Informist, Monday, Dec 11, 2023
By Anjana Therese Antony
MUMBAI – After a choppy session, gains in metal stocks offset the weakness in pharmaceutical stocks and helped the benchmark indices end at fresh closing highs.
Early in the day, the Sensex crossed the 70000 mark for the first time to chalk a new high of 70057.83 points, and the Nifty 50 index set a new peak of 21026.10 points. At close of the day, the Nifty 50 was up 0.1% at 20997.10 points and the Sensex up 0.2% at 69928.53 points. The immediate support for the 50-stock index is pegged at 20800-20750 points and resistance at 21100 points.
"We believe the current undertone of markets being bullish in the past few weeks may see some cool-off and we may see markets consolidating in the next few sessions," Avdhut Bagkar, technical and derivatives analyst at StoxBox, said in a post-market note.
The broader market outperformed the benchmark indices, with the Nifty Midcap and Nifty Smallcap indices ending higher by 0.5-1.0%.
The Nifty Metal index was among the top sectoral gainers, closing 1% higher. "Cement and metal sectors are looking positive," said Osho Krishan, senior research analyst at Angel One.
The Nifty Pharma and Nifty Healthcare indices were the sole laggards among the sector indices. Both closed around 0.7% lower. Among the pack, shares of Dr Reddy's Laboratories fell more than 6% to a month's low of 5,370 rupees after the company's Bachupally unit in Hyderabad received three observations from the US Food and Drug Administration.
Oil marketing companies such as Bharat Petroleum Corp, Hindustan Petroleum Corp, and Indian Oil Corp closed lower as investors likely booked profits.
Short-term profit booking is seen after the recent rally where investors might have overbought these stocks, said Ruchit Jain, lead research analyst at 5Paisa. But, the long-term view is positive, he said.
Among specific stocks, UltraTech Cement hit a lifetime high of 9,730 rupees and closed 2.7% higher. Osho Krishan, senior research analyst at Angel One, said support for the stock is seen at 9,350 rupees, and resistance is pegged at 9,750-9,800 rupees.
Adani Enterprises rose by over 3%, likely on account of concerns over the Adani-Hindenburg case easing, some analysts said. A Press Trust of India report also said that the Adani Group plans capital expenditure of 7 trln rupees over the next 10 years.
Shares of SpiceJet zoomed 16% on the BSE to a 21-month high of 63.69 rupees following a market buzz that the company is likely to tie up with two big investors. Ruchit Jain, a lead research analyst at 5paisa, said one of the investors could invest about 10-12 bln rupees, while the other could put in up to 3 bln rupees. Moreover, the company said it would soon list its securities on the National Stock Exchange too, to reach a wider investor base.
On Tuesday, the domestic market is expected to remain range-bound, with stock-specific action and sectoral rotation in counters such as cement and banks likely, some analysts said.
Investors are also waiting for the monetary policy outcome of the US Federal Reserve on Wednesday. The Fed is expected to keep interest rates steady, but market participants will keep a sharp lookout for cues on rate cuts in the near future.
* Of the Nifty 50 stocks, 30 rose, 18 fell, and 2 were unchanged
* Of the Sensex stocks, 19 rose, 10 fell, and 1 was unchanged
* On the BSE, 2,391 stocks rose, 1,467 fell, and 177 were unchanged
* Nifty PSU Bank: Up 1.36%; Nifty Metal: Up 1.04%; Nifty Pharma: Down 0.76%
BSE NSE
Sensex: 69928.53, up 102.93 pts, or 0.15% Nifty 50: 20997.10, up 27.70 pts, or 0.13%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 70057.83 (Dec 11, 2023) : Lifetime High: 21026.10 (Dec 11, 2023)
Record Close High: 69928.53 (Dec 11, 2023) : Record Close High: 20997.10 (Dec 11, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 69928.53 (Dec 11) : 2023 Closing High: 20997.10 (Dec 11)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 70057.83 (Dec 11) : 2023 High (intraday): 21026.10 (Dec 11)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
With inputs from Team Informist
Edited by Ashish Shirke
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