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Buying on decline: Markets rise post slide; IT stocks shine

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46% businesses in India fear negative COVID-19 impact for 1 yearMumbai, Jan 4 (IANS): Indian equity markets posted healthy recovery after an intra-day slide as investors took the opportunity to ‘buy on decline’.

In the intra-day, market opened with a ‘gap up’ as positive macro indicators and vaccine advances in India buoyed sentiments.

Consequently, the S&P BAE Sensex crossed the 48,000-mark.

However, the market could not sustain itself at higher zones.

Just after the initial session, the key indices fell by around 150 points.

Subsequently, investors dived into the market to buy stocks in decline which triggered another uplift.

Amongst sectors, losses were witnessed in realty, media, banking and financial services indices.

On the other hand, metals, IT, pharma, auto and FMCG space traded in the green.

READ ALSO:  Ind-Ra now lowers forecast for FY21 GDP growth to negative 11.8%

Besides, healthy FII activity was witnessed.

At 1.40 p.m., the NSE Nifty50 traded at 14,099.15 points, higher by 80.65 points, or 0.58 per cent, from its previous close.

Similarly, the BSE Sensex made gains. It traded higher by 192.28 points, or 0.40 per cent, to 48,061.26 points from its previous close.

“Considering overall chart structure, we are expecting Nifty to hold above 14000 zone and move towards 14250 – 14300 zone in coming days,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“While support can be seen at 13850 and then 13777 levels. On stocks front, traders can look for buying opportunities in Tata Steel, Page Inds, Gail and SBI Cards.”

READ ALSO:  Equity indices pare initial gains, Sensex down 170 points

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: “On Monday, the markets hit new highs in early trading, powered by strong macro indicators and vaccine advances in India. For the first time ever, the Sensex crossed the 48,000-mark. But soon after hitting the new peaks market went off the day’s high.”

“Asian stocks have been mixed today as vaccine optimism has outweighed concern about growing numbers of infections globally. For the Nifty, 14100 might indicate a resistance. We suggest booking profits at current juncture and trail thereon. At 13,900, we have strong support.”

READ ALSO:  Equity indices pare initial gains, Sensex down 170 points
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