Expectationsof an expedited roll out of anti-Covid vaccine along with hopes on fastereconomic recovery lifted the Indian equity market on Friday.
Itwas widely expected that India's drug regulator would approve at least one ofthe anti-Covid vaccines on Friday.
Besides,healthy automobile off-take numbers for Decembers reposed investors belief in afaster economic recovery.
Additionally,there were marginal FII inflows into India worth Rs 506.21 crore on Friday asnone of the major Asian and European markets traded on January 1, 2021.
Backhome, the market had a gap-up opening and remained in a narrow range for therest of the session.
However,volumes on the NSE were the lowest since April 1, 2020 suggesting lowparticipation.
Amongsectors, PSU Bank, IT and auto gained the most while bank Nifty and consumerdurables ended in the negative.
Broadmarket indicators rose more than the Nifty.
TheNSE Nifty50 closed at 14,018.50 points, higher by 36.75 points, or 0.26 percent, from its previous close.
Similarly,the BSE Sensex ended the day's trade on a psoitive note. It gained 117.65points, or 0.25 per cent, to 47,868.98 points from its previous close.
"Niftyhas finally managed to close above 14,000. Advance decline ratio is sharply inthe positive suggesting higher interest in broader markets," said DeepakJasani, Head of Retail Research at HDFC Securities.
"Theuptrend in the market is maturing after the Nifty ended up for the ninthconsecutive week; however there are no signs of immediate reversal."
SiddharthaKhemka, Head - Retail Research, Motilal Oswal Financial Services, said:"While some markets are closed for New Year holiday, overall positivesentiments continue on the back of the fresh stimulus announced, Brexit dealand hopes that the ongoing vaccine rollout would bring better days in thecoming year."
"Onthe domestic side, Strong FIIs inflow continue to support the positivesentiments. Nifty gained marginally on range-bound trend while stock specificaction was witnessed throughout the day. Power, NBFC, Pharma and PSU Bankingstocks were in focus. Select auto stocks like Maruti and Escorts gained afterannouncing better than expected December sales data."
"Goingahead, the market momentum seen in the last couple of months is likely to continueon the back of strong global cues, sustained inflows, and improving macrostrends. The December quarterly results and Union Budget around 1st Feb will besome of the key event for the market," Khemka said.