Result
SUBSCRIBE
The Outlooker
27 °c
Delhi
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
  • Home
  • Opinion
  • Politics
  • World
  • Business
  • Science & Tech
No Result
View All Result
The Outlooker
No Result
View All Result
  • National
  • Politics
  • Opinion
  • Business
  • Science
  • World
  • Health
Home Business

Markets rebound as pharma and IT stocks hog limelight

by The Outlooker Web Desk
December 22, 2020
in Business
0
Markets rebound as pharma and IT stocks hog limelight
1.8k
SHARES
12.9k
VIEWS
Share on FacebookShare on Twitter

The Sensex rallied by 452.73 points (0.99%) to close at 46,006.69 whereas 50-share Nifty rallied 137.9 points (1.03%) to close at 13,466.3.

Indian equities recovered on Tuesday after clocking its worst fall in seven months on Monday.

Markets reacted to strong global cues coming from the European markets as investors chose to focus on the $900-billion stimulus that was passed by the US House of Representatives. The Sensex rallied by 452.73 points (0.99%) to close at 46,006.69 whereas 50-share Nifty rallied 137.9 points (1.03%) to close at 13,466.3.

Foreign portfolio investors (FPIs), according to the provisional data on exchanges, sold stocks worth $43 million whereas domestic institutional investors have bought stocks worth $64.8 million.

The FPIs have bought stocks worth $5.9 million in total till December 18. The markets have seen FPI inflows for three straight months. The premium of the Indian markets has risen to the other emerging markets and BofA Securities expects a consolidation in the markets in the near term.

In its report, BofA Securities, said, “With MSCI India’s valuation premium to EM is now at 46%, which is 5% above long-term average, we think overall markets could consolidate in near term.” Additionally, market experts believe that the FPI volumes are expected to remain weak as countries around the world enter the holiday season.

The risk sentiment in the previous trading session had been severely impacted after a new novel coronavirus strain was discovered in the United Kingdom. However, there is no evidence yet that the strain is more lethal than the existing strain of Covid-19 and that the vaccines would not be effective against it. This led to the panic in the stock markets subsiding and investors chose to focus on the stimulus bill that was passed in the USA on Monday.

European markets in France and Germany were trading higher by 1.03% and 1.11%. Asian markets retreated on Tuesday over the fears of the new strain of Covid-19 with stock markets in Hong Kong, South Korea and China declining by 0.7% to 1.8%.

Shrikant Chouhan, executive vice president (equity technical research), Kotak Securities, said, “On Tuesday, since the beginning of the session, the Nifty50 index refused to fall below the 13,200 levels following strong short-covering on back of positive news flow from the US market.”

Indian shares rallied thanks to the buying in defencive sectors such as information technology and pharmaceuticals.

Both the Nifty IT index and the Nifty Pharma index gained 3.3% and 2.2% respectively. In the meantime, brokerages such as ICICI Securities expect the Nifty to touch 14,900 in calendar year 2021 if the bullish sentiment prevails in the markets.

The brokerage said, “Bull market environment prevailing in CY21 could take Nifty50 to 14,900 levels. However, if market bullishness reverts to average sentiment, the base case fundamental value is close to 13,500, which indicates flat returns for CY21.”

The futures and options segment saw a turnover worth Rs 34.7 lakh crore whereas, the cash market segment saw a turnover worth Rs 69,739.50 crore. This is against the six month average of Rs 21.7 lakh crore in the futures and options segment as well as Rs 59,316 crore in the cash market segment. The biggest gainers on Nifty were Adani Ports and SEZ, HCL Technologies, Tech Mahindra, Infosys, and GAIL up by 5.5%, 5.3%, 4.1%, 3.6%, and 3.1%. The biggest losers on Nifty were Kotak Mahindra Bank, HDFC, Bajaj Finance, Ultratech Cement Company, and IndusInd Bank down by 1.03%, 0.68%, 0.63%, 0.40%, and 0.35%.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

The Outlooker is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

The Outlooker Web Desk

The Outlooker Web Desk

Next Post
51.76% Turnout In Phase 1

Big Lead For Gupkar Alliance, BJP Single Largest Party In J&K Local Polls

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

PM Narendra Modi At Public Meet In Hyderabad; BJP Executive Meet
National

PM Narendra Modi At Public Meet In Hyderabad; BJP Executive Meet

July 3, 2022
Three of top 10 firms lose Rs 73,630 cr in m-cap; RIL biggest drag
Business

Three of top 10 firms lose Rs 73,630 cr in m-cap; RIL biggest drag

July 3, 2022
Aaditya Thackeray’s Barb At Shinde Camp
National

Aaditya Thackeray’s Barb At Shinde Camp

July 3, 2022
Seems Maharashtra Governor was sleeping for 1.5 years: Congress after Speaker’s election
Politics

Seems Maharashtra Governor was sleeping for 1.5 years: Congress after Speaker’s election

July 3, 2022

Connect with us

No Result
View All Result

Archives

  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020

Category

  • Artistic
  • Business
  • Crypto
  • Design
  • Entertainment
  • Fashion
  • featured
  • Food
  • Gaming
  • Health
  • Human
  • Lifestyle
  • Movie
  • Music
  • National
  • Opinion
  • Politics
  • Science
  • Spaces
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Recent Posts

  • PM Narendra Modi At Public Meet In Hyderabad; BJP Executive Meet
  • Three of top 10 firms lose Rs 73,630 cr in m-cap; RIL biggest drag
  • Aaditya Thackeray’s Barb At Shinde Camp

About Us

The Outlooker

The Outlooker is your source of authentic, hand-picked news, stories, analysis from India & the World.

  • Terms Of Service
  • Privacy Policy
  • About us
  • Submit your story
  • Contact

© 2019-2021 The Outlooker. All rights reserved.

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

© 2019-2021 The Outlooker. All rights reserved.