| Index | Price | Change | % Chg |
| Nifty 50 | 20,686.80 | +418.90 | +2.07% |
| Nifty MidCap 50 | 12,464.45 | +129.95 | +1.05% |
| Nifty SmallCap 50 | 6,698.50 | +113.35 | +1.72% |
| Nifty Bank | 46,431.40 | +1,617.20 | +3.61% |
| Nifty Financial | 20,862.90 | +651.90 | +3.23% |
| BSE SENSEX | 68,865.12 | +1383.93 | +2.05% |
At the close, the Nifty 50 was at 20,686.80 up by 2.07%
The NSE Nifty 50 exhibited a strong start, surging by 2.07% to surpass the significant threshold of 20,650, marking an exceptional day of trading. This remarkable upswing reflected investor confidence, primarily stemming from the BJP’s substantial wins in three key Hindi Heartland states. The electoral outcome signaled political stability, dispelling apprehensions about potential populist policies.
On a global scale, market conditions were favorable, with considerable gains witnessed in US benchmark indices on December 1 and notable progress seen in Asian markets throughout the trading session. Moreover, the decline in oil prices, the US 10-year bond yield, and the dollar index notably contributed to bolstering market sentiment.
The BJP’s resounding victories spurred a comprehensive market rally across all sectors, buoyed by anticipation of a stable government post the impending General Election. This widespread participation underscores the prevailing market optimism, with confidence in Foreign Institutional Investors (FIIs) continuing their valuable contributions. Further reinforcing this positive outlook are affirming comments on global inflation data and the robust stability showcased in India’s domestic macroeconomics.
The monumental ascent of the benchmark index following the BJP’s electoral triumph showcases investors’ unwavering confidence in India’s political landscape. This bodes well for the nation’s economic trajectory, creating a conducive environment for ongoing market expansion and presenting compelling opportunities for sustained investment ventures.
Bank Nifty: Up by 3.61%
The Bank Nifty set a strong tone, surging impressively by 3.61% and concluding the trading session at 46,431.40, firmly positioned in the green zone. Correspondingly, the BSE Sensex exhibited notable strength with a significant 2.05% increase, reaching a high of 68,865.12. Noteworthy is the prominent role of the banking sector in spearheading this bullish momentum, complemented by auxiliary support from other sectors. This trend seems poised for continuity, signaling sustained buoyancy within the banking segment.
Moreover, positive indicators from the global market landscape have notably enhanced traders’ confidence, contributing to the prevailing optimistic market sentiment. This harmonious alignment of robust domestic banking sector performances alongside favorable global indicators bodes well for enduring market positivity.
In terms of sectorial movements, the financial services sector surged impressively by 3.23%. Shriram Finance Ltd. notably showcased a substantial gain of 4.78%, indicative of robust performance. Similarly, ICICI Bank Ltd. observed a commendable surge, securing a notable gain of 4.68%. Conversely, the media sector faced setbacks, witnessing a decline of 0.78%. Zee Entertainment Enterprises Ltd. experienced a significant drop, registering a notable loss of -4.15%. Similarly, D.B.Corp Ltd. observed a decline of -1.83%.
The Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI) displayed a buying value of Rs. 18,705.23 crore and a selling value of Rs. 16,632.02 crore, resulting in a net value of Rs. 2,073.21 crore. Conversely, the Domestic Institutional Investors (DII) exhibited a buying value of Rs. 16,342.00 crore and a selling value of Rs. 11,544.85 crore, culminating in a net value of Rs. 4,797.15 crore.
Bank Nifty
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included ICICI Bank with a 4.68% increase, State Bank of India with a 4.22% increase, Kotak Bank with a 3.92% increase, Punjab National Bank with a 3.90% increase, and IndusInd Bank with a 3.73% increase. These results suggest that banking stocks performed better for the day.
Buzz
Indian Rupee Weakened by Dollar Rebound and Local Corporate Demand
The Indian rupee faced a setback on Monday, primarily due to a moderate rebound in the U.S. dollar and heightened demand for the dollar from domestic companies. Despite positive market indicators propelling equity indexes to reach record highs, the rupee closed at 83.3650 against the U.S. dollar, indicating a decline of 0.09% from its previous close of 83.2875.
