Nifty Jumped Over 1% Today, Momentum to Continue Tomorrow?

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Nifty Jumped Over 1% Today, Momentum to Continue Tomorrow?
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Indian indices gained over 1% today with the BSE Sensex closing up 505 points (1.15%) at 44,655 and Nifty closing the day at 13,109, up 140 points (1.08%). Except for FMCG that ended lower by 0.04%, all sectoral indices gained on the bourses today.

GAIL (NS: GAIL ) gained the most on the Nifty closing up 8.09%, followed by Sun Pharma (NS: SUN ) at 5.66% and IndusInd Bank (NS: INBK ) at 4.94%.

It was a democratic rally on the indices today. Companies that fell included Nestle India (NS: NEST ) (down 2.56%), Kotak Mahindra Bank Ltd. (NS: KTKM )(down 1.5%), and Titan (NS: TITN ) (down 1.3%).

Markets are in a tricky position right now as most companies are coming off a good second quarter but there is a lot of uncertainty about the coming months.

Maybe some clarity could emerge from the upcoming OPEC meeting where the members can give some guidance about where they expect the world economy to go.

If they cut January output, it means they are not positive about the outlook and vice versa. Crude oil has been trading in the $44-$46 range for a week now and any movement, either way, will depend on the outcome of the meeting.

U.S. stocks are seen opening higher Tuesday, continuing November’s record-breaking gains, helped by the expected prompt delivery of Covid-19 vaccines and signs of a global economic recovery.

The Dow Futures contract rose 330 points or 1.1%, S&P 500 Futures traded 36 points, or 1%, higher, and Nasdaq 100 Futures climbed 91 points or 0.8%.

The Dow Jones Industrial Average ended November almost 12% higher on the month, its best individual month since January 1987. The S&P 500 and Nasdaq Composite both gained around 11%.

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