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Stock Market Highlights : Sensex zooms 500 points on buying in Metal, IT and Pharma sector


Stock Market Highlights : Sensex zooms 500 points on buying in Metal, IT and Pharma sector
SHARES

Bulls gain upper hand as a rally in the benchmark indices continues on the first trading day of December.

Sensex gains 500 points and Nifty manages to close above 13,100 level. All sectoral indices also end their day in the green. This upward rally in the benchmark indices is led by the Metal, IT & Pharma sector.

GAIL (7.84 per cent), Sun Pharma (5.41 per cent), Indusind Bank (4.41 per cent) & ONGC (3.89 per cent) are Index’s top gainers for the day. On the other hand Nestle (-2.63 per cent), Kotak Mahindra Bank (-1.64 per cent), Titan (-1.48 per cent) & NTPC (-1 per cent) are among the top losers.

1162 shares on NSE advanced while 562 shares declined.

Although the bulls are not ready to let go, we feel that the markets are slightly overbought at this time. Hence, one should be a little careful while initiating any position with a short term perspective.

Author’s View: A decisive move over 13,100 would be a signal of an extended rally. However, traders must be careful while initiating long positions as the markets are trading in the overbought region.

13,000 will act as strong support on Nifty as maximum open interest on Put option is at the strike price of 13,000.

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