FIRST TRADE: Bulls continue to dominate as Sensex, Nifty scale fresh peaks; Oil & Gas stocks jump
Stock market today: Last seen, the S&P BSE Sensex was up 168.74 points or 0.25 per cent at 69,033.86 and NSE Nifty was up 39.55 points or 0.19 per cent at 20,726.35.
Stock market today: Domestic equity indices on Tuesday, December 5, opened at record highs after scaling new peaks in the previous session on strong macroeconomic data, elevated bets of a U.S. rate cut in March, and the ruling Bharatiya Janata Party's win in key state elections.
Last seen, the S&P BSE Sensex was up 168.74 points, or 0.25 per cent, at 69,033.86, and the NSE Nifty was up 39.55 points, or 0.19 per cent at 20,726.35.
"The super Monday, which delivered a 418-point rally in the Nifty, is unlikely to be repeated with the same ferocity in the coming days. But the market construct stays bullish. The massive institutional buying of above Rs 7,000 crore yesterday is a reflection of institutional confidence in the Indian market. It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last seven days. There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Vijayakumar added that the market has the potential to go up by another 5 per cent in the next few weeks. Beyond that, valuations will get stretched, inviting a correction in the market.
Meanwhile, the Nifty Mid Cap 100 and Small Cap 100 opened in green. High-beta Nifty Bank was up 0.59 per cent at 46,703.25.
BUZZING STOCKS
TVS Holdings shares were up over 2 per cent after the company submitted an application with the Reserve Bank of India (RBI) for registration as a core investment company.
Gabriel India shares were up over 2 per cent on BSE after the company said that the court had set aside the GST order and directed the authority to reconsider the matter.
Unichem Laboratories shares were up over 1 per cent after the company sold the said balance equity shares, representing 0.02 per cent held in Optimus to Sekhmet for Rs 67.47 crore.
MOIL shares were up over 2 per cent after production for the industrial minerals company grew 35 per cent YoY in November, while sales increased 18 per cent YoY.
DCB Bank shares were up over 4 per cent after the promoter Aga Khan Fund for Economic Development evinced interest to buy equity worth 83.43 crore.
Conversely, HCL Tech shares were down over 1 per cent after the company said that its UK arm will sell a 49 per cent stake in a joint venture to State Street.
Paisalo Digital shares were down over 3 per cent after the board, in a meeting, considered raising funds.
Honasa Consumer shares traded over half a per cent lower after the multiple block deals took place.
GLOBAL MARKETS
Asian stock slipped to three-week lows on Tuesday while bonds and the dollar steadied as investors tempered expectations for cuts to U.S. interest rates and waited on U.S. jobs data.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9 per cent in early trading. Gold hung on above $2,000 after a wild session on Monday, when it hit a record high in Asia before recoiling sharply lower.
(With agency inputs)
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