Snapping their last four consecutive sessions’ losing streak, the Sensex and the Nifty 50 ended with modest gains on Thursday, 4 December. The Sensex rose 159 points, or 0.19%, to close at 85,265.32, while the Nifty 50 ended at 26,033.75, up 48 points, or 0.18%. However, the midcap and smallcap segments remained under pressure. The BSE Midcap index fell 0.19% while the Smallcap index dropped 0.32%.
IT stocks Infosys and TCS were the top contributors to the gains in the Sensex index. On the other hand, banking majors HDFC Bank, ICICI Bank, and Kotak Mahindra Bank were the top drags on the index.
Indian stock market: 10 key highlights from the day
1. What moved the market?
The benchmarks ended with mild gains ahead of the interest rate decision of the Reserve Bank of India (RBI). Governor Sanjay Malhotra will announce the policy decision on Friday, 5 December.
Buying in select heavyweights helped the market end in the green even as the rupee’s weakness and continuous foreign capital outflow limited gains.
“Domestic markets closed flat amid mixed global cues and caution ahead of the RBI policy. Early value-driven gains were restrained by a record-low rupee and persistent FII outflows. However, lowered expectations of an RBI rate cut supported a mild currency rebound, helping indices stabilise towards the close,” said Vinod Nair, Head of Research, Geojit Investments.
2. Top gainers in the Nifty 50 index today
As many as 34 stocks ended in the green, among which Tech Mahindra (up 1.51%), HDFC Life Insurance Company (up 1.49%), and TCS (up 1.48%) ended as the top gainers.
3. Top losers in the Nifty 50 index
Shares of InterGlobe Aviation (down 2.39%), Reliance Industries (down 0.88%), and Hindalco Industries (down 0.65%) ended as the top losers in the index.
4. IT stocks shine
Nifty IT index jumped 1.41%, ending as the top gainer among sectoral indices, supported by optimism over a potential US Fed rate cut as well as favourable currency tailwinds.
Nifty Bank clipped 0.10% to 59,288.70. Consumer durables index declined 0.62% while the Media index crashed 1.45%.
5. Most active stocks in terms of volume
Vodafone Idea (120 crore shares), PC Jeweller (22.45 crore shares), and YES Bank (13.56 crore shares) were the most active stocks in terms of volume on the NSE.
6. Nearly 20 stocks jump more than 10% on BSE
Magnum Ventures, Agri-Tech (India), STEL Holdings, VIP Clothing, and Salona Cotspin were among the 18 stocks that surged more than 10% on the BSE.
7. Advance-decline ratio
Out of 4,302 stocks traded on the BSE, 1,807 advanced, while 2,314 declined. Some 181 stocks remained unchanged.
8. 80 stocks hit 52-week highs
Vedanta, Hero MotoCorp, and Asian Paints were among the 80 stocks that rose to their 52-week highs on the BSE.
9. Over 260 stocks plumb 52-week lows
As many as 261 stocks, including Colgate Palmolive (India), IREDA, and Patanjali Foods, hit their 52-week lows in intraday trade on the BSE.
10. Nifty’s technical outlook
According to Sudeep Shah, Head – Technical and Derivative Research at SBI Securities, 25,900-25,870 will act as important support.
“On the upside, the index faces a crucial hurdle in the 26,140–26,160 zone. A decisive move beyond either of these levels could trigger a strong trending move, setting the tone for the next phase of the market,” said Shah.
Rupak De, Senior Technical Analyst at LKP Securities, expects the 26,100–26,150 zone to act as crucial resistance, while support is placed at 25,900–25,950. A fall below 26,000 may trigger a quick correction towards 25,950–25,900, as the chart setup appears weak on the hourly timeframe, said De.
Read all market-related news
Read more stories by
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.