Sensex snaps 3-day winning streak; M&M soars 6 pc

| | Mumbai
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Sensex snaps 3-day winning streak; M&M soars 6 pc

Thursday, 14 January 2021 | PTI | Mumbai

Snapping its three-day record-setting run, the BSE Sensex closed marginally lower after a choppy session on Wednesday as investors pocketed gains in banking and finance stocks amid mixed global cues.

Participants also kept their powder dry ahead of some key corporate results, traders said.

 After gyrating over 721 points during the day, the 30-share BSE index ended 24.79 points or 0.05 per cent lower at 49,492.32. It scaled a record intra-day peak of 49,795.19.

 The broader NSE Nifty inched up 1.40 points or 0.01 per cent to its fresh closing record of 14,564.85. The index touched a lifetime high of 14,653.35 during the day.

M&M was the top gainer in the Sensex pack, rallying 6.24 per cent, followed by SBI, ITC, NTPC, Bharti Airtel and Axis Bank.

 On the other hand, Bajaj Finance, HDFC, Bajaj Finserv, Titan, Sun

Pharma and Dr Reddy’s were among the laggards, tumbling up to 2.85 per cent.

 According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities were volatile and gave-up early gains as profit booking was visible in a large number of stocks.

 “While contraction in November 2020 IIP data indicates more measures by FM in the budget to stimulate economic activities, better than anticipated softening in CPI data for December 2020 negates the looming concerns over low interest rate scenarios.

“We continue to believe that that a sharp rebound in high frequency key economic data for December 2020 indicates demand revival, which bodes well for the markets. Further, 3Q FY21 corporate earnings are progressing well and are expected to sustain growth, which along with weak dollar and soft monetary policy of global bankers should continue to attract FPIs into domestic equities,” he said.

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