Stock market today: Domestic equity benchmarks staged a spectacular rally on Monday, December 4, a day after the BJP emerged victorious in Madhya Pradesh, Rajasthan, and Chhattisgarh. Financial stocks were at the forefront of a broad rally on Dalal Street, already boosted by strong macroeconomic data amid strong signals from global markets, where investors pinned hopes on the prospect of earlier-than-expected cuts in global interest rates.

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The NSE Nifty 50 index ended 418.9 points or 2.1 per cent higher at 20,686.8 and the S&P BSE Sensex finished the day with a gain of 1,383.9 points or 2.1 per cent at 68,865.1—both record-closing highs—after scaling record highs during the session.

The high-beta Nifty Bank also registered a record closing high, finishing the day 1,617.2 points, or 3.61 per cent, higher at 46,431.4, while the financial services index Nifty Financial Services rose 3.23 per cent leading sectoral gains. Nifty Small Cap 100 and Nifty Mid Caps gained about 1–1.5 per cent each amid buying in broad market indices.

"All the sectors have broadly participated in the rally with an optimism that the FIIs will continue its value buying, indicating positive commentary on the global inflation data and stable domestic Marco economics," Vinod Nair, Head of Research at Geojit Financial Services, said.

Eicher Motors, Adani Enterprises, Adani Ports, and BPCL were among the top gainers in the Nifty basket, trading with gains of around 7–5 per cent. On the other hand, HDFC Life, Britannia, HCL Tech, and Sun Pharma were among the top losers, down around 1 per cent. Index heavyweights ICICI Bank, Reliance Industries, and HDFC Bank gained between 0.44 per cent and 0.17 per cent.

Global markets

European equities retreated from four-month highs scaled earlier in the day as weakness in mining and energy shares weighed on the market. The pan-European Stoxx 600 index was down 0.2 per cent at the last count. A stronger US dollar weighed on copper prices, while energy stocks shed two per cent after oil prices fell amid persistent pressure from the decision of the OPEC+ grouping of top producers and uncertainty over global fuel demand growth.

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