Share Market Highlights: Nifty settles above 20950, Sensex over 69800; Bank Nifty gains more than 400 points

Share Market News Today | Sensex, Nifty, Share Prices Highlights:  The benchmark equity indices ended Wednesday’s trading session in the negative territory. The NSE Nifty 50 gained 68.25 points or 0.33% to settle at 20,937.10, while the BSE Sensex slips 303.91 points or 0.44% to 69,825.60. The broader indices ended in negative territory, with fall led by Midcap and smallcap stocks. Bank Nifty index soared 420.60 points or 0.90% to settle at 47,262.00. Banking and Financial Services stocks outperformed among the other sectoral indices while FMCG, and Pharma stocks shed. HCL Technologies, LTI Mindtree, JSW Steel, Infosys, and Apollo Hospitals, were the top gainers on the NSE Nifty 50, while the laggards include Adani Enterprises, ITC, Adani Port and SEZ, Mahindra & Mahindra, and Hero MotoCorp. The Indian Volatility Index (India VIX) closed down by 1.59 %.

(Source: NSE)

12:55 (IST) 8 Dec 2023 Government bond yields remains range-bound

Indian government bond yields remained range-bound, trading sideways as Reserve Bank of India Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) announced its decision on the monetary policy on Friday and kept the repo rate unchanged at 6.50%. The benchmark 10-year bond yield fluctuated within a tight range of three basis points and stood at 7.2375%, slightly lower than the previous session’s closing rate of 7.2382%.

12:55 (IST) 8 Dec 2023 BSE Sugar index trade lower

BSE FMCG index shed 0.5 percent dragged by Bajaj Hindusthan, Shree Renuka Sugars, Ugar Sugar Work, Dhampur Sugar Avad Sugar

12:41 (IST) 8 Dec 2023 Markets so far

(Source: NSE)

12:27 (IST) 8 Dec 2023 Equity & Bond markets remained largely stable

“The RBI MPC voted unanimously to keep policy repo rate unchanged at 6.5% on Dec 08, its fifth consecutive pause, as the near-term outlook is masked by risks to food inflation which might lead to an inflation uptick in November and December. The MPC continued with the ‘withdrawal of accommodation’ stance (with 5:1 majority). The GDP forecast for FY24 was raised to 7.0% from 6.5% while inflation forecast was maintained. The RBI will remain highly alert and prepared to undertake appropriate policy actions, as warranted as per the evolving outlook to address potential risks. This was witnessed in the recent pre-emptive measure to curtail the growth of unsecured loans. The RBI continues to target 4.0% CPI. Consequently, a rate cut soon remains unlikely. We expect rate cut perhaps in Q1FY25 but that would be data dependent. Equity and bond markets remained largely stable post the announcement as it was on expected lines,” said Dhiraj Relli, MD & CEO, HDFC Securities.

12:06 (IST) 8 Dec 2023 RBI Policy: Not a Hawkish Pause but a subtle Dovish tilt

“On the interest rate trajectory, we see RBI closely following the trails of global central banks. If the probability of an early interest rate cut by the Fed materializes, we think that the RBI will follow suit. Interest rate futures are pricing a 60% probability of a Fed rate cut as early as March 2024 and an 80% probability of a rate cut in May 2024. Optically, RBI may attribute domestic inflation as the major determinant of the policy rate, but we infer that the central bank is also largely influenced by the interest rate dynamics in the US and Europe given its wider impact on the currency, trade, and foreign capital flows. Given that there is a clear consensus of a reversal of the monetary policy action by the Fed and if it cuts interest rates in March, we fancy a rate cut by RBI in April, when compared with the consensus of a cut in Q2 FY25,” said Hitesh Jain, Strategist- Institutional Equities Research YES Securities.

12:05 (IST) 8 Dec 2023 Private consumption and capex to get benefitted

“The rate pause by RBI is on expected lines. Rate increases over last 1.5 years have been absorbed well without any impact on buyer interest, which remains very robust. And this pause will further help sustain the momentum. The GDP growth at 7.6% for Q3 was a positive surprise, but it was largely led by government consumption and capex. This pause may also help with private consumption and capex, which will be helpful for the economy especially as we will likely see a deceleration in government capex next year due to elections,” said Ashish Khandelia – Founder at Certus Capital and Earnnest.me.

