Sensex ends 304 pts up, Nifty tests 21,000 as RBI leaves rates untouched

Closing Bell on December 8, 2023: The BSE Sensex touched a high of 69,894, whil the Nifty hit a peak at 21,006. Infosys, HDFC Bank and ICICI Bank were the major movers on Friday.

Stock market highlights: Equity benchmark indices ended at record highs on Friday, inspite of some volatility post RBI policy annoucement. 

The Reserve Bank of India's Monetary Policy Committee decides to keep the repo rate unchanged at 6.5 per cent and also keeps the FY24 inflation forecast unchanged at 5.4 per cent. It, however, raised GDP forecast for FY24 to 7 per cent. READ MORE

Post the annoucements, the NSE Nifty 50 zoomed past the 21,000-mark, to hit a high of 21,006. However, some profit-taking thereafter saw the benchmark index erase gains and slip into red to a low of 20,863. The Nifty eventually ended with a decent gain of 68 points at 20,969.

The S&P BSE Sensex high a new all-time high  at 69,894 towards the fag end of the trading sessions and settled 304 points higher at 69,825.

Infosys, HDFC Bank and ICICI Bank were the major movers for the Sensex, while HCL Technologies, JSW Steel, Wirpo and Axis Bank also ended 1-3 per cent higher. On the other hand, ITC slipped nearly 2 per cent. Mahindra & Mahindra, Bajaj Finance and Tata Motors were the other prominent losers.

The broader indices, however, finished in red. The BSE MidCap was down 0.2 per cent, while the SmallCap slipped 0.4 per cent. The overall breadth too was marginally negative with almost 2,000 shares declining as against 1,750-odd advancing stocks on the BSE.

 

4:08 PM

COMMENT:: FMCG stocks slipped amid concern over likely rise in foodgrain prices

"The RBI took a balanced approach by raising the economic growth forecast and also expressing concern on food inflation, which may have an elevated trajectory in the short-term. A drop in rabi sowing and dipping reservoir levels provides a perception that foodgrain prices can rise. The impact was visible on FMCG stocks, which underperformed today."

 

- Vinod Nair, Head of Research at Geojit Financial Services

3:57 PM

BSE Smallcap Heatmap:: Spencer, Purva soar up to 17%; Praj slumps 10%

3:54 PM

BSE Midcap Heatmap:: GMR Infra zooms 12%; BHEL, Torrent Power dip 4%

3:51 PM

Broader Market Check:: MidCaps, SmallCaps buck trend, declined up to 1%

3:49 PM

Sensex 30 Heatmap:: 19 Gainers v/s 11 Losers

3:48 PM

CLOSING BELL:: NSE Nifty50 settles with a gain of 68 pts at 20,969

3:44 PM

CLOSING BELL:: S&P BSE Sensex ends 304 pts higher at 69,825

3:25 PM

GMR Airports hits 12-year high; GQG Partners likely buyer in block deal

Shares of GMR Airports Infrastructure zoomed 14 per cent on Friday to hit the highest level in over 12 years. The stock touched Rs 70.22 on the BSE after over 10 per cent equity of the company changed hands on the exchange. READ MORE

3:17 PM

Global Check:: UK stock futures rise up to 0.8%; US flat

Source: Investing.com

3:07 PM

India needs to increase R&D spending to 3% of GDP: Kris Gopalakrishnan

India must triple spending on research and development (R&D) to 3 per cent of its gross domestic product (GDP) from 0.7 per cent now, said Kris Gopalakrishnan, co-founder of Infosys, on Friday. READ MORE

2:55 PM

Maruti's first EV with a range of 550 km set to be launched by March 2025

While Maruti Suzuki retains a dominant market share in the petrol-powered affordable cars segment, given the size and range of the vehicle, the eVX is unlikely to be as affordable as Tata's Tiago EV. READ MORE

2:42 PM

COMMENT:: Unlikely to see any reversal in policy rates anytime soon

The successive messaging by the MPC over its last 3-4 policies reaffirms our view that the rate hike cycle is over, and RBI will rather use its liquidity management tools to keep inflation under check.

 

At the same time, given the continued concerns and focus around inflation, we are unlikely to see any reversal in policy rates anytime soon, at least till mid-2024.

 

The evolving global growth and rate situation will also be a key determinant of RBI's policy actions, going forward”.

 

- Unmesh Kulkarni, Managing Director Senior Advisor, Julius Baer India

 

2:37 PM

View: RBI MPC outcome to continue supporting residential real estate demand

Steady policy interest rates and maintained policy stance was widely expected and aligns with the trajectory of key global central banks.

The undertone however remains precautionary over inflation risks in the upcoming months due to seasonal volatility in food prices.

The decision will continue to support the existing momentum of residential real estate demand in India.

Despite the escalations in the borrowing costs, the overall housing market has continued to remain upbeat; however, the momentum in the affordable segment has lagged.

Thus, a pause is supportive of catering to the housing needs of the vulnerable segment.

Views by Shishir Baijal, Chairman and Managing Director, Knight Frank India.

2:30 PM

COMMENT:: 20,800 is a critical support for Nifty

The Nifty reached a new all-time high as the RBI Governor announced the monetary policy, surpassing the 21,000 mark. 

 

In the short term, the Nifty might see volatility; only a clear breakout above 21,000 could drive the index towards the range of 21,550-21,700. 

 

A critical support level is situated at 20,800.

 

- Rupak De, Senior Technical analyst at LKP Securities

 

2:18 PM

Sugar shares extend fall; Balrampur, Dhampur, Praj tank up to 15% in 2 days

The central government has directed all sugar mills not to use sugarcane juice or syrup for making ethanol in 2023-24 season, as the sugar production expected to be down in this year. READ MORE