Stock market today: Over 250 stocks hit fresh one-year highs on BSE; investors earn nearly ₹4 lakh crore in a day
Stock market today: HDFC Bank and Persistent Systems were among the stocks that reached new one-year highs on BSE amid a market rally. Other notable mentions include Dixon Technologies and Policybazaar, which also hit their 52-week highs.
Stock market today: As many as 251 stocks, including HDFC Bank, Persistent Systems and Info Edge (Naukri), hit their fresh one-year highs in intraday trade on BSE on Tuesday, December 3, amid a broader market rally.
Dixon Technologies, Oberoi Realty, PB Fintech (Policybazaar), Caplin Point Laboratories, eClerx Services, Affle (India), Deepak Fertilisers and Petrochemicals and Kaynes Technology India were also among the stocks that rose to their 52-week highs on the BSE.
Indian stock market witnessed healthy buying across segments on Tuesday. The Sensex closed 598 points, or 0.74 per cent, higher at 80,845.75, with 25 stocks in the green. The Nifty 50 closed 181 points, or 0.75 per cent, up at 24,457.15.
Shares of Adani Ports, NTPC and SBI ended as the top gainers in the Sensex index, while those of Bharti Airtel, ITC and Sun Pharma ended as the top losers.
In terms of index contribution, shares of HDFC Bank, Reliance Industries, Larsen and Toubro, SBI, Axis Bank and Adani Ports stood at the front, in that order.
The BSE Midcap and Smallcap indices rose 0.92 per cent and 1.03 per cent, respectively. The overall market capitalisation of the firms listed on the BSE rose to nearly ₹453.5 lakh crore from nearly ₹449.7 lakh crore in the previous session, making investors richer by about ₹3.8 lakh crore in a single session.
In the last three sessions of gains, the Sensex and the Nifty 50 have risen over 2 per cent each. Investors have earned over ₹10 lakh crore in three sessions of gains.
"Benchmark indices continued to demonstrate resilience amidst positive global sentiment. Investors are now focusing on potential growth drivers, assuming that weak economic data has already been reflected in the recent lacklustre corporate earnings," Vinod Nair, Head of Research at Geojit Financial Services, observed.
"The immediate attention is expected to remain on the RBI's interest rate guidance and liquidity management. Banking stocks experienced the highest gains due to their interest rate sensitivity, while metal stocks benefited from increased import duties and favourable manufacturing data from China," Nair said.
The Nifty 50 closed above the 24,350 resistance level, a positive development. It formed a bullish candle on the daily charts, while a higher bottom formation is seen on the intraday charts, supporting a further uptrend from the current levels.
"For day traders, 24,350 and 24,250 would be key support zones. The bullish sentiment will likely continue as long as the index trades above these levels. On the higher side, the market could increase to 24,600-24,625. However, if it falls below 24,350, traders may prefer to exit their long positions," said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High