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

3:55 PM

Tech View :: 'Bank Nifty eyeing 47,200'

Bank Nifty was the leader in today’s upmove as it was up ~3.5% for the day. It has closed at an all-time high and we expect the momentum to continue. On the upside, 47,000 – 47,200 shall be the immediate short-term target and any dip towards 46,200 – 46,000 should be used as a buying opportunity.

 

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:46 PM

Comment :: 'Nifty may take a breather around 20,750'

The buoyancy in the banking pack is leading from the front now while others are playing a supportive role and we feel the same trend could continue in the coming days. Besides, cues are favorable from the global front too, further adding to traders’ comfort.

On the index front, Nifty may take a breather around the 20,750 zone and expect the 20,300-20,400 zone to act as a cushion in case of any profit taking. We recommend staying with the trend and utilizing a dip or consolidation as a buying opportunity. 

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

3:43 PM

Currency check :: Rupee ends 7 paise weaker at 83.365/$

3:42 PM

SmallCap Heatmap :: Index ends 1.2% higher

3:40 PM

MidCap Heatmap :: Index surpasses 35,000, ends 1.2% higher

3:38 PM

Nifty Heatmap :: Financials, Adani stocks sprint

3:36 PM

CLOSING BELL :: Nifty hits record high of 20,700 intraday

3:34 PM

CLOSING BELL :: Sensex surges over 1,300 pts as investors cheer BJP win

3:26 PM

NBFC business has to hit the reset button after RBI strengthens norms

The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 – on consumer credit and the dependency on bank borrowings. But the red lights were flashing before this interaction. READ MORE

3:14 PM

'Managed investments to more than double to Rs 315 trillion by fiscal 2027'

Infrastructure assets are becoming strong contenders for investment because of their improving credit risk profile, recovery prospects and long-term nature. Currently, infrastructure constitutes only ~15% of the annual corporate bond issuance by volume. But structural improvements aided by a raft of policy measures should make infrastructure bond issuances amenable to patient-capital investors — insurers and pension funds — the key investor segment in the bond market. READ MORE

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3:01 PM

Global check:: US, UK stock futures slip up to 0.5%

Source: Investing.com

2:51 PM

L&T surges 5% to hit fresh high; surpasses its buyback price of Rs 3,200

Shares of Larsen & Toubro (L&T) surged 5 per cent to hit a new high of Rs 3,347.25 on the BSE in Monday’s intra-day trade amid heavy volumes led by a strong business outlook. READ MORE

2:41 PM

BJP election victories fire up market, 'boost' investor sentiment

Stocks are fired up after the BJP's election victories in Rajasthan, Madhya Pradesh and Chhattisgarh. Brokerages believe the BJP’s victories have reduced political risks for the domestic markets going into 2024. READ MORE

2:30 PM

ALERT:: Apparel Group inks deal with Shoppers Stop for brand expansion; stock down 1%

Shoppers Stop in an exchange filing said that Apparel Group has inkex an exclusively partnered with Shoppers Stop to expand the presence of one of America's top fragrance brands - Bath & Body Works into the Indian market.

2:17 PM

Steel firms to hike quarterly contract prices after downward revision earlier

Steel companies are set to increase their quarterly automative contract prices after a downward revision July to September. READ MORE

2:05 PM

Sector ALERT:: Bank Nifty rises 2.8%; ICICI, SBI lead charge

1:53 PM

ALERT:: Time Technoplast to sell land worth Rs 26 cr; stock marginally up

Time Technoplast has signed an MOU for selling the land & building located in Southern India for a total consideration of Rs 26.50 crore. The proceeds from these assets will be partly used for reduction of debt and partly towards expansion of existing established and Value-Added Products, the company said in an exchange filing.

1:41 PM

ALERT:: SJVN announces commissioning of two units in Uttarakhand; stock up 2%

SJVN in an exchange filing said the company has commissioned both the units of 60 MW Naitwar Mori Hydro Power Station on River Tons, Uttarakhand. With this achievement, the installed generation capacity of the company now stands at 2152 MW.

