Stock Market Highlights Today: Sensex, Nifty snap 4-day losing streak as BJP sweeps Gujarat Assembly elections
Stock Market Highlights Today: Sensex, Nifty snap 4-day losing streak as BJP sweeps Gujarat Assembly elections
Stock Market Today Live Updates: The Indian markets on Thursday snapped a four-day losing streak to end marginally higher as the Dalal Street closely tracks the counting of votes for the Gujarat Assembly election, wherein BJP is set for landslide victory decimating Congress and Aam Aadmi Party.
The benchmark indices – Nifty and Sensex – defied the mixed trend of global cues to end above 18,600 and 62,550 levels. The former gained by 160 points or 0.26 per cent to 62,570, while the latter surged by 53.35 points or 0.29 per cent to 18,613 at the market close today.
Outperforming the benchmark indices, the broader markets such as Nifty Mid and Small-cap closed over 0.5 per cent at the close. While the 12-share banking index – Nifty Bank zoomed over 1 per cent or 525 points to close at 43,623 levels today.
As many as 27 stocks gained and 23 declined on the Nifty50. Among heavyweights, Axis Bank soared most by over 3 per cent, followed by IndusInd Bank and L&T each up over 2 per cent. Conversely, Sun Pharma and Divis Lab closed as top laggards down over 3.5 and 1.5 per cent, respectively today.
The benchmark indices were trading positively tracking the Gujarat and Himachal assembly election results counting, which is underway. For More Details – click on the below respective links.
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Latest Updates
Closing Bell: Markets Snap 4-Day Losing Strek - Gainers, Losers
Nifty Bank Jumps Over 1% In Volatile Market
Nifty Bank hits record high; PSU banks lead gains, Bank of Baroda up nearly 6 per cent.
Top Gainer: Axis Bank Shares Gain Over 2.5%
Banking heavyweight Axis Bank share price was trading as top Nifty and Sensex gainer on the back of multiple triggers. The stock jumped over 2.5 per cent to touch a day’s high level of Rs 938.5 per share on the BSE intraday during Thursday’s trading session.
Triggers
1) Bank proposes to raise funds by issuing unsecured, rated, listed, subordinated, taxable, non-convertible, Basel III compliant Tier II bonds aggregating to total issue size up to Rs. 12,000 Crores. The offer comprises of a base issue of up to 1,000 Bonds aggregating to Rs. 1,000 Crores with a green shoe option to retain oversubscription of up to 11,000 Bonds aggregating to Rs. 11,000 Crores.
2) CRISIL Ratings Limited has assigned ‘CRISIL AAA/Stable’ rating to Rs. 3775 crore on Infrastructure Bonds of Axis Bank Limited (“Bank”) and reaffirmed its ‘CRISIL AAA/CRISIL AA+/Stable/CRISIL A1+’ ratings on the other debt instruments of the Bank.
Top Loser: Sun Pharma Shares Dip Around 4% - Here's Why?
Drugmaker Sun Pharmaceutical shares slip around 4 per cent to touch the day's low level of Rs 978 per share after US Food and Drug Administration lists the Halol facility under 'import alert'.
The stock has been the top loser on the Nifty and Sensex, dragging both the benchmark indices.
Decline In Crude Will Aid OMCs? Know What Analyst Says
Even as crude oil prices are witnessing a receding trend and have hit levels below USD 80 per barrel, several analysts are of the view that the Oil Marketing Companies (OMC) such as Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), and Indian Oil Corporation Ltd (IOCL) will likely benefit from the decline. Read More
IOCL
BPCL
HPCL
Company Update
Kalyan Jewellers targets to open 52 showrooms in 52 weeks in the calendar year 2023; stock down around 2 per cent to Rs 108 per share on the NSE.
Govt Seeks Private Sector Chief To Lead LIC; Stock Witnesses Spike
The central government aims to appoint a private sector professional as the first chief executive of the Life Insurance Corporation of India in an effort to modernise its largest insurer after a disappointing stock market debut, two government officials said, according to Reuters report.
"The government is planning to broaden the eligibility criteria for appointment of LIC CEO so that private sector candidates can apply," said one of the government officials, who declined to be identified as the discussions are private.
Shares of LIC witnessed a sudden spike and were up over 1.5 per cent to Rs 665 per share levels on the NSE as compared to a 0.1 per cent rise in the Nifty50.
