Stock Market Rally Highlights: Sensex up for 5th day, adds 810 pts; Nifty reclaims 24,700

Market Rally Highlights: IT stocks stole the show, with the Nifty IT index settling higher by 1.95 per cent, led by TCS, Infosys, and LTIMindtree

Stock Market Rally Highlights, Thursday, December 5, 2024: Benchmark equity indices, the BSE Sensex and NSE Nifty50, erased their early losses to extend their winning streak for the fifth consecutive session on Thursday. The Sensex settled 809.53 points or 1 per cent higher at 81,765.86, trading in the range of 82,317.74-80,467.37. 

 

The NSE Nifty50 ended at 24,708.40, up 240.95 points or 0.98 per cent. Nifty50 scaled a day's high of 24,857.75 during intra-day trade, while the day's low was seen at 24,295.55. 

 

41 out of 50 constituent stocks ended in the green, with gains led by Trent, TCS, Infosys, Titan Company, and Dr Reddy's Labs, rising up to 3.31 per cent. On the other hand, SBI Life, Bajaj Auto, HDFC Life, NTPC, and Grasim were among the 9 constituent stocks of the Nifty50 that ended in the red, with losses extending up to 1.21 per cent.  ALSO READ: Why did Sensex zoom 1,850 pts; Nifty top 24,800 on Thursday intra-day?

 

Broader markets also joined the rally, with the Nifty Midcap100 and Nifty Smallcap100 indices ending higher by 0.57 per cent and 0.83 per cent, respectively. 

 

IT stocks stole the show, with the Nifty IT index settling higher by 1.95 per cent, led by TCS, Infosys, and LTIMindtree. The index scaled a fresh 52-week high of 45,027.95 during the intra-day trade.  

 

Other sectoral indices also ended with gains, barring the Nifty PSU Bank and Realty index.

4:06 PM

Technical View: Nifty to test 24,850-25,000 levels in short term

The Nifty opened on a bullish note, experienced high volatility and finally concluded the day on a positive note around 24,708 levels. Technically, on the daily chart, Nifty has formed a bullish candle, which indicates strength. Furthermore, the index has crossed the 24,575 obstacle and closed above it, indicating strength.

As per this breakout, index could test 24,850-25,000 levels in the short term. On the downside,100-Days exponential moving average (DEMA) support is placed near 24,320 levels. Thus, 24,300-24,320 will act as strong support for the index. 

As long as the Nifty stays above 24,300, traders should adopt buy on dips strategy.

View By: Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates

 

 

3:58 PM

Expert View: 'Expectation of a dovish monetary policy by RBI supported the sentiment'

The market experienced a sharp recovery from the day's low, closing with strong gains. A positive turnaround from FIIs for the past couple of days to India in expectation of a dovish monetary policy by RBI supported the sentiment.

Further, stability in November service PMI data despite a rise in inflation shows steadiness in business activity.

Views By: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

 

3:56 PM

Stock Market Highlights: Sectorally, Nifty IT index outperforms

3:54 PM

Stock Market Highlights: Broader indices - MidCap, SmallCap move in tandem with benchmarks

3:46 PM

Stock Market Highlights: NSE Nifty ends above 24,700, up 241 pts

 

3:43 PM

Stock Market Highlights: BSE Sensex jumps another 810 pts, settles at 81,766

 

3:19 PM

Stock Market LIVE Updates: SBI stock trades at 4-month high; gains 14% in 2 weeks on strong outlook

Stock Market LIVE Updates: Shares of State Bank of India (SBI) hit an over four-month high at Rs 871, gaining 1 per cent on the BSE in Thursday’s intra-day trade on strong outlook. The stock of the state-owned lender was trading higher for the third straight day, rising 4 per cent during the period. In the past two weeks, SBI has rallied 14 per cent from a level of Rs 762. It was quoting at its highest level since August 1, 2024. It had hit a 52-week high of Rs 912.10 on June 6. READ MORE

 

3:12 PM

Stock Market LIVE Updates: Rupee update

Stock Market LIVE Updates:  USDINR CMP- 84.72 (spot) Indian Rupee recovered slightly today on strength in the domestic markets and overnight decline in crude oil prices. However, a positive US Dollar capped sharp upside. The American currency fell on Wednesday on weaker than expected ISM Services PMI data. ISM Services PMI fell to 52.1 in November, sharply lower than forecast of 55.7.