12:03 (IST) 8 Dec 2023 GDP growth continues to gain momentum

“As expected, the Reserve Bank of India’s Monetary Policy Committee has kept the repo rate unchanged. This is the fifth consecutive time that the central bank has kept the rate unchanged as GDP growth continues to gain momentum and all economic indicators point towards a robust growth in the economy. Inflation too has been reined in and with signs of recovery in rural demand, manufacturing and infrastructure sectors too are showing healthy signs of recovery during the financial year. The central bank has also taken timely measures to control the unbridled growth of non-secured lending,” said Jitendra Gohil, Chief Investment Strategist, Kotak Alternative Asset Managers.

12:01 (IST) 8 Dec 2023 Expert says

“The policy status quo was in line with expectations. The upward revision in GDP growth estimates would mean continued momentum in equities as well as interest rate sensitives. RBI has not sounded as hawkish as markets expected, hence bond yields may ease a tad. However, given India’s CPI data and impending US FOMC decision, upside in prices may be limited. Rates seem to have peaked out and hence rise in yields could be an opportune time to add duration to one’s portfolio,” said Lakshmi Iyer, CEO-Investments & Strategy, Kotak Alternate Asset Managers.

11:42 (IST) 8 Dec 2023 Nifty 50 may see volatility in short-term

“The Nifty reached a new all-time high as the RBI Governor announced the monetary policy, surpassing the 21,000 mark. The RBI Governor maintained the key lending rates at 6.50%, a decision that had already been expected and factored in by the market participants. The upward revision of the real GDP growth projection for 2023-24 is anticipated to have a positive impact on the market. In the short term, the Nifty might see volatility; only a clear breakout above 21,000 could drive the index towards the range of 21,550-21,700. A critical support level is situated at 20,800,” said Rupak De, Senior Technical analyst at LKP Securities.

11:35 (IST) 8 Dec 2023 Pressures on margins for Banks will continue

“As expected, the RBI has maintained the status quo on policy rates, with no change in its stance. The regulator has revised its growth forecast to 7% vs 6.5% earlier. While inflation estimates have been retained, near-term inflationary pressures primarily due to food inflation are expected to be visible. This development could make RBI maintain the status quo on rates in the upcoming meetings before considering rate cuts in the latter part of H1FY25. With the recent move by the RBI to increase risk weights on personal and credit card loans, we expect credit growth to slow down in these segments. The Retail and SME segment would lead to credit growth hereon. Pressures on margins for banks will continue. Currently, we prefer the larger banks vs the smaller/mid-sized peers,” said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.

11:33 (IST) 8 Dec 2023 Mid-market outlook

“The Nifty 50 benchmark surpassed the 21,000 mark for the first time following the Reserve Bank of India’s decision to maintain the repo rate at 6.5 percent for the fifth consecutive time. Concurrently, the Sensex experienced further gains, surging by 300 points to reach a new peak of 69,831. In the short term, the market is likely to exhibit a range-bound behavior, with the Nifty expected to fluctuate within the 20,850-21,000 range. Key support levels for the Nifty are between 20,675-20,725, while resistance is anticipated in the 20,940-21,000 range. Similarly, the Bank Nifty is likely to find support in the 46,500-46,650 range, with resistance levels in the 46,925-47,000 range. A period of consolidation around current levels is likely before the initiation of the next phase of the market rally,” said Shrey Jain, Founder and CEO SAS Online.

11:30 (IST) 8 Dec 2023 RBI Policy View

“In line with market expectations, the MPC’s decision to maintain interest rates as well as its policy stance is unchanged. Inflation projections were maintained, although the near-term concerns over food inflation have not gone away. In terms of inflation, crude is providing a little comfort for the Reserve Bank. Core inflation remains stuck, but it is at a comfortable level. There is also a cooling off of inflation around the world. We’re convinced the rates are picking up and should continue to be heard for some time. The US Federal Reserve is expected to cut its interest rate around the middle of next year, and flows in JP Morgan’s bond index funds are scheduled to start before that. The yield on GSec should decrease by about 50-75 basis points as a result of both factors. We remain positive on long-term debt funds from 1-2 year perspective,” said Mukesh kochar National Head of wealth at AUM Capital

