Informist, Monday, Dec 4, 2023
By Akshata Gorde
MUMBAI – Indian benchmark indices closed at their highest levels today as investor sentiment got a major boost from the stronger-than-expected win of the Bharatiya Janata Party in state Assembly elections.
Both the Sensex and the Nifty opened gap-up after the BJP swept the Assembly elections in Madhya Pradesh, Rajasthan and Chhattisgarh. The Nifty 50 index closed 2.1% higher at 20686.80 points, after hitting a new lifetime high of 20702.65 points during the session. The Sensex closed 2.1% higher at 68865.12 points, after hitting a new lifetime high of 68918.22 points today.
“The rally was on expected lines as the ruling party’s strong performance in state elections gave confidence to investors that culminated into a massive upsurge with key benchmarks scaling record highs,” said Prashanth Tapse, senior vice-president of research at Mehta Equities Ltd in a note.
Technical analysts expect the Nifty 50 index to find support at 20300 points, and face immediate resistance at 20750 points. “The trend is overall bullish, but obviously the market is very overbought as of now,” Osho Krishan, senior research analyst at Angel One said. “But we might witness some kind of profit booking in the near-term.”
Along the same lines, Tapse said, “Despite overbought technical conditions, the good news is that the short-term technical outlook for Nifty (50) continues to be in favour of the bulls.”
Indices rose despite India VIX, also known as the fear gauge, closing nearly 5% higher at 12.9925 points. A rising India VIX usually indicates fear or caution among investors.
Shares of banks were in focus ahead of the Reserve Bank of India’s monetary policy meeting outcome on Friday, wherein the central bank is expected to keep rates steady. The Bank Nifty index closed 3.6% higher at 46431.40 points, after hitting a record high of 46484.45 points. “Banking is likely to outperform, so more priority or importance will be given towards the Bank Nifty index and the BFSI (banking, financial services and insurance) counters,” said Krishan.
Echoing similar views, Ajit Mishra, senior vice-president of technical research at Religare Broking Ltd said, “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.”
The positive sentiment led to 12 constituents on the Nifty 50 index hitting their lifetime highs, including Axis Bank, Bajaj Auto, Bharti Airtel, Eicher Motors, Grasim Industries, Larsen and Toubro, Mahindra and Mahindra, NTPC, SBI Life Insurance, Tata Consumer Products, Titan Company, and UltraTech cement.
Most sectoral indices closed higher except the Nifty Pharma and Nifty Media indices. Nifty pharma settled lower after hitting a new high intraday. Other indices that hit their highest-ever levels today were metals, banks, financial services, private banks, energy, infrastructure, oil and gas, fast-moving consumer goods, automobile, and healthcare.
All broader indices, too, hit their respective lifetime highs today. The Nifty Midcap 100 index closed 1.2% higher at 43918.60 points, and the Nifty Smallcap 100 index closed 1.7% higher at 14437.70 points.
Shares of all Adani companies closed higher in the range of 1.8-9.5%. “The move that can be seen (in Adani stocks) is because of BJP coming into the picture, but that is just a sentimental boost…we can expect a decent up move in the recent periods,” said Krishan.
* Of the Nifty 50 stocks, 45 rose and 5 fell
* Of the Sensex stocks, 27 rose and 3 fell
* On the BSE, 2,391 stocks rose, 1,446 fell, and 181 were unchanged
* Nifty PSU Bank: Up 3.85%; Nifty Bank: Up 3.61%; Nifty Media: Down 0.78%
BSE NSE
Sensex: 68865.12, up 1383.93 pts, or 2.05% Nifty 50: 20686.80, up 418.90 pts, or 2.07%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 68918.22 (Dec 4, 2023) : Lifetime High: 20702.65 (Dec 4, 2023)
Record Close High: 68865.12 (Dec 4, 2023) : Record Close High: 20686.80 (Dec 4, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 68865.12 (Dec 4) : 2023 Closing High: 20686.80 (Dec 4)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 68918.22 (Dec 4) : 2023 High (intraday): 20702.65 (Dec 4)
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 Deepshikha Bhardwaj
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