 

We expect Ree to trade with a negative bias on strong Dollar and worries over economic slowdown. However, weakness in crude oil prices and fresh FII outflows may support the Rupee at lower levels. Traders may take cues from Weekly unemployment claims and trade balance data from the US. USDINR spot price is expected to trade in a range of Rs 84.50 to Rs 84.95.

Views By: Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan

3:01 PM

Stock Market LIVE Updates: 3 PM market update - Sensex, Nifty give up gains

Stock Market LIVE Updates: Benchmark Indian equity indices BSE Sensex and Nifty 50 were trading higher on Thursday.

At 3 PM, the BSE Sensex was higher by 400 points, or 0.49 per cent, at 81,356.49, while the Nifty 50 was at 24,548, ahead by 80.95 points, or 0.33 per cent.

 

2:49 PM

Stock Market LIVE Updates: NBCC India subsidiary secures Rs 600-Cr order; Shares advance over 3%

Stock Market LIVE Updates: Shares of state-owned Navratna company NBCC (India) rallied 3.40 per cent to hit a day's high of Rs 103.40 on the BSE on Thursday, December 5, 2024, after its subsidiary, HSCC (India), bagged work orders worth Rs 600 crore.

 

On the trading front, nearly 13.08 million shares of the civil construction company, worth around Rs 132.42 crore, changed hands on both the BSE and NSE during intra-day trade on Thursday. READ MORE

 

2:41 PM

Stock Market LIVE Updates: Rupee weakness will not deter RBI from cutting rates, says Nomura

Stock Market LIVE Updates: Nomura stuck by its contrarian call that the Reserve Bank of India will lower interest rates on Friday as concerns over economic growth overshadow worries about high inflation and the rupee's weakness.

 

Nomura is one of the five economists surveyed in a Reuters poll that expect the RBI to lower rates by 25 basis points. READ MORE

 

2:25 PM

Stock Market LIVE Updates: Foreigners buy $1 bn in bonds, betting on policy easing after GDP data

Stock Market LIVE Updates: Foreign investors have stepped up buying of Indian government bonds in the last four sessions, after weaker-than-expected economic growth data last week spurred expectations of monetary policy easing by the central bank.

 

These investors net bought bonds worth over Rs 9,000 crore ($1.06 billion) under the Fully Accessible Route till Wednesday, a majority of which are part of JPMorgan's debt index, data from Clearing Corporation of India showed. READ MORE

 

 

2:14 PM

Stock Market LIVE Updates: This Jignesh Shah-owned smallcap stock has doubled in 2 months

Stock Market LIVE Updates: Shares of 63 Moons Technologies hit a decade high of Rs 766.60, and were locked at the 5 per cent upper circuit on the BSE in Thursday’s intra-day trade. The stock of the smallcap company was trading higher for the eight straight day, and has rallied 33 per cent during this period. It was quoting at its highest level since July 2013, with its all-time high registered at Rs 3,048 on June 29, 2007.

 

Jignesh Shah is the Founder, Chairman Emeritus, and Chief Mentor of 63 Moons Technologies. As on September 30, 2024, Jignesh Shah is holding 14.19 per cent stake in 63 Moons Technologies in the promoter group category, the shareholding pattern data shows. READ MORE

 

2:02 PM

Stock Market LIVE Updates: 2 PM market update - Sensex, Nifty at day's highs

Stock Market LIVE Updates: Benchmark Indian equity indices BSE Sensex and Nifty 50 were trading higher on Thursday.

At 2 PM, the BSE Sensex was higher by 726.96 points, or 0.90 per cent, at 81,683.29, while the Nifty 50 was at 24,668, ahead by 200.55 points, or 0.82 per cent.

 

1:53 PM

Stock Market LIVE Updates: Signature Global eyes taking over Noida's stalled projects to expand biz

Stock Market LIVE Updates: Realty firm Signature Global is looking for land in Noida and Greater Noida to expand the business and will explore taking over stalled housing projects as well provided there are no legacy litigations.

 

Signature Global, which got listed in 2023, has a significant presence in the Gurugram market of Delhi-NCR. READ MORE