Tuesday, 18 January 2022

 

 

LATEST NEWS Mission Youth initiative enables many Kishtwar youth to earn livelihood with dignity DC Rajouri flags off 4 Advance Life Saving Ambulances DC Kupwara for implementation of Covid norms DC Ganderbal visits Sonamarg, takes stock of availability of essential services and other facilities “Awaam Ki Awaaz” : Lt Governor enlists breakthrough steps and initiatives for economic growth and equitable development of J&K ECI Reschedules Punjab Assembly Polls To February 20, 2022, Informs CEO Punjab Bandaru Dattatraya flagged off two trucks containing 4000 hygiene kits prepared by the Indian Red Cross Society Two time MLA Luv Kumar Goldy joins Punjab Lok Congress State Government proposes outlay of Rs. 12638 crore for budget 2022-23 Governor asks experts to provide holistic solution to make Himachal a role model for landslide risk resilient state If given an opportunity, it will be an honour: Jasprit Bumrah on captaincy Sushil Pandey talks about his working experience in 'Human' Rahul Bansal goes bad, turns villain in cop drama 'Bhaukaal 2' Nearly 3 cr Covid vaccines administered in Delhi: Satyendar Jain How Akshita Mudgal wore a 28-kg lehenga for wedding sequence in 'Iss Mod Se Jaate Hain' I'd always love to be part of Marathi showbiz : Aditya Deshmukh Virat Kohli told us after Cape Town Test that he will be stepping down from captaincy: Jasprit Bumrah Equities continue gains, settle marginally up CHJU Submitted memorandum to Power Minister Ranjit Singh & Transport Minister Mool Chand Sharma regarding demands of the journalists No. 1 Ashleigh Barty begins quest for first Australian Open title with easy win Delhi govt aims to bring 2,000 electric buses in coming years: Arvind Kejriwal

 

Biden, Budget lift Sensex over 50K, but profit booking, SII fire deflate rise

Web Admin

Web Admin

5 Dariya News

Mumbai , 21 Jan 2021

India's barometer index -- the S&P BSE Sensex -- crossed the 50,000 mark on Thursday on the back of positive global cues and expectations of healthy quarterly results, along with that of a growth supportive Union Budget FY22. It, however, closed lower than the psychlogically important milestone due to profit booking.The Sensex closed at 49,624.76, lower by 167.36 points, or 0.34 per cent, from its previous close of 49,792.12 after opening at the historically high level.It had opened at 50,162.05 and touched a fresh all-time high of 50,184.01 points.Similarly, the Nifty50 on the National Stock Exchange (NSE) touched a new record high of 14,753.55 points. It ended the day's trade at 14,590.35, lower by 54.35 points, or 0.37 per cent, from its previous close.Earlier in the day, Sensex crossed the 50,000 mark.Coming a day after Joe Biden's inauguration as US President, the BSE Sensex mirrored its Asian counterparts in having a gap-up opening.In fact, the positivity sentiment led it to open above the 50,000-mark.The gains of the last 5,000 points in Sensex has come in just 32 trading sessions.Moreover, expectations of an even faster economic recovery on the back of the vaccination programme have been cited as other factors for the up-move.Besides, easy liquidity conditions across the global have been funnelling into India's market, as FIIs shore up their stakes and pump-up this rally.Globally, Asian markets experienced a post-inauguration day jump on Thursday due to optimism over the new US President's plan to push his $1.9 trillion pandemic economic rescue plan through the Congress.

On the other hand, European markets traded flat.On the domestic side, the news of a major fire breaking out in the Pune-based Serum Institute of India (SII), the Indian manufacturer of Covid-19 vaccine Covishiled, led to fear in the market.Investors were spooked that the fire incident may disrupt the nation-wide vaccination drive and may endanger economic recovery, resulting in sharp fall.Among sectors, Nifty PSU Bank, realty, metal, media, pharma, and banks fell the most."Nifty has shown signs of profit taking after such a rise," said Deepak Jasani, Head of Retail Research at HDFC Securities."Technically it has formed a 'Dark Cloud Cover' on daily charts, showing possibility of follow on selling. The steepness of selling in the afternoon suggests that the Nifty could keep running into resistance or profit taking over the next few sessions."Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "Going ahead, market momentum could continue for few days on the back of positive global cues and good earning season so far.""However, run-up to the Budget expectations could add some volatility to the market. As the long term trend of the market is positive, we would advise investors to keep accumulating quality stocks on any dips."Rahul Sharma, Head - Technical & Derivatives Research, JM Financial Services, said: "We believe this is more of a mental milestone but an important one. Since booking the profit is better than looking the profit, we advise to take some profits around Nifty 14,800 or 15,000 levels and keep portfolio's hedged with Nifty 'Put Options of February Expiry'.""As a budget strategy for traders, its best to buy the expectation and sell the realisation. Maintain trailing stop loss of 14,440 for positional longs in Nifty."

 

Tags: Sensex , Mumbai , BSE , Nifty , Shares , National Stock Exchange , Stock market

 

 

related news

 

 

 

Photo Gallery

 

 

Video Gallery

 

 

5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2022 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD