Stock market today: Sensex hits 70,000, Nifty 50 above 21,000 led by ONGC, Coal India, UPL | Mint
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Business News/ Markets / Stock Markets/  Stock market today: Sensex hits 70,000, Nifty 50 above 21,000 led by ONGC, Coal India, UPL
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Stock market today: Sensex hits 70,000, Nifty 50 above 21,000 led by ONGC, Coal India, UPL

The S&P BSE Sensex gained 0.32% to 70,048.90, while the NSE Nifty 50 index increased by as much as 0.24% to 21,019.80 points at 10:06 IST.

The S&P BSE Sensex gained 0.32% to 70,048.90, while the NSE Nifty 50 index increased by as much as 0.24% to 21,019.80 points at 10:06 a.m. IST. (MINT_PRINT)Premium
The S&P BSE Sensex gained 0.32% to 70,048.90, while the NSE Nifty 50 index increased by as much as 0.24% to 21,019.80 points at 10:06 a.m. IST. (MINT_PRINT)

The domestic benchmark indices, the Sensex and the Nifty 50, opened at all-time highs on Monday, marking a flat start for the stock market. The S&P BSE Sensex gained 0.32% to 70,048.90, while the NSE Nifty 50 index increased by as much as 0.24% to 21,019.80 points at 10:06 IST. Following their all-time highs, both indexes later gave back their gains and remained stable.

Positive sentiment was bolstered by the top gainers, which included IndusInd Bank, ONGC, Coal India, HCL Technologies, and UPL. On the other hand, Maruti, Asian Paints, CIPLA, Sun Pharma, and Dr. Reddy  were among the laggards. Among the Nifty 50 companies, 34 advanced while 16 declined.

Also Read: Stocks to buy this week: ICICI Bank, Kotak Mahindra Bank, IndiGo, Voltas among 12 technical picks; do you own any?

Investor attention will be focused on three main factors going forward: the US Federal Reserve policy meeting, important macroeconomic data, and global trends. These factors will primarily influence how the domestic equity markets move in the next sessions, according to analysts. The benchmark indices closed at all-time highs on Friday. The Nifty 50 gained 68 points to 20,969, while the BSE Sensex increased 304 points to 69,826.

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According to analysts, key indices hit news milestones; the overall tone remains bullish, but indicators are highly overbought; hence, traders should look to book some profit off the table and consider any dip as a buying opportunity.

Anand James, Chief Market Strategist at Geojit Financial Services, said that the buyers were seen withdrawing post testing the 21k mark leading them to suspect that bears have regrouped enough to make a serious dent on the 20,850/800 region, and should it give away, a quick drop to 20,640/560 would be the first outcome. Additionally, weekly RSI which has been running overbought signs for a while now, has also signalled a negative divergence.

Also Read: Day trading guide for stock market today: Five stocks to buy or sell on Monday — 11th December

"In contrast to this surmise, the flat close in the last few days may have helped in cooling down overheated upmoves which had seen 2 standard deviations extremities being consistently breached. Further, VIX, despite appearing positioned towards a sizeable rise, eased off on Friday, indicating that traders slipped into a comfort zone again despite Nifty entering unchartered territories.

This leaves window for stretching the upsides to 21,130-21,220 initially or even 21600, but anything beyond is less likely without a meaningful correction," explained James.

Also Read: 7 things that changed for the stock market over night - Gift Nifty to US Payroll data

Further, despite high valuations, analysts think that both domestic and international cues favour an extension of the market's current rally. In the short term, the rally can be sustained despite the high valuations thanks to FIIs turning buyers, robust DII inflows, enthusiastic retail investors, and a robust IPO market backed by solid economic fundamentals.

"The overarching message from the RBI on Wednesday was that 7% GDP growth for FY 24 is a conservative estimate. This is an indication of the growth momentum in the economy.

A significant trend in the market is the outperformance of the Bank Nifty over the Nifty. Last week while the Nifty appreciated by 3.5 percent, Bank Nifty shot up by 5.5 percent. This outperformance is likely to continue, given the fair valuations of banking stocks, particularly the leading names. For the overall market safety is now in large caps," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Also Read: Sensex Today | Share Market Live Updates: Sensex, Nifty off highs; PSU banks, realty gain

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: 11 Dec 2023, 10:50 AM IST
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