Stock Market Today: Nifty 50, Sensex continue record-setting spree, up for 7th consecutive session | Mint
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Business News/ Markets / Stock Markets/  Stock Market Today: Nifty 50, Sensex continue record-setting spree, up for 7th consecutive session
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Stock Market Today: Nifty 50, Sensex continue record-setting spree, up for 7th consecutive session

Nifty 50 closed at 20,937.70, up 83 points, or 0.40 per cent while the Sensex closed the day with a gain of 358 points, or 0.52 per cent, at 69,653.73. Investors have gained over ₹20 lakh crore in the seven-day market rally.

The Nifty 50 and the Sensex closed higher for the seventh consecutive session on Wednesday. (Agencies)Premium
The Nifty 50 and the Sensex closed higher for the seventh consecutive session on Wednesday. (Agencies)

Equity benchmarks the Sensex and the Nifty 50 extended their record-setting spree into the third consecutive session on Wednesday, December 6, as sentiment remained bullish on the expectations of political stability after General Elections 2024 and a strong growth outlook.

The Nifty 50 and the Sensex closed higher for the seventh consecutive session. While the Nifty 50 has jumped 5.8 per cent, the Sensex has gained 5.6 per cent in these seven days. 

Robust Q2 GDP figures in India, coupled with a promising growth trajectory, diminishing inflationary pressures, steady interest rates, a downturn in US bond yields, and anticipated political stability post the upcoming General Elections, have galvanized market sentiment. This surge in positivity has triggered significant buying activity from both international and domestic investors.

Nifty 50 closed at 20,937.70, up 83 points, or 0.40 per cent while the Sensex closed the day with a gain of 358 points, or 0.52 per cent, at 69,653.73. Both indices closed at their fresh closing peaks. 

During the session, the Nifty 50 hit its fresh record high of 20,961.95 and the Sensex, too, scaled its fresh peak of 69,744.62.

The BSE Midcap index also hit its fresh record high of 35,245.77 before closing 0.19 per cent higher at 35,115.78. The BSE Smallcap index closed with a gain of 0.18 per cent at 41,174.45.

Also Read: Nifty 50 likely to touch 23,200 by end of 2024, ICICI Securities forecasts; check out top picks

The overall market capitalisation (m-cap) of the firms listed on the BSE rose to nearly 349 lakh crore from 346.5 lakh crore in the previous session, making investors richer by about 2.5 lakh crore in a single session. Besides, investors have gained over 20 lakh crore in this seven-day market rally.

Over 370 stocks, including Larsen & Toubro, Mahindra and Mahindra, Nestle, NTPC, Power Grid Corporation, Sun Pharma, Tata Motors and Titan, hit their fresh 52-week highs in intraday trade on BSE.

Also Read: Nifty 50, Sensex at record highs; how should you play largecaps, midcaps, smallcaps in ongoing market rally?

Top Nifty 50 Gainers Today

Shares of Wipro (up 3.94 per cent), LTIMindtree (up 2.85 per cent) and ITC (up 2.59 per cent) closed as the top gainers in the Nifty 50 index.

Top Nifty 50 Laggards Today

Shares of Adani Enterprises (down 2.24 per cent), Eicher Motors (down 2.10 per cent) and Cipla (down 1.43 per cent) closed as the top Nifty 50 laggards.

29 stocks closed in the green while the remaining 21 stocks closed in the red in the Nifty 50 index.

Also Read: RIL, HDFC Bank, Infosys, and 5 other large caps are 7-25% below all-time highs

Sectoral Indices Today

Nifty Bank today closed 0.38 per cent lower while Nifty Private Bank fell 0.33 per cent. However, the Nifty PSU Bank index clocked a gain of 0.63 per cent.

The Nifty Media index jumped 2.11 per cent, followed by the IT and Oil & Gas indices which rose 1.67 per cent and 1.49 per cent respectively.

Expert's Views on Markets

"Post-state elections, market optimism thrives, confirming policy continuity and meeting investor expectations. A robust FIIs (foreign institutional investors) reversal is fuelled by receding inflation and dropping yields in both US and Indian markets. The allure of Indian market gains post-China credit rating downgrade and decline in oil prices was followed by ease in geopolitical tensions," said Vinod Nair, Head of Research at Geojit Financial Services.

"A strong rebound in IT, driven by reduced US recession risks and in anticipation of robust summer demand, fuels the momentum in the power sector. Despite a promising outlook, short-term profit booking may occur due to domestic premium valuation concerns. Further, lingering El Nino risks, a drop in reservoir levels, and reduced sowing may hold RBI to profoundly upgrade H2FY24 growth and reduce future inflation estimates," said Nair.

Technical View on Nifty 50

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said Nifty is now trading around the psychological level of 21,000 which can provide some resistance over the next few trading sessions. Also on the hourly charts, the momentum indicator has a negative crossover which indicates a loss of momentum on the upside.

"Considering the sharp run-up in the previous few trading sessions a consolidation is highly likely. On the upside 21,000 – 21,060 should act as an immediate hurdle zone and 20,800 – 20,730 should act as a crucial support zone and should also be kept as a trailing stop loss for the longs on the index," said Gedia.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 06 Dec 2023, 03:30 PM IST
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