Sensex scales mount 70K, ends 103pts up; broader indices outrun, PSBs shine

Closing Bell on December 11, 2023: The BSE Sensex registered a new summit at 70,058, but eventually settled at 69,929 on Monday. Nifty gained 28 points at 20,997.

10:07 AM

COMMENT:: Global, domestic cues in favour of the markets

Global and domestic cues favour continuation of the ongoing rally in the market despite high valuations. FIIs turning buyers, strong DII inflows, exuberant retail investors and a thriving IPO market supported by strong economic fundamentals can sustain the rally in the short run  ignoring the high valuations.

he overarching message from the RBI on Wednesday was that 7 per cent GDP growth for FY24 is a conservative estimate. This is an indication of the growth momentum in the economy.

 

A significant trend in the market is the outperformance of the Bank Nifty over the Nifty. Last week while the Nifty appreciated by 3.5 percent, Bank Nifty shot up by 5.5 percent. This outperformance is likely to continue, given the fair valuations of banking stocks, particularly the leading names.
 

For the overall market safety is now in large caps.

 

- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

9:56 AM

BSE SmallCap Heatmap:: Subros zooms 13%, Star Health 8%; KIOCL down 4%

9:46 AM

BSE MidCap Heatmap:: Yes Bank, IRFC soar up to 4%; CG Power down

9:37 AM

Sector ALERT:: Pharma index down 1%; Dr.Reddy's slumps 6%

9:31 AM

Market check:: Nifty SmallCap indces outperform; VIX jumps 5%

9:28 AM

ALERT:: Sensex tops 70,000-mark, up nearly 200 pts

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9:23 AM

Sensex Heatmap:: IndusInd Bank, HCL Tech gain up to 1%; Asian Paints down 1%

9:19 AM

Opening Bell: Nifty gyrates between zones in early deals

9:17 AM

Opening Bell: Sensex opens 60-odd points higher at 69,887 in opening ticks

9:08 AM

ALERT:: Sensex up 100 pts in pre-open deals; Nifty holds 20,950

 

9:03 AM

Currency alert: Rupee opens flat at 83.39/$

 

8:59 AM

Smallcap pie grows as retail investor faith soars, shows Capitaline data

Retail investors now own a bigger slice of smallcap companies than at the start of 2023–24 (FY24), underscoring their growing conviction about investing in this red-hot space. Read

8:54 AM

Watch: What will keep the markets busy this week?

8:49 AM

Nifty in overbought zone, Wait for dips in Nifty Bank before fresh buying

The Nifty 50 Index continues its bullish trajectory, marking yet another new lifetime high on both short-term and near-term charts. Despite the prevailing bullish trend, the ascent towards 21100 presents a formidable challenge, acting as a stiff resistance barrier. Read

8:44 AM

Stocks to Watch: Mazagon Dock, Tata Motors, REC, Blue Dart, Cipla, Lloyd

Tata Motors: The automaker said it would increase the price of its commercial vehicles effective January 2024 by up to 3 per cent. The price increase is to offset the residual impact of past input costs and will be applicable across the entire range of commercial vehicles.

Mazagon Dock Shipbuilders: The company received an order worth Rs 1,145 crore from ONGC for laying approximately 44.4 km of subsea pipelines in 19 segments.

Ramco Cements: The company's Kolimigundla clinker plant capacity has been increased to 3.15 MTPA from 2.5 MTPA. Read