Nifty, Sensex Notch Fresh Highs On Strong Global Cues

On gains in the SGX Nifty and upbeat Asian markets on positive global cues, Indian indices started the week at fresh highs. Nifty logged new highs of 13588.4, while Sensex notched levels of 46346.

The markets also show their response to IIP number which grew 3.6 percent in October and touched an eight month high.

There remains a view that market lacks momentum and traded in a range with Nifty between 13580 to 13350(Nifty 50 Index). As of now, the short-term technical condition of the market appears like a sideways correction in the process.

It is reported that the hard hit US nation will begin administering coronavirus vaccine from today.

Yes Bank scrip may be in focus after the bank sold 15 lakh shares of Sical Logistics in various tranches.

Panacea Biotech traded weak by over 1 percent after Serum Institute of India sold 438950 shares of the company at an average price of Rs. 248 in a bulk deal on the NSE.

Power Grid Corporation declared an interim dividend of Rs. 5 per share, the scrip of the company traded with over 1 percent gains.

Burger King, the QSR, i.e. Rs. 810 crore IPO issue will make it stock market debut today after garnering strong investor interest from all investor categories.

Oil prices traded higher on Monday with Brent crude futures at $50 per barrel.

Meanwhile, rupee is expected to open around 73.65 per US dollar and weakness in dollar, optimism due to Covid 19 vaccine as well as dollar inflows into domestic equities shall keep the rupee depreciation in check. Nonetheless, an increase in oil price could put pressure on Indian currency.

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