Stock Market Today: Nifty Records Best Winning Streak In Over A Month; HDFC & ICICI Banks Top Leaders
The Nifty 50 rose for fourth day in a row, which is the best winning streak since Sept 26.
The NSE building in Mumbai. (Source: Vijay Sartape/NDTV Profit)
KEY HIGHLIGHTS
US Futures Gain Ahead Of PMI Data
As of 3:29 p.m., future contracts of Dow Jones rose 0.4% to 44,995.00, those of S&P 500 rose 0.2% to 6,077.25, and Nasdaq 100 was 0.6% up at 21,399.75.
Economic Data Releases And Events For Dec 4
US: ADP Non–Farm Employment Change — 6:45 p.m.
US: Federal Reserve Bank of St. Louis President Alberto Musalem will speak at the Global Interdependence Center College of Central Bankers Symposium, in New York — 7:15 p.m.
US: Final Services PMI — 8:15 p.m.
US: ISM Services PMI — 8:30 p.m.US: Factory Orders — 8:30 p.m.
US: Energy Information Administration Crude Oil Inventories Data — 9:00 p.m.
US: Deutsche Bundesbank President Joachim Nagel will speak at the European Stability Mechanism, in Luxembourg — 10:40 p.m.
Nifty, Sensex Rise For Fourth Day To Clock Best Winning Streak In Months: Market Wrap
The NSE Nifty 50 and BSE Sensex ended with marginal gains after clocking the best winning streak in months. In last four session, the indices gained 1.39% and 1.45%, respectively.
The Nifty 50 ended 10.30 points or 0.04% higher at 24,467.45, and the Sensex ended 0.14% or 110.58 points higher at 80,956.33.
Earlier in the session, the Nifty 50 rose as much as 0.47% to a high of 24,573.20, and the Sensex rose 0.49% to 81,245.39.
The Nifty 50 posted the best winning streak since Sept 26. The index pared some losses from the correction zone with gains in last three sessions. On Nov 13, the Nifty 50 entered correction zone after it declined over 10% from the life high. An index enters correction zone when it declines 10% from record high or 52–week high.
In Wednesday's session, the Sensex reclaimed 81,000 mark for the first time in 29 sessions since Oct 21. The index recorded the best winning streak since Sept 2.
Volatility is the word for today's trade as after a steady opening, the Index soared higher but select heavyweights dented the sentiment and dragged the Index lower. Under the leadership of the PSU Banks, the market recovered but failed to hold higher levels and finally settled the trade at 24,467.45 with gains of 10.30 points, said Aditya Gaggar, director, Progressive Shares.
A Spinning Top candlestick pattern denotes extreme volatility and indecisiveness between the bears and bulls. The undertone of the market is positive and in the case of any correction, if any, it is likely to be bought into. Now, the immediate resistance is 24,660 while on the lower side, 24,350 will work as a strong support, Gaggar added.
The Nifty Bank seems a bit more stronger technically despite the upcoming Monetary Policy Committee meeting and interest rate decision due this Friday. The index is likely to be quite volatile and we expect it to trade in a range of 52,200 to 53,100 with a bullish bias, IFA Global Research Academy said.
HDFC Bank Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., NTPC Ltd., and Larsen & Toubro Ltd. added to the Nifty 50 index.
Bharti Airtel Ltd., Reliance Industries Ltd., ITC Ltd., Tata Motors Ltd., and Power Grid Corp of India limited losses to the Nifty 50 index.
On NSE, six sectors advanced, and six declined out of 12. The NSE Nifty PSU Bank rose the most, and the NSE Nifty Energy declined the most.
Broader indices outperformed. BSE Midcap ended 0.8% higher and BSE Smallcap ended 0.7% up.
Ten of 21 sectoral indices on the BSE ended lower and 11 rose. BSE Realty rose the most.
Market breadth was skewed in the favour of buyers. As many as 2,399 stocks rose, 1,572 fell, and 99 remained unchanged on the BSE.
Rupee Ends Weaker Against US Dollar
Rupee weakened by 4 paise to close at a record low of 84.73. It closed at 84.69 on Tuesday, according to data on Bloomberg.
Market At Close
The NSE Nifty 50 and BSE Sensex extended gains to a fourth session.
The Nifty 50 rose for fourth day in a row, which is the best winning streak since Sept 26.
The Sensex rose for fourth day in a row to clock the best winning streak since Sept 2.
The NSE Nifty PSU Bank is the top performing sector on Dec 4.
The NSE Nifty Energy is the worst performing sector.
The NSE Nifty Midcap 150 ended 0.91% higher at 21,485.15.
The NSE Nifty Smallcap 250 ended 0.76% higher at 18,143.55.
