Indian markets on the first trading day of 2021 traded on a flat note with Nifty at 13998 at the opening and soon gained momentum to scale fresh high of 14028.9 on the Nifty and Sensex tops high of 47930.65 levels. The rally at the start is led by PSB stocks.
The stock market ended the year 2020 with double digit gains of 15-16% on the indices, marking the second consecutive year of gains for the markets and the best since 2017. The factors that are likely to guide market's direction going ahead in 2021 are roll out of vaccines and their successful administration in the masses, global bank's policies, foreign fund flow, economy recovery as well as earnings trajectory of India Inc.
Auto stocks shall be in focus as Ford and Mahindra called off their auto JV.
Top gainers in early trade include M&M, TCS, UPL, ONGC and Shree Cements while laggards include Sun Pharma, Hindalco, SBI Life, HDFC and Titan.
Antony Waste IPO which was the last IPO to hit the primary market street is expected to list with decent gains over and above the issue price as indicated by its grey market premium.
Promoter Jaidev Rajnikant Shroff acquired 3,98,500 Global Depository Receipts equivalent to 7,97,000 equity shares of UPL, representing 0.10% of the total share capital of the company. Shares of UPL gained in early trade gained to a high of Rs. 476.6.
CRISIL Ratings received the necessary approvals from SEBI and RBI to undertake the Ratings business transferred to it pursuant to the scheme. The stock gained to Rs. 1960.
IDBI Bank completed sale of its 23% stake in IDBI Federal Life Insurance, to Ageas for Rs 507.10 crore. Shares of the private lender gained by as much as 2%.
Asian markets are closed for a New year holiday and US stock markets in overnight trade ended the year at new highs on both the S&P 500 and Dow Jones, meanwhile dollar gained in an unprecedented year.