India’s equity markets marked by positive momentum
December 12, Mumbai (Maharashtra): In a testament to the resilient nature of the Indian stock market, both benchmark indices, Sensex and Nifty, unfurled their bullish streak by opening in the untried today, showcasing positive momentum despite challenging global conditions.
The Sensex surged 89.81 points, opening at 70,009.20, while the Nifty gained 35.25 points, starting at 21,032.35. Notably, among the Nifty companies, 39 witnessed advances while 10 faced declines, portraying overall strength in the market.
Gainers and Losers:Leading the gainers were prominent companies such as HDFC Life, Bajaj Auto, SBI Life, Hero Motocorp, and Tata Steel. On the flip side, Eicher Motors, LT, Bharti Airtel, Coal India, and Infosys faced selling pressure and emerged as the top losers.
Market Expert’s Insight:Varun Aggarwal, the founder and managing director of Profit Idea, provided insights into the market’s trajectory. He mentioned that the benchmark probity indices are poised for a positive opening, with the GIFT Nifty, an early indicator of the Indian probity market, trading at 21,142, up 10 points or 0.05%. Despite overbought technical conditions, Aggarwal expressed optimism, anticipating unfurled strength among Nifty bulls on Tuesday.
Record Highs and Global Trends:Aggarwal noted that the Indian probity indices reached record highs on Monday, surpassing the 70,000 mark transiently for the Sensex and achieving a new peak at 21,026.10 for the Nifty. This positive momentum aligns with favorable global cues, and despite some selling pressure at elevated levels, there’s vaticination of reaching 21,500 in the inter-month perspective.
Gold Prices and Global Factors: Gold prices experienced an uptick on Tuesday without touching a three-week low in the previous session. This rise is attributed to a weakening dollar, while investors eagerly rely key U.S. inflation data and major inside wall policy meetings for insights into potential interest rate changes.
Longest Weekly Whop in Six Years: In a triumphant exhibit of resilience, Indian benchmark indices extended their bullish run for the seventh subsequent week, marking the longest weekly whop in the last six years. Positive factors contributing to this sustained momentum include indications of potential rate cuts by the US Federal Reserve in 2024, surge in the Alphabetize of Industrial Production (IIP) to a 16-month upper in October, positive remarks on India’s GDP forecast by RBI, falling transplanted oil prices, and sustained FPI inflows.
Record Highs and Notable Gainers: The Nifty 50 soared to an all-time upper of 21,492 points, concluding the week with a robust rally of 2.32%. Notable gainers included HCL Technologies, leading the pack with a rally of 9.3%, and other companies like LTIMindtree, Hindalco Industries, NTPC, Hero MotoCorp, Tech Mahindra, UltraTech Cement, Adani Enterprises, and Infosys.
Tech Titans Rise:The Nifty IT alphabetize experienced a robust surge of 7.15% last week, fueled by the Federal Open Market Committee’s visualization to maintain its key interest rate and a increasingly dovish stance, hinting at potential rate cuts in 2024.
FPIs Extend Investment Streak:Foreign Portfolio Investors (FPIs) extended their investment streak for the second subsequent month in December.
Crude Oil Prices and Market Outlook:Crude oil prices saw a slight increase last week pursuit dovish comments from the US Federal Reserve. Despite this short-term recovery, both Brent and WTI are on track for their third subsequent monthly loss.
Technical Outlook and Investor Sentiment:The Nifty’s upward momentum persists, with the alphabetize marking its seventh subsequent weekly proceeds and achieving a new all-time high. The prevailing sentiment appears strongly in favor of the bulls, with resistance observed at 21,500 and support currently positioned at 21,300.