Initiating the day on a slightly stronger note at 83.26, the rupee’s momentum faltered as local corporate entities swiftly engaged in purchasing dollars. This surge in dollar acquisition by local companies led to a decline in the rupee’s value against the dollar as demand for the greenback intensified.
The rupee’s performance was overshadowed by a combination of factors including the U.S. dollar’s modest resurgence and amplified demand for dollars from local corporates. Despite the encouraging surge in equity indexes to historic levels, the rupee’s depreciation against the U.S. dollar showcased the impact of these diverse market dynamics on the currency’s value.
Buzzing
Adani Enterprises Ltd. experienced a significant upsurge in its share price, marking an impressive 6.78% increase to Rs 2,523.00 from its previous close of Rs 2,362.70. The bullish momentum was further reinforced by a Weekly stochastic crossover witnessed on the week ending Dec 01, 2023, historically resulting in an average gain of 12.57% within 7 weeks.
In the fiscal year of 2023, the company demonstrated a robust positive net cash flow from operating activities, reaching $17,626.46. Despite net cash outflows in investing and financing activities, the overall net cash flow stood at $970.10, contributing to a significant closing cash balance of $1,882.33, showcasing remarkable growth of 106.34% compared to the preceding period. The evaluation of total debt concerning cash flow from operations indicated a manageable ratio at 2.17 times.
Contrarily, HDFC Life Insurance Company Ltd. encountered a slight decline of -0.83% in its share price, closing at Rs 676.50 from the previous Rs 682.15. Despite a potential bullish indication with the Weekly MACD crossover observed on the week ending Dec 01, 2023, historical data suggests an average gain of 6.41% within 7 weeks post this signal in the last decade.
In the fiscal year of 2023, the company showcased a return on equity of 10.53%, reflecting profitability concerning shareholders’ equity. However, the return on capital employed and return on assets stood relatively lower at 0.58% and 0.55%, respectively, indicating operational efficiency in generating profits. The interest coverage ratio demonstrated a robust ability to cover interest expenses at 18.07 times. Market valuation measures like price to earnings ratio (78.74 times) and price to book ratio (8.26 times) alongside operational indicators like EBITDA margin (2.12%) and asset turnover ratio (0.29 times) further paint a comprehensive picture of the company’s performance.
Advance Decline Ratio
Today, the advance-decline ratio was 1.87, and the market breadth was positive. The volatility index India Vix increased by 4.92 percent to settle at 12.99 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1623
Decliners – 870
52Wk High – 287
52Wk Low – 13
High Band Hitters – 144
Low Band Hitters – 48
200d SMA – 18822
50d SMA – 19604
20d SMA – 19744
Top Gainers and Losers Stocks
The top gainers were Eicher Motors (+7.45%), Adani Enterprises (+6.78%), Adani Ports (+6.15%), BPCL (+5.53%), and ICICI Bank (+4.68%).
The top losers were HDFC Life (-0.83%), Britannia (-0.74%), HCL Technologies (-0.13%), Sun Pharmaceutical (-0.10%), and Wipro (-0.09%).
Top Gainers and Losers Sector
The top gainers sector were Financial Services (+3.23%), Oil & Gas (+3.15%), Realty (+2.03%), Metal (+1.63%), and Auto (+1.13%).
The top losers sector were Media (-0.78%), and Pharma (-0.18%).
SECTORS – NOTABLE ACTION
FINANCIAL SERVICES +3.23%
OIL & GAS +3.15%
REALTY +2.03%
MEDIA -0.78%
PHARMA -0.18%
Stocks Ban List
(SEBI) F&O ban list (DELTACORP open at -148.00 and close at -140.45) are not currently on the stock exchange.
A stock enters the Ban List if its MWPL is above 95%. Implying that, Ban List shows the Futures and Options (FnO) stocks whose combined open interest in all FnO contracts for a given period crosses 95% of Market-Wide Position Limit.
IBULHSGFIN, INDIACEM, ZEEL, and HINDCOPPER stocks has the possibilities of enterance in the ban list.
Daily Pivots
| S2 | S1 | P | R1 | R2 |
| 20438 | 20562 | 20632 | 20757 | 20827 |
As per the above pivots data, 20530 to 20790 is the Nifty 50 trading range.
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This article is only for educational purposes and is not an investment advice.
