Informist, Friday, Dec 1, 2023
By Maitri Seth
MUMBAI – Benchmark indices ended the day substantially higher today as foreign institutional investors resorted to frenzied buying, analysts said. Sectors such as banks and fast-moving consumer goods, which have been underperforming recently, witnessed buying today due to attractive price levels, and a broadly positive global and domestic environment.
“Frenzied buying on the back of renewed optimism from the FIIs and positive European market cues lifted the benchmark Nifty to a fresh record high,” said Prashanth Tapse, senior vice-president (research) at Mehta Equities. Analysts said the sentiment for Indian equities also improved after India’s GDP data for Jul-Sep surprised on the upside.
The Nifty 50 today hit its fresh lifetime high of 20291.55 points. Both the Nifty 50 and Sensex closed 0.7% each higher at 20267.90 points and 67481.19 points, respectively. Most mid- and small-cap indices also hit fresh record highs, with all the indices closing in the range of 0.4-1.1% higher.
Analysts said FIIs also significantly covered their short positions today. The current short-covering move is expected to continue and if this happens, the Nifty 50 may rise to 20700-20750 points in one to one-and-a-half months, said Jay Vora, senior technical and derivative analyst at Indiacharts.
According to market participants, a weakening dollar and higher possibility of a rate cut from the US Federal Reserve helped the sentiment for Indian equities. Investors will now eye Federal Reserve Chair Jerome Powell’s speech due later today on cues on his views on expected rate cuts and global economic outlook.
Shares of banks and fast-moving consumer goods companies were the top gainers, which according to Vora, witnessed bargain buying after a sideways movement in the recent sessions. Among major bank stocks, Axis Bank was the top gainer on the Nifty 50 index and hit its lifetime high of 1,109 rupees, closing 2.8% higher. Among FMCG stocks, ITC gained significantly, closing 3.2% higher. The stock hit over a one-month high of 450.95 rupees.
All other sectors, barring automobile stocks, ended in the green. The Nifty Auto index closed 0.4% lower after showing significant gains ahead of the monthly sales data for November.
Among specific stocks, Flair Writing closed at 450.90 rupees after getting listed at a premium of 65% to the issue price. Whirlpool of India closed nearly 10% lower after the company said Whirlpool Corp would sell up to 24% stake in the company in 2024.
Ashok Leyland fell after the automaker reported a decline in its total sales for November. The total sales dropped to 14,053 units from 14,561 units in the year-ago period. The stock was the worst-hit on the Nifty 200 index, closing 3.7% lower.
Shares of Raymond Ltd recovered after falling for 12 straight sessions. The stock fell after the Group’s Managing Director Gautam Singhania’s estranged wife, Nawaz Modi, who is a non-executive director on Raymond’s board, alleged that she was physically assaulted by him. Shares of the company gained 3.9% today.
“…the short-term technical outlook for Nifty continues to be in favour of the bulls, with support seen at 20089-19909 and resistance at 20500-20751,” said Tapse.
* Of the Nifty 50 stocks, 29 rose and 21 fell, 0 unchanged
* Of the Sensex stocks, 17 rose and 13 fell
* On the BSE, 2141 stocks rose, 1,601 fell, and 130 were unchanged
* Nifty Media: Up 2.57%; Nifty PSU Bank: Up 1.86%; Nifty Auto: Down 0.36%
BSE NSE
Sensex: 67481.19, up 492.75 pts or 0.74% Nifty 50: 20267.90, up 134.75 pts or 0.67%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67927.23 (Sep 15, 2023) : Lifetime High: 20291.55 (Dec 1, 2023)
Record Close High: 67838.63 (Sep 15, 2023) : Record Close High: 20267.90 (Dec 1, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67838.63 (Sep 15, 2023) : 2023 Closing High: 20267.90 (Dec 1, 2023)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 67927.23 (Sep 15) : 2023 High (intraday): 20291.55 (Dec 1)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