11:18 (IST) 8 Dec 2023 RBI keeps its stance unchanged; expects growth in the Indian economy

“With regard to the Indian economy, the RBI holds the view that the Indian economy has presented a picture of resilience and momentum. India’s Real GDP growth for FY24 is projected at 7 percent from 6.5 percent while Real GDP for Q1FY25 is projected at 6.7%, for Q2FY25 at 6.5%, and for Q3FY25 at 6.4%. On the other hand, the inflation projection for FY2024 stands at 5.4%. With regards to global arena, RBI holds the view that the global economy remains fragile due to elevated debt levels, lingering geopolitical tensions and extreme weather conditions,” said Aamar Deo Singh, Head Advisory, Angel One.

11:17 (IST) 8 Dec 2023 Nifty 50 hits 21000; continues to trade with gains

“It is definitely a big moment as Nifty 50 hit 21,000 for the first time today, more so when we started the year on a subdued note and now well poised to end the year in high spirits. Post this the Nifty 50 is trading with gains of more than 15% on ytd basis which is again a reflection of the thumping confidence investors have shown in resilience of Indian economy. In today’s policy announcement RBI has also raised the GDP growth rate forecast to 7% for the current financial year which also helped in boosting sentiments,” said Narendra Solanki, Head – Fundamental Research, Anand Rathi Shares and Stock Brokers.

11:16 (IST) 8 Dec 2023 RBI has given his decision on the repo rate but there are still concern over food inflation

“In line with market expectations, the MPC’s decision to maintain interest rates as well as its policy stance is unchanged. Inflation projections were maintained, although the near-term concerns over food inflation have not gone away. In terms of inflation, crude is providing a little comfort for the Reserve Bank. Core inflation remains stuck, but it is at a comfortable level. There is also a cooling off of inflation around the world. We’re convinced the rates are picking up and should continue to be heard for some time. The US Federal Reserve is expected to cut its interest rate around the middle of next year, and flows in JP Morgan’s bond index funds are scheduled to start before that. The yield on GSec should decrease by about 50-75 basis points as a result of both factors. We remain positive on long-term debt funds from 1-2 year perspective,” said Mukesh Kochar National Head of wealth at AUM Capital.

11:15 (IST) 8 Dec 2023 Sharekhan remains positive on equity markets in the near-to-medium term

“Monetary policy was on expected lines. Monetary policy committee (MPC) kept its stance same as withdrawal from accommodation to ensure taming inflation under target. However, at the same time, RBI highlighted the risk of over tightening in the backdrop of global slowdown. This is despite the increase in GDP forecast to 7% for FY2024 as compared to 6.5% earlier. Hence, it is more of a balanced view or neutral stance as compared to inflation-focused commentary earlier. We remain positive on equity markets in the near-to-medium term with real estate, banks, consumer and engineering/capital goods as preferred sectors,” said Gaurav Dua, Head – Capital Market Strategy, Sharekhan by BNP Paribas.

11:04 (IST) 8 Dec 2023 Nifty to head towards 21275-21500

“The RBI policy has maintained the expected line with no change in policy rates or stance. Governor Das expressed confidence in economic growth, anticipating inflation to reach 4.2% by Q3 2024. Our market continues its bullish momentum, with the Nifty reaching a significant milestone of 21,000. We believe this momentum will persist, potentially experiencing some consolidation along the way. Banking and financial stocks are particularly well-positioned to outperform, given their current valuations and fundamental strengths. Nifty can head towards 21,275/21,500 and Bank Nifty can test 48,800/50,000 in the medium term,” said Santosh Meena, Head of Research, Swastika Investmart.

