You are here: Home » Markets » News
Outlook for Nifty to remain bearish below 17,490, says Subash Gangadharan
Business Standard

Sensex gallops 1,016pts on status-quo RBI policy; Nifty ends above 17,450

Rate sensitives' like auto, financials and real-estate shares logged smart gains in trade on Wednesday

Topics
MARKET LIVE | RBI Policy | Markets

SI Reporter  |  New Delhi 



stock market, brokers, growth, investors, investments, funds

Closing Bell

The bulls contiued to roar on the Dalal Street, as the key benchmark indices logged back-to-back strong gains today helped by a status-quo by the (RBI).

Shares of interest rate sensitive sectors such as financials including banks, housing finance companies (HFCs), real estate and automobiles were in demand, after the RBI kept interest rates unchanged for the ninth consecutive time on Wednesday. READ MORE

The BSE benchmark index, the Sensex, opened with a positive gap of more than 500 points on the back of encouraging overseas cues. The benchmark extended gains after the outcome, and touched a high of 56,703 towards the end of the trading day. The Sensex finally ended with a solid gain of 1,016 points at 58,650. In the process, the BSE index has gained 3.4 per cent (1,903 points) in just two trading sessions.

The NSE Nifty surged to a high of 17,485, and ended 293 points stronger at 17,470.

Bajaj twins were the major gaines, Bajaj Finance surged 3.6 per cent, and Bajaj Finserv rallied 3 per cent. Maruti too jumped over 3 per cent towards the close. SBI, ICICI Bank, Sun Pharma, Asian Paints, Bharti Airtel, Tata Steel, Infosys and HCL Technologies were the other major gainers.

also advanced 1.6 per cent to Rs 2,420, as the company announed its plan to set-up its first chemical plant JV in West Asia with TAZIZ for an investment of $2 billion.

Market Dashboard: Snapshot of key movers and shakers in trade today

The broader also finished with considerable gains. The BSE Midcap and Smallcap indices were up 1.4 per cent and 1.5 per cent, respectively. The overall breadth too was extremely bullish, with more than two advancing shares for every declining stock on the BSE.

Among sectoral indices, the BSE Auto index rallied 2.3 per cent and was the major per centage gainer. Rest of the prominent indices such as Energy, FMCG, Healthcare, IT, Bankex, Metal, Oil & Gas and Realty were up 1-2 per cent each.

In the broader markets, Reliance Industrial Infrastructure zoomed over 19 to hit a fresh 2-year high. The stock has gained 62 per cent in the last two trading weeks. READ MORE

Nykaa's market cap dipped below the Rs 1 trillion mark in intra-day trades, as the stock slipped 5 per cent on the BSE. The stock eventually recouped losses and ended nearly a per cent higher at Rs 2,172. READ MORE

Click here for more market news

In the primary market, RateGain Travel Technologies IPO was subscribed up to 62 per cent as of 03:30 PM on Day 2 of the offer period. The retail quota had received bids of 3.32 times.

Shriram Properties IPO that opened for subscription today, was subscribed up to 74 per cent, with bids from retail investors up to 4.1 times.
____________________________________________________________________________________________

at 02:30 PM


Live market updates: The key benchmark indices continue to hover near the highs of the day on unabated buying support. The BSE Sensex touched a high of 58,660, and was up XX points at 58,XX. The NSE Nifty had gained 276 points at 17,453.

Among the Sensex 30 shares, ICICI Bank, Infosys, HDFC Bank and have contributed almost 50 per cent of the day's gains so far.

The broader have also logged smart gains, the BSE Midcap and Smallcap indices were up 1.2 per cent and 1.4 per cent, respectively. The overall market breadth too was extremely positive with gainers outpacing losers in the 2.6:1 ratio.

Among sectoral indices, the BSE Energy, IT, Telecom, Bankex, Auto, Metal and Realty indices were all up in the range of 1.5 per cent to 2 per cent.

The neighbouring Asian markets also ended on a bouyant note. Shanghai Composite and Nikkei had rallied 1.2 per cent and 1.4 per cent, respectively. Kospi gained 0.3 per cent, and Taiwan added 0.2 per cent. Hang Seng ended on a flat note, while Straits Times was down 0.2 per cent.

Meanwhile, markets in Europe have started trade on a mixed note. The FTSE 100 and CAC 40 were up 0.2 per cent and 0.1 per cent, respectively, while DAX 30 was down 0.2 per cent. Elsewhere in US, Dow futures were up 0.2 per cent, and Nasdaq up 0.5 per cent.
___________________________________________________________________________________________

Markets at Lunch (01:30 PM)


Live market updates: The key benchmark indices have extended gains on the back of continued buying support. The BSE Sensex was up 957 points at 58,591, and the NSE Nifty had gained 276 points at 17,453.

Bajaj Finance, Bajaj Finserv and ICICI Bank have rallied around 3 per cent each. SBI has jumped 2.5 per cent. HCL Technologies, Infosys, Asian Paints and Larsen & Toubro were the other major gainers.

PowerGrid Corporation and Kotak Bank were the only losers among the Sensex 30 stocks.

In the broader markets, Devyani International has touched a fresh all-time high on the back of a 13-per cent surge and heavy volumes. Brokerage firm Motilal Oswal has initiated coverage on the stock with a 'Buy' rating. READ MORE

Ramky Infrastructure has surged to a fresh 52-week high of Rs 241.60 on surging 15 per cent on the BSE on back of three-fold jump in trading volumes. The stock was up for the sixth day in a row. READ MORE

In the primary market, RateGain Travel Technologies IPO was was subscribed up to 57 per cent as of now on Day 2 of the offer. The retail quota had received bids of 3 times.

Shriram Properties IPO that opened for subscription today, was subscribed up to 61 per cent, with bids from retail investors up to 3.3 times.

Meanwhile, Star Health has cut the size of its initial public offering (IPO) to Rs 6,400 crore ($848.02 million) from Rs 7,249 crore earlier after a subdued response to the pulic offer. READ MORE
__________________________________________________________________________________________

Markets at 11 AM


LIVE market updates: The BSE Sensex and the indices were holding their across-the-board gains post the Reserve Bank of India's monetary policy outcome where the central bank maintained key interest rates to support economic growth. Governor Shaktikanta Das, however, said monetary policy is reaching an "inflection point".

TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.

SUBSCRIBE TO INSIGHTS

What you get on Business Standard Premium?

  • icon Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • icon Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • icon Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
  • icon Pick your 5 favourite companies, get a daily email with all news updates on them.
  • icon 26 years of website archives.
  • icon Preferential invites to Business Standard events.

OR


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Wed, December 08 2021. 08:20 IST

RECOMMENDED FOR YOU

.