Closing bell: Indices end at record high yet again; Sensex up by 184 points, Nifty around 18800

Closing bell: Indices end at record high yet again; Sensex up by 184 points, Nifty around 18800

UltraTech Cement, Tata Steel, Hindalco Industries, TCS and Grasim Industries were among the top Nifty gainers

FPJ Web DeskUpdated: Thursday, December 01, 2022, 04:02 PM IST
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Today, the benchmark indices ended higher for the seventh consecutive session with Nifty closing above 18800.

Sensex was up 184.54 points or 0.29% at 63284.19, and the Nifty was up 54.20 points or 0.29% at 18812.50.

About 1,985 shares advanced, 1,394 shares declined, and 141 shares were unchanged.

UltraTech Cement, Tata Steel, Hindalco Industries, TCS and Grasim Industries were among the top Nifty gainers while the major losers included ICICI Bank, Eicher Motors, UPL, Cipla and Bajaj Auto.

The BSE Midcap and smallcap indices ended up 0.6% each.

Gainers and Losers on the BSE Sensex

Gainers and Losers on the BSE Sensex | Source: BSE

Among sectors, PSU Bank, IT, realty and metal indices went up 1-2%.

FIIs purchased shares worth Rs 9,010 crores on Wednesday, while DIIs sold shares worth Rs 4,056 crores. FIIs bought shares worth Rs 22,546 crores for November and DIIs remained net sellers by selling shares worth Rs 6,301 crore.

“Although markets extended gains and scaled fresh highs once again, the recent upsurge failed to gather steam today, as indices closed off their highs due to flattish cues from other Asian and European peers. While the undertone remains bullish, the focus will now shift to next week's credit policy announcement. Most of the positive factors are still intact, but if the rate hike is above expectations, it could trigger a sharp sell-off in the near term." Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

"Technically, the Nifty has formed a small bearish candle on daily charts indicating indecisiveness between the bulls and bears. While the larger texture of the market is bullish, due to temporary overbought conditions we could see some profit booking at higher levels. For traders, 18700 and 18650 could act as key support zones whereas 18900-19000 would be the key resistance levels”, he stated.

GDP growth
The industrial sector dragged down 2QFY23 GDP growth, according to a report from Kotak Institutional Equities. 2QFY23 real GDP growth came in line with expectations amid fading base effects and declining manufacturing activity. Contact-based services continued to improve from pandemic lows to boost growth. High frequency indicators are showing resilience in activity in 3QFY23 so far. However, downside risks are increasing from global factors and the lagged impact of monetary tightening. Factoring in the latest print, we maintain our FY2023E and FY2024E real GDP growth estimates at 6.8% and 6%, respectively with downside risks.

Nifty outlook for the month

The Nifty closed at an all-time high level in November, with extremely low levels of realised and implied volatility, according to the report. December is a seasonally strong month for the equity markets in general and the Nifty in particular. Since 2000, the Nifty has returned an average monthly return of 2.9% in December (1.1% across all months). Both concentrated and broad AllSeason portfolios performed in line with the index. Fundamental was the bestperforming factor, while momentum was the worst-performing factor. Kotak Institutional Equities adds HUVR and NTPC to their concentrated all-season portfolio, replacing INFO and TCS.

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