Bull run extends on D St! Sensex leaps 353 pts, Nifty nears 20,950

Closing Bell on December 6, 2023: The benchmarks on the BSE and NSE, along with the MidCap index, hit fresh lifetime highs today

10:18 AM

Comment :: 'Cannot ignore the possibility of some consolidation now'

Noticeable traction in the key sectors is fuelling momentum in the index. However, we can’t ignore the possibility of some consolidation now. 

Traders should maintain their focus on stock selection as we are seeing a catch-up move in the sectors and stocks that were on the sidelines in recent months.

Also, avoid contrarian bets in anticipation of a major decline.

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

10:15 AM

Comment :: 'Short-term profit booking may occur due to domestic premium valuation'

Post-state elections, market optimism thrives, confirming policy continuity and meeting investor expectations. A robust FII reversal is fuelled by receding inflation and dropping yields in both US and Indian markets.

The allure of Indian market gains post-China credit rating downgrade and decline in oil prices was followed by ease in geopolitical tensions. A strong rebound in IT, driven by reduced US recession risks and in anticipation of robust summer demand, fuels the momentum in the power sector.

Despite a promising outlook, short-term profit booking may occur due to domestic premium valuation concerns. Further, lingering El Nino risks, a drop in reservoir levels, and reduced sowing may hold RBI to profoundly upgrade H2FY24 growth and reduce future inflation estimates.

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

 

10:13 AM

Comment :: 'The RBI is poised to maintain its hawkish stance'

The 7.6% GDP growth has surpassed the RBI's expectations in Q2 FY24, complemented by consumer inflation comfortably within the RBI's zone of comfort. With these favourable economic indicators, the likelihood of a rate hike in the upcoming MPC is minimal.

Despite potential challenges such as a possible uptick in food inflation and a volatile external environment, the RBI is poised to maintain its hawkish stance, keeping the repo rate steady at 6.5% for the fifth consecutive time this year.

Notably, in the affordable segment, where demand momentum has trailed the overall residential market, interest rate movements play a pivotal role. Ensuring stable interest rates becomes imperative in this vulnerable segment, serving as a crucial catalyst to address the housing gap and propel the real estate market forward.

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

10:11 AM

Currency check :: Rupee ends at 83.33/$ against Tuesday’s close of 83.38/$

10:10 AM

SmallCap Heatmap :: Index lags peers; check top gainers and losers

10:09 AM

MidCap Heatmap :: Index hits record high of 35,245 intraday, ends 0.19% up

10:07 AM

Nifty Heatmap :: IT, ITC stocks surge in trade, Adani Enterprises dips 2%

10:06 AM

Closing Bell :: Nifty ends below 20,950

10:05 AM

Closing Bell :: Sensex ends at record closing high for 3rd day

9:57 AM

ALERT :: Indoco Remedies receives tentative approval from USFDA for ANDA for Canagliflozin tablet

>> Indoco Remedies Ltd. has received tentative approval from the USFDA for Abbreviated New Drug Application (ANDA) for Canagliflozin Tablets 100 mg and 300 mg, a generic equivalent of the Reference Listed Drug, Invokana Tablets 100 mg and 300 mg, of Janssen Pharmaceuticals, Inc.

 

>> Canagliflozin improves glycemic control in adults with type 2 diabetes mellitus. 
 

9:41 AM

Nifty Smallcap 250 up 10.2% in November 2023, Nifty 500 rose 7%

Across the board, all sector indices closed the month on a positive note. The realty sector emerged as the top performer, witnessing a substantial increase of 18 per cent READ MORE

9:31 AM

Angel One zooms 10%, hits record high on solid biz performance in November

Shares of Angel One hit a fresh record high of Rs 3,246 apiece on the BSE, advancing 10.3 per cent in Wednesday's intraday trade, after the stock broker shared a robust business performance for November. READ MORE

9:20 AM

Global check:: US, UK stock futures marginally up

Source: Investing.com

9:09 AM

Tata Power soars 6%; hits new high after 20 months on positive outlook

CRISIL Ratings expects Tata Power's consolidated adjusted Ebitda to be more than Rs 12,000 crore each in fiscals 2024 and 2025, against around Rs 11,500 crore in FY23 and around Rs 9,600 crore in FY24. READ MORE

9:00 AM

ALERT:: Zydus Life gets USFDA nod for Methylene Blue Injection; stock marginally up

Zydus Lifesciences in an exchange filing said it received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Methylene Blue Injection, 10mg/2ml and 50mg/5ml.