Market barometer Sensex traded flat after hitting a fresh all-time high of 48,616.66 in the morning session.
The BSE Midcap index also hit its record high of 18859.67 in intraday trade. However, the BSE Smallcap index is still about 1,500 points below its all-time high of 20183.45, scaled on January 15, 2018.
More than 400 stocks, including Asian Paints, HCL Tech, HDFC, Infosys, Sun Pharma, TCS, Tech Mahindra and Titan, hit their 52-week high on BSE.
Jaiprakash Associates, Jain Irrigation Systems and Majesco were among the 400 stocks that hit their upper circuits on BSE.
Market benchmarks Sensex and Nifty traded flat but the mid and small-cap indices traded with decent gains.
At 1155 hours, BSE Sensex was at 48,373, down 65 points, or 0.13 percent while Nifty was at 14,192, down 7 points, or 0.05 percent.
The BSE Midcap and Smallcap indices were 0.69 percent and 0.62 percent higher, respectively, at that time.
“The range of 14,200-14,250 can pose as a resistance patch for the Nifty. If we can keep above 14,250, we could travel to 14,350. Since we are in unchartered territory, traders should trade cautiously and update their stops on a continuous basis. 13,950-14,000 is good support,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Bulls kept control in the calendar year 2020 with market benchmarks Sensex and Nifty gaining 15.75 percent and 14.90 percent, respectively.
Foreign institutional investors net bought more than Rs 1.6 lakh crore of Indian equities in 2020, including a record monthly inflow of over Rs 70,000 crore in November after the US elections.
Market analysts expect a double-digit rally in Nifty by the end of 2021 on the back of increased retail participation, favorable policies by the government, demand resumption and fresh foreign inflows.
However, Indian market valuations seem expensive as of now. Therefore, there are possibilities for the benchmark to consolidate.
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