10:58 (IST) 8 Dec 2023 Expert say

“The RBI maintained the exact status quo with regard to policy rates and liquidity stance, as anticipated. The RBI has increased its GDP forecast for FY24 by 50 basis points, to 7%, while leaving the inflation forecast unchanged. Although the magnitude of the GDP forecast upgrade exceeded our initial projections, all other declarations and positions remained largely consistent with our expectations. As of now, the RBI anticipates that liquidity conditions will remain stable. The policy was, on the whole, less hawkish than had been anticipated. Simultaneously, the governor issues specific warnings regarding premature adjustments to monetary policy rates and liquidity stance, which indicate that the rate pause and liquidity withdrawal stance may persist for a longer duration than initially expected. We maintain our assessment that no rate reductions would occur until the latter part of fiscal year FY25. An upward adjustment to the GDP forecast would have a favourable effect on market sentiment,” said Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Shares and Stock Brokers.

10:42 (IST) 8 Dec 2023 Dalmia Bharat receives GST notice

The Company has received an order for availing input tax credit in FY 2017-18 from a supplier whose GSTIN has been cancelled by department on August 29, 2020 retrospectively w.e.f. July 1, 2017 despite the fact that the supplier had paid tax in relevant FY 2017-18. In the said order, the authority has demanded input tax credit of Rs 57,510/- along with interest and penalty, Dalmia Bharat said in a regulatory filing on the NSE. Stock trades at Rs 2,343.60 down 0.61%.

10:30 (IST) 8 Dec 2023 RBI Policy on Right Lines

“As repeatedly stressed by us both in the print and electronic media, e.g., on October 10, October 11, December 5, December 6 and 7, 2023, the RBI kept the benchmark Policy rates unchanged and also retained the stance of the Policy as “the withdrawal of accommodation” on the basis of a comprehensive assessment of the global and domestic environment. This Policy is entirely in conformity with our pre-policy expectations. In view of the evolving growth-inflation trade-off, the MPC took the right call in holding the rates steady,” said Manoranjan Sharma, Chief Economist at Infomerics Ratings.

10:29 (IST) 8 Dec 2023 Markets so far

(Source: NSE)

10:28 (IST) 8 Dec 2023 Real GDP growth projected at 7%, says RBI Governor

RBI Governor Shaktikanta Das said that FY24 real GDP growth is projected at 7%. Real GDP growth for the next year is projected at 6.7% in Q1, 6.5 in Q2 and 6.4 in Q3.

10:26 (IST) 8 Dec 2023 Realty stocks zoom

The Nifty Realty stocks advanced 1.16% after the RBI announced to keep the interest rates unchanged. Prestige Estates and Swan Energy led the gains, soaring 3.71% and 3.36%, respectively.

10:24 (IST) 8 Dec 2023 Media stocks shine

The Nifty Media index advanced 1.57% to 2,431.80, with gains led by Nazara Tech at 3.69% and Zee Entertainment at 2.76%.

10:23 (IST) 8 Dec 2023 Auto Index trade lower

Auto index slips from day high, trades lower by 40 points at 17,827, the drag in auto index is led by Tube Investment, Bharat Forge, Balakrishna Industries, MRF, and Tata motors.

10:18 (IST) 8 Dec 2023 Bank Nifty surges

The Bank Nifty index added as much as 257.30 points, reaching 47,098.70, after the RBI MPC announced to keep the key interest rates unchanged. Bank of Baroda, HDFC Bank, PNB and IndisInd Bank are leading the gains.

10:17 (IST) 8 Dec 2023 Top gainers in Banking sector

Bank of Baroda, HDFC Bank, IndusInd Bank, Punjab National Bank, and IDFC Bank are the top gainers on Nifty Bank index

10:13 (IST) 8 Dec 2023 Banking stocks shine

Bank Nifty Index gained over 200 points, trade above 47,000 mark as RBI keeps repo rate unchanged at 6.5%

10:11 (IST) 8 Dec 2023 Who are gaining

JSE Steel, HCL Tech, NTPC, UPL and Larsen & Toubro are leading the gains on the NSE Nifty 50.

10:10 (IST) 8 Dec 2023 RBI MPC keeps repo rate unchanged at 6.50%

RBI Governor Shaktikanta Das announced that MPC has decided to keep the repo rate unchanged at 6.50%. 

10:07 (IST) 8 Dec 2023 Nifty scale past 21000 milestone

The benchmark domestic indices, NSE Nifty 50, advanced 0.49% to rise above the 21,000 milestone at 21,005.05 after the RBI MPC decided to keep the interest rates unchanged.

