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Sensex closes above 41,000 for first time, Nifty hits record high; YES Bank rallies 8%

BSE Metals index and BSE Basic Materials index were the top gainers among sectoral indices.

, ETMarkets.com|
Updated: Nov 27, 2019, 04.12 PM IST
Sensex jumps 199 pts; Nifty hits record high of 12,110
Sensex jumps 199 pts; Nifty hits record high of 12,110
Mumbai: BSE benchmark Sensex closed above the psychologically important 41,000 mark, while Nifty hit a record closing high backed by gains in global markets amid increased optimism over Sino-US trade deal.

The market was also upbeat on higher rollovers ahead of expiry of November series futures and options (F&O) contracts on Thursday.

The 30-share Sensex closed 0.49 per cent or 199.31 points higher at 41,020.61, while 50-share Nifty rose 0.52 per cent or 63 points to 12,100.70.

Earlier in the day, Sensex rose as much as 0.62 per cent or 254.46 points to 41,075.76 while Nifty climbed up to 0.64 per cent or 77.20 points to 12,114.90.

According to Edelweiss Securities, the market-wide rollovers moved to 51 per cent till Tuesday, which were higher than average 34 per cent rollovers in the last three series. In Nifty, rollovers were higher at 45 per cent on the D-2 compared with average rollovers of 38 per cent in the last three series.

Markets at a glance
Market breadth was neutral as gainers and losers were nearly equal in number.

BSE Metals index and BSE Basic Materials index were the top gainers among sectoral indices. They rose 1.05 per cent and 1.03 per cent respectively.

As many as 24 out of 30 Sensex stocks closed higher. Mortgage lender HDFC (54.08 points) contributed the most to Sensex’s gains, followed by energy-to-telecom conglomerate Reliance Industries (RIL) (33.48 points), which rose 0.70 per cent.

YES Bank, was the top gainer among Sensex stocks, as the private lender rallied 7.65 per cent, after it said its board will meet on Friday to consider fund raising through the equity route.

Analysts’ views
“We reiterate our bullish view on the index and suggest continuing with ‘buy on dips’ approach. Almost all the sectors, barring IT, are contributing to the move and we feel under owned sectors viz PSU banks and pharma can positively surprise the participants. The broader indices too are showing signs of recovery, but we’re seeing selective buying thus traders should maintain positive yet cautious approach while choosing stocks from the midcap and smallcap pack” -- Ajit Mishra, VP - Research, Religare Broking.

“The underlying sentiment remains positive and we expect 12,200 to be conquered in the near term. For the next few weeks we expect positive bias to continue with pace of upmove to be very gradual. Strong support is seen at 11,840-11,700 on the downside. Any meaningful correction is a good buying opportunity” -- Sahaj Agarwal, Head of Derivatives, Kotak Securities.

Global markets
Asian shares ticked higher on Wednesday as more upbeat signals from Sino-U.S. trade talks fanned hopes of an imminent end to tariff hostilities, which helped offset concerns about a slowing U.S. economy, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.14 per cent.

European shares touched a four-year high, as comments from U.S. President Donald Trump sparked hopes of an imminent resolution to the drawn-out trade war with China, according to a Reuters report.
The pan-European STOXX 600 index was up 0.1 per cent.

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