Stock Market opens green on hopes of US stimulus and corona vaccine

Market pre-open

The Asian counterparts of our stock exchanges are expectedto open in green and this uplifts hopes for the National Stock Exchange (NSE)and the Bombay Stock Exchange (BSE). The reasons put forth for the same includeAmerican stimulus and vaccine for COVID-19.

Market live

Financials stocks and banking stocks led the indices to openhigher, as expected along the lines of its Asian peers. Also, HDFC Bank’s September-quarterresults were better than the market was expecting.

The SENSEX has already crossed the threshold of 40,000 and isholding there while NIFTY 50 was about 100 or so points short of 12,000.

In NIFTY 50, the leaders at the time of writing were ONGC,HDFC, DRREDDY, HDFCBANK, and COALINDIA, while the losers were UPL, ADANIPORTS,TCS, HEROMOTOCO, and EICHERMOT.

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The broader market indices were also in green with the Midcapand Smallcap also in green.

Technically, the NIFTY 50 index seems to have good resistanceat 12,050 and a good support at 11,650