Stocks wrapped up Samvat 2076 on a positive note, with the benchmark Sensex ending 85.81 points, or 0.20 per cent, higher at 43443. The broader NSE Nifty gained 29.15 points, or 0.23 per cent, to close at 12719.95.

Both the key indices closed the Hindu calendar year with double-digit gains.

While the Sensex rallied 4384.94 points or 11.22 per cent, the Nifty rose 1136.05 points or 9.80 per cent. The stock exchanges will hold a special one hour Muhurat session on Saturday to ring in Samvat 2077.

Analysts and brokerages are optimistic about how the next year would pan out for equities. They feel a vaccine, a turnaround in global economic growth and better corporate performance along with reduced trade hostilities between the US and China are some of the key factors which would keep stocks on a firm ground.

While some experts feel that the Sensex could test the 47000-mark, Goldman Sachs has placed a target of 14100 for the Nifty by the end of 2021.

Investors were confronted by several headwinds during Samvat 2076 — a slowdown in the economy, troubled trade ties between the US and China, lacklustre corporate performance and then the Covid-19 pandemic which resulted in a strict and long lockdown severely affecting economic activity. Investors saw the Sensex hitting multi-year lows of 25639 in March.

Since then it has rebounded in a spectacular fashion as lockdown rules were relaxed and there were positive developments about the Covid-19 vaccine, generating hopes of a sharp turnaround in economic growth.

During this period, pharmaceuticals, IT, chemicals and telecom were some of the sectors that delivered positive returns while those in the banking and finance sector and consumer discretionary stocks lost value.