Sensex, Nifty end at record highs as BJP clinches 3 state polls; banks soar

Closing Bell on December 4, 2023: The S&P BSE Sensex zoomed over 1,400 points intraday to hit a new record high of 68,918. The Nifty50, on the other hand, hit a fresh lifetime high of 20,703

SI Reporter New Delhi

10:28 AM

TCS, Tata Motors, Titan, IHCL: Track key levels for Tata Group stocks

TCS

Upside Potential: 10.3%

TCS seems to be placed favourable on the weekly chart, with select momentum oscillators on the verge of turning positive on the monthly scale as well. The weekly chart suggests that the trend is likely to remain positive as long as the stock holds above its 20-WMA (Weekly Moving Average) at Rs 3,436. READ MORE

10:13 AM

MPC likely to hold repo rate for fifth time in a row, shows BS poll

"Right now inflation is still above target levels and growth is holding up. So the focus remains on ensuring that inflation goes towards the 4 per cent target. The monetary policy is inclined to keep liquidity conditions tight, which they have achieved," IDFC First Bank Economist Gaura Sengupta said. Banking system liquidity tightened further in November. The Reserve Bank of India infused Rs 48,754 crore on Thursday. READ MORE

9:57 AM

Will markets extrapolate state poll outcomes to general elections in 2024?

“There is a lot of time between now and the general elections in 2024. The markets may see a short-term boost now, but will soon start focusing on fundamentals. Flows into equity markets – both foreign and domestic – are important and will dictate the market direction. The state poll outcome has already been fairly discounted by the markets post the exit polls last week,” said U R Bhat, co-founder & director at Alphaniti Fintech. READ MORE

9:47 AM

Comment :: 'A restraining factor against market rally will be valuations'

The state elections results have turned out to be a big event which can trigger renewed optimism and further rally in the market.

Market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better-than-expected.

The market has already partly discounted a BJP victory with a 500 point rally during the last 4 sessions. But the mood is so exuberant that the rally will continue. The global backdrop also is favourable with the US 10-year bond yield declining to 4.23%. An across the board rally in stocks is in the offing.

A restraining factor will be the valuations which are high and will get stretched further with the rally gaining momentum. In the near-term the market will ignore fundamentals and move up but soon high valuations will trigger some selling.

Views by: . V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

9:38 AM

Alkem Labs dips in a strong market; here's why

>>Alkem Labs has received Form 483 with three observations from the United States Food and Drug Administration (USFDA) at the end of the inspection conducted at the company's API manufacturing facility located at Mandva.

9:36 AM

Tata Power up 2% on winning bid to acquire Bikaner-III Neemrana-II Transmission

>> Tata Power has won the bid to acquire Bikaner-III Neemrana-II Transmission Ltd, a transmission project special purpose vehicle (SPV) set up by PFC Consulting Ltd.

9:34 AM

Salasar Tech advances over 3% on order win worth Rs 364 cr

>> The company secured a contract worth Rs 364 crore from Tamil Nadu Generation and Distribution Corp.

9:33 AM

Adani Ports jumps 4.5% on 42% YoY growth in Nov'23 cargo volumes

>> In November 2023, APSEZ recorded strong cargo volumes of around 36 MMT, a robust 42% year-on-year increase.

>> Growth was witnessed across all three broad cargo categories – dry bulk (over 60% Y-o-Y), containers (over 26%) and liquids and gas (over 23%).

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