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    Which sectors look safer despite higher valuations?

    06:00 Min | December 01, 2020, 6:55 PM IST
    Tune in as discuss market's stellar rally, safer sectoral options, technical charts, and more!
    Transcript
    Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Atul PM and here are the top headlines at this hour.

    Government collects nearly Rs 1.05 lakh crore GST in November 2020

    Manufacturing activity loses pace in Nov, falls to three-month low

    Burger King IPO to hit market tomorrow

    Maruti Suzuki sales increase 1.7% to 1,53,223 units in November

    Oyo has $1 billion to fund operations until IPO, CEO Ritesh Agarwal tells employees

    Let us take a quick glance at what happened on the Dalal Street today.

    Benchmark equity indices rallied over 1 per cent to close at a fresh lifetime high on Tuesday, backed by gains in IT and financial stocks amid persistent inflows by foreign institutional investors.

    Market barometer Sensex closed nearly 506 points up at 44,655 points, while peer Nifty settled 140 points up at 13,109.

    Index heavyweights Infosys, ICICI Bank, HDFC, Reliance Industries and TCS led the gains, while some selling in Kotak Mahindra Bank, HDFC Bank, Bajaj Finance and Nestle India capped the upside.

    Mid and smallcap indices underperformed the largecaps. Sectorwise, the BSE Realty, Telecom, TECk, IT and Oil & Gas indices gained up to 3.50 per cent. On the other hand, BSE Consumer Durables stood lone loser with a fall of 0.16 per cent.

    Meanwhile, auto sales number for the month of November kept the sector buzzing during the day. The BSE Auto index gained 1.17 per cent to 20,365. To discuss this and more, we spoke to AK Prabhakar, Head of Research, IDBI Capital Markets, to understand where is the auto sector heading?

    Welcome to the show, Mr Prabhakar

    1) Which factors took the domestic equity market higher today?

    2) How do you see November auto sales data? What are the key takeaways?

    3) Which sectors look safer despite higher valuations?

    Technically, Nifty50 formed a bullish candle on the daily chart that resembled a Hanging Man candle. It also made a higher high higher low formation for the second straight session. That said, analysts believe a decisive up move is unlikely for the index unless it takes out the 13,250 level.

    We caught up with Nirav Chheda of Nirmal Bang Securities to understand his views.

    Welcome to the show, Mr Chheda.

    1) What is the Nifty chart telling you?

    2) What is your reading of the F&O data?

    3) How do you see the movement in tomorrow’s session?

    Globally, other Asian markets ended higher while European markets traded in the green in early deals. US stock futures rose, suggesting that the major indices may notch fresh records after the market opens.

    That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!

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