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Nifty ended above the level of 12,850 and many stocks on the BSE hit fresh highs.

Posted on 17-Nov-2020

Nifty ended above the level of 12,850 and many stocks on the BSE hit fresh highs.

The positive results of the vaccine development had helped the market to start with buoyancy.This is the third consecutive session when Nifty is trading on a positive bias and ended above the level of 12,850 on this day.Though the market started with a positive bias yet it experienced mixed sentiments today with the rise of the Covid cases and the restrictions in the western world.However the optimism of the vaccine development to end the pandemic is outweighing the concerns about the rise in the Covid cases.This positive news along with the upbeat of the global markets is helping the market to inch higher each and every day.However , the market may see some consolidation while trading on a positive bias . 

Nifty traded with a positive bias and ended 0.7% higher while the Midcap and Smallcap indices ended 1.1% and 0.9% higher respectively.The top gainers on the sectoral front are Capital Goods,Banking and Metal while the losses were faced in Oil & Gas, IT , and Healthcare.At the end of the session , the benchmark indices ended at record highs as Nifty ended above 12,850.Nifty Metal and Nifty Bank gained 2 percent among the sectors . Sensex ended at 43,952 level as it gained more than 310 points while Nifty ended 12,874 as it gained 94 points . More than 100 stocks on the BSE reached fresh highs. On the Nifty , the major losers were IOC , NTPC , BPCL , HeroMotoCorp and Dr Reddy's lab while the major gainers were Tata Steel , Tata Motors , SBI , HDFC Life and Adani Ports . There has been high gaps in between the actual performance of the market and economy hence , the investors are advised consider partial profit booking on a short term basis .

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