Nifty tops 13,400, Sensex up by 141 points: NTPC top gainer at market opening

Indian benchmark equity indices opened at new highs on Tuesday in the backdrop of mixed global cues. Sensex registered opening at 45,568.80, up 141.83 points or 0.31%, while Nifty paced up 38.10 points or 0.29% to open at 13,393.85 with 13,435.45 high for the first time. NTPC, opened over 2% higher, was the top Sensex gainer while Maruti reserved the place of the highest loser at market opening.

The Indian rupee opened 8 paise higher at 73.82 per dollar on Tuesday against the previous close of 73.90, amid a spike in buying witnessed in the domestic equity market. Gold rate today is Rs 4,833/g up by Rs 1 from yesterday. Oil (NSE) prices fell by 0.46% on Tuesday, adding to losses from the previous session that resulted from tight lockdown imposed in California through Christmas and Coronavirus cases continue to surge in the United States and Europe

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Metal and pharma stocks continue to struggle under pressure as Nifty bank and Nifty Auto report a jump by 0.25% and 0.82% respectively Strides Pharma, Axis Bank, Jet Airways, Canara Bank, Titan are among the top 10 stocks to be under close scrutiny today. The consortium of UAE based businessman Murari Lal Jalan and London’s Kalrock Capital, which has bagged the deal to revive Jet Airways, on Monday said it is aiming to restart operations by the summer of 2021.

The central government has sold nearly one crore shares of Axis Bank worth around ₹600 crore in the last two weeks, reflected by a rise in the stock price by 0.5%. Godrej Properties share price reached a 52-week high of Rs 1,231.60, adding 2 percent on December 8 after the real estate company declared that it would develop a residential project in Bengaluru.

“The market is moving from strength to greater strength. One must be cautiously long in this market as we are in a passage of resistance. This range is between 13400-13700 so while the odds are that we will get past these selling pressure zones, traders should consider booking profits at regular intervals while continuing to remain on the long side,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.