Sensex up 930 pts, Nifty tops 21,150 as Fed sounds dovish; IT, Realty soar

Closing Bell on December 14, 2023: At close, the Sensex index stood at 70,514, up 930 points or 1.34 per cent, while the Nifty50 settled 256 points, or 1.23 per cent, higher at 21,183

Stock market highlights: The US Federal Reserve's dovish pivot, and forecasts of rate cuts in 2024, triggered a rally across global equities. Back home, the benchmark S&P BSE Sensex and the Nifty50, too, hit their respective record highs of 70,603 and 21,211 led by broad-based buying.

At close, the Sensex index stood at 70,514, up 930 points or 1.34 per cent, while the Nifty50 settled 256 points, or 1.23 per cent, higher at 21,183. 

Infosys, Tech M, Wipro, HCL Tech, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Ultratech Cement, M&M, TCS, ICICI Bank, Kotak Bank, Reliance Industries, and HDFC Bank were the top large-cap gainers, rising between 1 per cent and 4 per cent. 

In the broader markets, the BSE MidCap and Smallcap indices also hit new lifetime highs of 36,229 and 41,984, respectively. They ended at 1 per cent and 0.6 per cent. 

Sectorally, the Nifty Realty index leaped 4 per cent, the Nifty IT 3.5 per cent, the Nifty Private Bank index 1.5 per cent, and the Nifty Bank index 1.3 per cent.

3:56 PM

Tech View :: 'Nifty has support at 21,000'

The index has broken out of consolidation, driven by an increase in long positions compared to short trades among participants.

Sentiment remains robust as the index maintains a position comfortably above crucial moving averages. Support is situated at 21,000, where Put writers have significant position. Looking ahead, there's a potential for the index to advance towards 21,400 and beyond on the higher side.

Views: Rupak De, Senior Technical analyst at LKP Securities. 

3:53 PM

Comment :: 'Nifty eyeing 21,500; stay cautious on mid, small-caps'

Firm US indices may continue to rub off on our markets and we are now eyeing 21,500 in Nifty. We reiterate our preference for banking & IT majors and suggest staying selective in others.

Though the midcap and smallcap pack is also aligned with the move, traders should maintain extra caution in stock selection citing the overbought conditions.  

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking 

3:48 PM

Comment :: What triggered the rally on Thursday?

The market continued its exuberance and hit a fresh high amid the dovish commentary from the Federal Reserve, signalling at least three rate cuts in 2024. Further, the sharp fall in US bond yields improved investors’ confidence.

An upgrade in India’s GDP forecast, ease in global oil prices, and the RBI decision to clamp down inflation to the target level, led to a broad-based rally with outperformance from Realty and IT.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:47 PM

IPO updates :: Check latest subscription level

India Shelter Finance Corp: 3.5x so far on day 2 led by NII | check details here

Doms Industries: 12.6x so far on day 2 led by retail | check details here

Inox India: 2.4 x so far on day 1 | check details here

3:43 PM

Currency check :: Rupee ends 8 paise higher

3:41 PM

SmallCap Heatmap :: Index settles 0.6% up; hits record high of 41,983.61 intraday

3:40 PM

MidCap Heatmap :: Index ends 1% higher after hitting record high intraday

>> Index hit record peak of 36,264.23

3:38 PM

Nifty Heatmap :: IT stocks lead the charge; Infy surges 4%

3:36 PM

CLOSING BELL :: Nifty ends near 21,200

3:35 PM

CLOSING BELL :: Sensex soars over 900 pts, ends above 70,500

3:30 PM

ALERT :: Bandhan Bank sees block trade of 5.2 million shares at Rs 241/share

3:21 PM

Realty index surges 108% from March low; DLF, Godrej Properties soar 100%

The Nifty Realty index, too, has more-than-doubled, zooming 108 per cent, from its March 28, 2023 level of 372 on the National Stock Exchange (NSE). The realty index hit a multi-year high of 772.35 in the intraday trade on Thursday. READ MORE

3:03 PM

Global check:: US stock futures rise up to 0.5% day after robust rally

Source: Investing.com

2:54 PM

China's economy forecast to dip sharply in 2024, recovery fragile, says WB

Real estate investment has fallen by 18% in the past two years and more needs to be done to resolve hundreds of billions of dollars in unpaid debts of overextended property developers. READ MORE

2:43 PM

ALERT:: Oriental Rail bags Rs 49 cr order; stock hits 5% upper limit

Oriental Rail Infrastructure in an exchange filing said its wholly-owned subsidairy Oriental Foundry has secured an order worth Rs 48.80 crore for manufacture and supply of 1,200 BOXNS Wagons from Indian Railways.