A sharp crash in the domestic markets left investors running for cover in Monday s session as benchmark equity indices tumbled. The S&P BSE Sensex lost 2,037 points in intra-day deals to hit a low of 44,923.08. The index, however, recovered partially and ended the day at 45,554 levels - down 3 per cent, or 1,407 points. On the other hand, the Nifty50 ended the day at 13,328 levels, down 3.14 per cent, or 432 points. The fall was triggered amid weak global cues and fears of a resurgence of coronavirus following a new strain in the United Kingdom (UK). Over the past few sessions, the indices have been on a winning spree, hitting record highs almost daily on the back of gush of liquidity from overseas investors.
Rupee Vs Dollar: The local unit closed flat against the US dollar today
After a day of registering marginal gains, the rupee settled flat against the US dollar on Thursday, December 17, just one paisa lower at 73.59 (provisional) amid a stable trend in domestic equity markets. At the interbank foreign exchange market, the domestic unit opened at 73.52 against the greenback and registered an intra-day high of 73.39. It witnessed a low of 73.59. However, today in an early trade session, the local unit surged by six paise to 73.52 against the dollar. The rupee finally settled at 73.59 against the American currency, registering a decline of one paisa over its previous close. On Wednesday, December 16, the local unit had surged by five paise to settle at 73.58.
NEW DELHI: Nifty touched its all-time high on Wednesday forming a Hanging man pattern on the daily chart. Amit Trivedi of Yes Securities says that the appearance of such a pattern at current levels could attract some profit taking. However, follow-up action needs to be closely watched.
According to Ashis Biswas, Head of Technical, CapitalVia Global Research, the market s short-term technical condition shows an upward shift in the prevailing market range, and it is likely to range between 13,550 and 13,780. Indian market is effortlessly rallying to record highs on a daily basis, tracking firm global markets. Increasing prospects of the US stimulus measures, hopes of an effective vaccine and a conclusive Fed meeting to announce a positive policy are lifting market sentiments across the globe. In the domestic market, all sectors witnessed good momentum with realty leading the rally in hopes of a revival in demand, said Vinod Nair, Head of Research at Geojit Financial Services.
NEW DELHI: Nifty50 advanced on Wednesday, as intraday selling triggered brisk buying, as was the case in the recent sessions. The index formed a small bullish candle on the daily chart after forming indecisive Dojis for four consecutive days.
Analysts said Nifty momentum looks strong, and it can attempt to scale the 13,750-13,800 range in the short term.
“A long lower shadow on the daily scale indicates that every small decline is being bought into by the bulls, as the major trend remains intact even after the strong rally seen over the past many months. Nifty needs to hold above the 13,500 mark to witness a bounce towards 13,750 level. On the downside, support exists at 13,450 and 13,400 levels, said Chandan Taparia of Motilal Oswal Securities.
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