Analysts said the 14,200 level, which was acting as a key hurdle until now, will be the immediate support for the index, which seems to have set sights on the 14,500-14,600 zone now. Below that, the 13,950 level may continue to offer strong support to the index, they said.
Read more about Macro data, vaccination, quarterly earnings to drive markets this week on Business Standard. On a weekly basis, the Sensex advanced 895.44 points or 1.90 per cent, while the Nifty climbed 269.25 points or 1.95 per cent
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Macro data, vaccination news, quarterly earnings to drive markets this week: Analysts
Domestic equities will primarily be driven by macro-economic data, vaccination news and quarterly earnings this week, according to analysts. The past week saw the benchmark indices Sensex and Nifty hitting record levels on a daily basis, buoyed by positive global trends and news around rollout of coronavirus vaccination.
On a weekly basis, the Sensex advanced 895.44 points or 1.90 per cent, while the Nifty climbed 269.25 points or 1.95 per cent.
Ajit Mishra, VP-Research, Religare Broking Ltd, said, Among the key events, earnings season starts this week with IT major TCS results scheduled on January 8. On the economic front, participants will be eyeing the PMI manufacturing and services data. The overwhelming foreign fund inflow is helping markets to inch higher.
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Dhiraj Relli, MD & CEO, HDFC Securities believes a large portion of the Nifty run-up is over and, from now on, its rise would be gradual and measured. January 03, 2021 / 07:25 AM IST
The Indian market ended the year 2020 in the positive territory with market benchmarks - Sensex and Nifty - scaling record highs.
The year 2021 is also expected to be a positive one for the market as it is showing resilience on the back of abundant liquidity, positive developments on the vaccine front and signs of economic recovery.
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Rusmik Oza of Kotak Securities expects the Nifty50 to go somewhere mid way of the 14,000 to 15,000 range in January. Sunil Shankar Matkar January 03, 2021 / 08:21 AM IST
The positive global cues helped the market gain momentum after consolidation seen in the previous week, and close above psychological 14,000 mark on the Nifty50 for the week ended January 1, 2021. The signing of second stimulus package by the United States, the approval for Brexit deal by the European Union & UK, and the development related to rollout of COVID-19 vaccine lifted sentiment.
The BSE Sensex jumped 895.44 points, or 1.91 percent, to 47,868.98 and the Nifty50 rose 269.25 points, or 1.96 percent, to 14,018.50, while the broader markets outpaced benchmarks with the Nifty Midcap index climbing 3 percent and Smallcap gaining 3.88 percent.