Stock Market Highlights: Sensex, Nifty end at fresh highs as indices gain for 8th session in a row
Sensex, Nifty, Nifty bank, Nifty IT, Bull Market, midcap, small-cap: Wall Street equities closed sharply higher on Wednesday while US Treasury yields declined and the dollar sank after Federal Reserve Chair Jerome Powells comment on rate hikes.
Sensex, Nifty, Nifty bank, Nifty IT, Bull Market, midcap, small-cap - Stock Market LIVE Today: The Indian markets extended their gaining streak for the eighth straight session on Thursday, largely tracking positive trend from global cues. Both the benchmark indices Sensex and Nifty50 closed at record highs above 63,250 and 18,800 levels, each up around 0.3 per cent.
At market close, Sensex was up 184.54 points or 0.29 per cent at 63,284.19 levels and Nifty50 was up by 54.15 points or 0.29 per cent at 18,812.5 levels. Outperforming the benchmarks, the broader market such as Nifty mid and small-cap were up around 0.77 and 0.44 per cent at the close today.
Wall Street equities closed sharply higher on Wednesday while US Treasury yields declined and the dollar sank after Federal Reserve Chair Jerome Powell said the central bank could slow the pace of interest rate hikes "as soon as December," even as he cautioned that inflation was still too high.
Powell's words were a relief for investors who had feared more hawkishness. Still, Powell warned that the fight against inflation was far from over and that key questions remained unanswered, including how high rates will ultimately need to rise, and for how long, according to Reuters report.
While India's economic growth slowed to 6.3 per cent in the September quarter of 2022-23 compared to 13.5 per cent in the preceding three months mainly on account of contraction in output of manufacturing and mining sectors, according to government data released on Wednesday.
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Closing Bell: Sensex, Nifty End At Life High Levels
Nifty IT index jumps 2.5% Intraday
IT stocks extended gains for the third consecutive trading session on Thursday, December 1. The Nifty IT Index jumped over 2.5 per cent to 31,156.65 levels and BSE Information Technology index was up over 2 per cent to 31,165.88 levels intraday, aiding most to the benchmark indices. Read More
Easy Trip Planners Shares Jump 9% Intraday
The company to acquire 75% stake in Gujarat GIFT city-based Nutana Aviation, which is in the business of offering charter solutions to clients in India and abroad.
Shares of Easy Trip Planners pared gains trading over 3 per cent higher to Rs 65 per share on the BSE at around 01:50 PM as compared to a 0.24 per cent rise in the S&P BSE Sensex.
Stocks To Buy: Midcap Counters
Anand Rathi Securities’ Siddharth Sedani picks three best Midcap Stocks for short-term, positional and long-term returns – Watch Video
Market Update At 1:00 PM
Both the benchmark indices are trading around 0.5 per cent higher intraday on Thursday. Sensex gained more than 300 points, while Nifty hovering around 18850-level today.
November Auto Sales Update
Hinduja flagship firm Ashok Leyland reported 39 per cent increase in total commercial vehicle sales at 14,561 units in November 2022. The company had dispatched 10,480 units to its dealers in the same month last year, Ashok Leyland said in a statement.
MG Motor India’s retail sales increased by 64 per cent on a year-on-year basis to 4,079 units in November. The automaker sold 2,481 units in the same month last year.
Skoda Auto India reported a two-fold increase in sales for November 2022 at 4,433 units. The company sold 2,196 units in the same month last year.
Toyota Kirloskar Motor wholesales declined by 10 per cent to 11,765 units in November 2022. It had sold 13,003 units in the domestic market in the year-ago period.
Nissan Motor India total wholesales rose by 20 per cent on a year-on-year basis to 6,746 units last month, aided by an increase in exports. The automaker had dispatched 5,605 units in November 2021.
With PTI Inputs
Stock to BUY – Tata Group counter
Domestic brokerage firm Motilal Oswal Financial Services is bullish on a Tata Group Stock and has recommended Buy. It said that the stock -- Titan, can deliver up to 25 per cent return from the current market price. Read More
Sanjiv Bhasin Suggests To Add These Stocks
IIFL Securities director and market expert Sanjiv Bhasin on Thursday, December 1, suggested Zee Business viewers to book profit as the domestic equity markets are trading at all-time high.
In a special segment 'Bhasin Ke Haseen Share' aired on Zee Business, Sanjiv Bhasin said there are positive global cues and that Indian markets are doing extremely well. He predicted that there would be a correction in a day or two and investors should focus on buying quality stocks.
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Q2 Review: IT Stocks In Focus - Watch Video
Impact Of Lower Dollar Index, Bond Yields
The dip in the dollar index to 105.5 and the US 10-year bond yield declining sharply to 3.63 per cent are hugely favourable for continuation of FII inflows, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.
Bajaj Auto Shares Crack Over 4% - Here’s Why?
Shares of Baja Auto Limited dipped more than 4 per cent to emerge as the top Nifty50 loser on Thursday, December 1, on the back of a decline in sales volumes in November. Read More
Rupee Gains 32 Paise Against US Dollar
The rupee appreciated 32 paise to 80.98 against the US dollar in early trade on Thursday on a broad dollar weakness after Federal Reserve Chairman Jerome Powell said the pace of interest rate hikes may slow.
At the interbank foreign exchange, the domestic unit opened at 81.08 against the dollar, then gained further ground to touch 80.98, registering a rise of 32 paise over its previous close.
On Wednesday, the rupee rose by 42 paise to close at 81.30 against the US dollar, on month-end exporter dollar selling and MSCI rebalancing-related inflows.
Information & Technology Stocks on A Roll
IT stocks have been surging most of all sectoral indices in the early morning trade aiding the benchmark indices. The Nifty IT index and BSE IT index were up around 2 per cent on Thursday.
Nifty Top Gainers, Losers - IT Stocks Lead
Market Pre-Open
In a pre-open session on Thursday, Sensex and Nifty touched new highs, inching towards 63,400 and 18900-mark.
Stocks In News
Global Market Update - Watch Video
US FED Chairman Jerome Powell said interest rates will be smaller from December.
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