1:31 PM

Market check: Sensex hits new high, up 1,100 points

1:16 PM

Bitcoin hits $40,000 for the first time since May 2022 on rate reductions

The crypto industry is also awaiting the outcome of applications from the likes of BlackRock Inc. to start the first US spot Bitcoin ETFs. READ MORE

1:04 PM

Inox Wind soars 14% as promoter completes Rs 800 crore fund infusion

Shares of Inox Wind (IWL) hit over seven-year high at Rs 328.20, as they soared 14 per cent on the BSE in Monday’s intra-day trade after the company announced completion of infusion of around Rs. 800 crore (before taxes and fees) into the company by its promoter Inox Wind Energy Limited (IWEL). Read

12:49 PM

Modi's win in state polls seen as boosting case for equity inflow in India

Portfolio managers say the results will ensure policy continuity and lift prospects for the stock market as international investors become more confident in their India allocations ahead of national elections. Jefferies Financial Group Inc. sees cyclical stocks benefiting the most from the outcome of the polls while Nuvama Wealth Management says it has become more confident in the government’s capital expenditure. Read

12:34 PM

Hong Kong court puts off Evergrande's hearing on debt restructuring to Jan

Hong Kong court postponed until Jan. 29 a court hearing scheduled for Monday on troubled Chinese property developer Evergrande's winding-up petition. Evergrande is trying to win support from its creditors for a plan to restructure more than $300 billion in debt to stave off liquidation. The company's lawyer told the court it was requesting an adjournment to refine its new debt restructuring plan. Read

12:15 PM

The black card you need: Best luxury credit cards in India for 2023

Premium credit cards, often referred to as black or purple credit cards, charge a hefty annual fee but offer cardholders a range of exclusive benefits in return. Often viewed as a status symbol, premium cards are only offered to high-earning big spenders. Read

12:04 PM

PFC enters club of 50 most valued firms; REC m-cap crosses Rs 1 trn

Shares of state-owend power finance companies were on a roll in Monday's trade. Power Finance Corporation (PFC) (Rs 386.30) and REC (Rs 393.05) scaled new highs and rallied up to 6 per cent on the BSE on a healthy business outlook. Read

11:48 AM

Stock of this OMC has zoomed 54% in 5 weeks; trades at over five-year high

Shares of Hindustan Petroleum Corporation (HPCL) hit over five-year high at Rs 378.90, as they surged 10 per cent on the BSE in Monday’s intra-day trade on the back of heavy volumes. As many as 13 million equity shares of HPCL, on a combined basis, had changed hands on the NSE and BSE till 10:38 AM. Read

11:31 AM

L&T Finance Holdings completes merger of 3 of its subsidiaries with itself

L&T Finance Holdings Ltd on Monday announced that it has completed the merger of its three subsidiaries L&T Finance Limited (LTF), L&T Infra Credit Limited (LTICL) and L&T Mutual Fund Trustee Limited, with itself. The company said the merger is effective from December 4 and will create a single lending entity. Read

11:15 AM

Chart check: Will Nifty top 25,000-mark before 2024 general elections?

The NSE Nifty has witnessed a strong breakout on the daily and weekly scale following the huge gap-up start of 335 points post a clear verdict in 3 out of 4 state elections in favour of the Bhartiya Janta Party (BJP). Read

10:58 AM

Adani group shares rally; Adani Green, Enterprises, Power surge up to 15%

 Investors were enthused by the fact that there were no adverse reports against the Adani group. However, except Adani Power and Adani Port, the rest of the Adani Group stocks have underperformed the market in calendar year 2023 as an unsubstantiated report by the US-based short seller Hindenburg Research resulted in the group's stock crashing in January. READ MORE

10:46 AM

Wired for growth: Strong outlook fuels EMS players' success circuit

While the outlook remains strong, the operational performance of the major players in the 2023–24 (FY24) July–September quarter (second quarter, or Q2) was subpar. Although revenue growth was robust, margins went south on account of higher costs. The companies in the sector posted 28 per cent revenue growth over the year-ago quarter and 17 per cent on a sequential basis. READ MORE