Markets hit record close: BSE Sensex gains 506 pts to 44655, NSE Nifty up 140 pts to 13,109! Indian Hotels PNC Infratech, Mahindra stocks in the news

Indian markets started December month on a strong note raising the benchmark to a fresh high due to a good GDP data. The markets gained over 1% on December 01, led by healthy buying in financial, IT, and pharma counters. The BSE Sensex surged by 1.15% or 506 points to 44655. The NSE Nifty rose by 1.1% or 140 to 13,109. The market breadth was in favour of advances with an advance-decline ratio of 2:1.
In the case of the Nifty, the bounce that started from the level of 12790 continued on December 01. Going ahead, the recent high of 13145, which is the high point of the bearish outside bar and an Engulfing Bear candle, will be the key hurdle to watch out for. We need to closely monitor the price action near the high as it will decide the further course of action for the index. Failure to sustain near the high would push the index back into the consolidation mode. The near-term support for the Nifty is at 13000.

Other technical observations On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, of 12674 and 12335, respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, of 12991 and 12973, respectively. The hourly momentum indicator is bullish. Market breadth was positive with 1254 advances and 640 declines on the National Stock Exchange.

Major headlines:

Confidence Petroleum bagged Mobile refuelling unit by MNGL for CNG distribution in Pune city.
Bajaj Auto's November sales rose by 5% YoY to 422240 units.
Maruti Suzuki’s overall November sales surged by 1.7% YoY to 153223 units.

Following are the stocks / sectors which were in news today:

Indian Hotels Company rose by 1.65% to Rs 120, after the company announced the signing of three Taj hotels, two in Kolkata, West Bengal and one in Patna, Bihar.
PNC Infratech gained 2.7% to Rs 175, after the company said it received a letter of acceptance from Andhra Pradesh Water Resources Department for an EPC project of Rs 1000 cr.
Mahindra & Mahindra (M&M) rose 1.6% to Rs 731.5, after the company said its total tractor sales jumped 56% to 32726 units in November 2020 over 21031 in November 2019.

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Global signals:

Asian stock market gained on December 01, on strong Chinese manufacturing data.
European stock markets were positive on December 01, following a trend set by other global markets.