Market inches-up on late hour buying spree; IT stocks rise


Market inches-up on late hour buying spree; IT stocks rise

Mumbai, Dec 18 (SocialNews.XYZ) A late buying spree led equity market’s to pare its initial losses and make marginal gains on Friday.

However, the market remained subdued throughout the day’s trade session due to profit booking along with extremely high stock valuations.

Globally, Asian shares slipped on speculation of heightened United States-China trade standoff.

Similarly, European markets were mixed due to dim prospects of a post-Brexit trade deal.

Back home, FTSE rebalancing coupled with strong demand for IT stocks and decreasing domestic Covid-19 cases lifted buying sentiments.

Among sectors, IT and pharma indices were the main gainers while bank, realty, energy, metal and infra indices lost ground.

Besides, foreign investors pumped in liquidity worth Rs 2,720.95 crore on Friday.

Furthermore, volumes on the NSE were higher than recent average.

Consequently, S&P BSE Sensex closed at 46,960.69, higher by 70.35 points, or 0.15 per cent, from the previous close.

The Nifty50 ended the day’s trade at 13,760.55, higher by 19.85 points, or 0.14 per cent, from the previous close.

“Nifty ended up for the seventh consecutive week. However, the advance-decline ratio has deteriorated over the past two days,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Hence now there seems to be a need for caution. Although some more upside cannot be ruled out, index gains may be limited from hereon.”

According to Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, “Going ahead, the market may continue with its positive biasedness on the back of abundant liquidity, effective vaccine rollout and increasing prospects of Brexit deal and US Stimulus.”

“However, intermittent profit booking cannot be ruled out as the Christmas vacation starts from next week and the FII liquidity would slow down.”

In addition, Vinod Nair, Head of Research at Geojit Financial Services said: “Indian market failed to catch up with the global rally, due to selling in financial stocks which countered gains in the IT and Pharma sector.”

“Weakness seen in the morning trade got erased a bit as the domestic market absorbed some positivity from European markets to end flat. IT index rallied on news of a buy back offer from TCS. Updates on the Brexit deal and US stimulus package are expected to drive the global market in the coming days. Fed’s decision to keep rates unchanged will help FIIs to maintain a positive view on emerging markets like India.”

Source: IANS

Market inches-up on late hour buying spree; IT stocks rise

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