Pharma and IT Stocks Top Laggards
Nifty50 Technical View
On the daily chart, the index has formed a bearish candle and closed below the previous session low indicating further profit booking. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend.
The chart pattern suggests that if Nifty crosses and sustains above the 18600 level it would witness buying which would lead the index towards 18700-18800 levels. Nifty is trading above 20, 50, 100, and 200-day SMA indicating positive bias in the short to medium term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
- Axis Securities
Greaves Cotton Trade Firm - Here's Why?
Greaves Cotton to unveil 5 new products across electric 2 & 3-wheelers at the Auto Expo 2023. The stock jumped nearly 3 per cent to touch a day's high level of Rs 145 per share on the NSE intraday on Thursday.
Nifty Bank Lead The Surge Among All
Rupe Update
The rupee appreciated 19 paise to 82.28 against the US dollar in early trade on Thursday in line with its Asian peers and a slide in crude oil prices. Forex traders said muted domestic equities and foreign fund outflows weighed on the local unit and restricted the appreciation bias, as per PTI.
Dharmaj Crop Guard IPO Listing
Dharmaj Crop Guard shares made a healthy stock market debut with over 12 per cent premium on Thursday, which was almost in line with Zee Business Managing Editor Anil Singhvi’s expectations. Read More
Bull Rally Continues In PSU Bank Stocks
Sensex, Nifty: Top Gainers, Losers
Market Pre-Open
The Indian markets snapped four-day declining trend to witness a gap-up opening in the pre-open market session as BJP takes lead in the Gujarat Assembly Elections results today. The benchmark indices – Nifty and Sensex – are up above 18,550 and 62,500 levels.
Anil Singhvi’s Strategy December 08
Amid neutral global markets, neutral domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral futures & options (F&O) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, December 08, 2022. Read More
Trader's Dairy: December 8, 2022
In today's edition of Traders Diary, the Zee Business research team brings its exclusive research on 20 stocks that investors and traders can refer to while making their strategies in them.
Buy, Sell or Hold strategy on Vedanta, ICICI Bank, Eicher Motors, SBI, SBI Cards, BHEL among others.
Trading Picks
Buy MCX GOLD FEB AT 53800 SL 53550 TARGET 54300
Buy MCX Silver Mar AT 65500 SL 64800 TARGET 66800
Sell MCX CRUDEOIL dec AT 6150 SL 6310 TARGET 5800
Sell MCX COPPER dec AT 703 SL 710 TARGET 690
Buy NSE USDINR AT 82.20 SL 82.00 TARGET 82.70
- Anuj Gupta - Vice President - IIFL Securities
Dollar Index Update
The US dollar weakened against major currencies on Wednesday amid concerns that rising interest rates could push the U.S. economy into recession, while a loosening of China's COVID restrictions boosted the yuan.
The Peruvian sol fell as the country's Congress voted to oust President Pedro Castillo in an impeachment trial on Wednesday. At its session low, the sol fell more than 2% against the dollar.
A US dollar index, which measures the greenback against a basket of currencies, was last down 0.4 per cent.
What Should Investors Do?
The domestic markets have been gradually drifting lower however rotational buying in index majors across sectors is capping the damage. Feeble global cues might continue to put pressure but we expect Nifty to hold the 18,300-18,400 zone.
In the current scenario, traders should focus on trade management and prefer sectors that are showing resilience for fresh buying.
- Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
Shine In Base Metals
Zinc jumps for three months on LME, Copper, and Nickel at a high of 6 to 7 months.
Oil Gives Up The Year's Gains
The price of oil fell to its lowest level this year on Wednesday, forfeiting all of the gains since Russia's invasion of Ukraine exacerbated the worst global energy supply crisis in decades.
The world's most actively traded commodity surged to nearly $140 a barrel in March, close to an all-time record, following the launch of what Moscow called a "special operation" in Ukraine that has raged ever since.
Stocks In Focus - Watch Video
Kirloskar Industries, Sarveshwar Foods and Dharmaj Crop Guard among other stocks are in focus on Thursday. Read More
Global Market Update - VIDEO
The US market closes flat amid volatility, which may continue till Fed's December policy meeting
10-year bond yield is near 3.451 per cent and the Dollar Index is sluggish near 105.5.
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