09:41 (IST) 8 Dec 2023 Container Corporation of India shares hit 52-week

The stock price of Container Corporation of India surged 2.18% to hit a fresh 52-week high of Rs 860.75 following the news that the company has signed a Memorandum of Understanding (MoU) with NTPC Vidyut Vyapar Nigam to explore the possibility of setting up PV Solar renewable energy projects in CONCOR terminals.

09:28 (IST) 8 Dec 2023 Nifty hits fresh high

The benchmark domestic indices NSE Nifty 50 advanced 0.34% to hit a fresh high of 20,972.75 during the early trade on Friday.

09:26 (IST) 8 Dec 2023 Early Gainers

JSW Steel, UPL, HCL Tech, LTIMindtree and Hindalco are leading the gains on the NSE Nifty 50 during the early trade on Friday.

09:24 (IST) 8 Dec 2023 Derivative outlook

“Nifty weekly contract has highest open interest at 20,900 for Calls and 20,900 for Puts while monthly contracts have highest open interest at 21,000 for Calls and 19,000 for Puts. Highest new OI addition was seen at 20,900 for Calls and 20,900 for Puts in weekly and at 21,000 for Calls and 20,900 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.15%, decreased future index shorts by 2.98% and in index options by 23.38% decrease in Call longs, 20.00% decrease in Call short, 14.01% decrease in Put longs and 6.86% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

09:19 (IST) 8 Dec 2023 Markets at open

The NSE Nifty 50 opened at 20,934.10 up 0.15%, while BSE Sensex opened at 69,666.38 up 144.69 points.

09:10 (IST) 8 Dec 2023 USD-INR

“The USD/INR 27th December futures contract exhibited a narrow trading range. Based on the daily technical chart analysis, the pair is currently trading above its moving average trend-line support at 83.35, and the RSI remains above the 50-level mark. Despite these positive indicators, the MACD signals negative divergence, suggesting a potential range-bound movement. On the daily technical chart, the pair finds support in the range of 83.30-83.15, while resistance is positioned at 83.55-83.70. The pair has been consolidating within a tight range for an extended period and is anticipated to continue trading within the boundaries of 83.15-83.70 in today’s session. To navigate potential trading opportunities, we recommend vigilant monitoring of the levels between 83.20-83.50. An eventual breakout on either side of this range could provide clearer directional cues for the pair. Traders are advised to exercise caution and consider market developments before initiating any positions,” said Rahul Kalantri, VP Commodities, Mehta Equities.

09:03 (IST) 8 Dec 2023 Broader View

“The market is likely to remain in a range in the near-term. A consolidation around the present levels is likely before the next phase of the rally begins. The undercurrents in the economy indicate a robust economy capable of sustaining the current trend of earnings growth into FY 25. Leading indicators like power demand, housing demand, credit growth and revival of rural demand suggest a resilient economy which can keep the market buoyant, restrained only by valuations. Fairly valued segments like banking may be accumulated on dips. Falling crude is positive for paints, tyres and aviation where demand continues to be robust,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:01 (IST) 8 Dec 2023 Market Outlook

“In early trading, Gift Nifty remains above key levels, and the focus is on sustaining bullish momentum through December amid hopes for Fed rate cuts. Today’s highlights include the RBI’s likely unchanged interest rates decision and Friday’s influential US Nonfarm Payrolls report. Positive news includes WTI Oil hitting a 5-month low and 10-year US Treasury yields at August lows. Nifty bulls aim for uncharted territories, with a dovish RBI Governor potentially pushing Nifty toward 21,000. Recommended trades: Buy Nifty (20901) in the 20775-20800 zone, and Bank Nifty (46,841) in the 46,100-46,300 zone. Our chart of the day favours ASHOK LEYLAND, COFORGE, POLYCAB, LTTS, BEL, TATA CONSUMER, and PNB. A top pick is POLYCAB at CMP 5420 with targets at 5507/5615 and aggressive targets at 5751 (Interweek Strategy), driven by momentum,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

09:00 (IST) 8 Dec 2023 FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 1,564.03 crore, while domestic institutional investors (DII) sold shares worth net Rs 9.66 crore on December 7, 2023, according to the provisional data available on the NSE.

08:31 (IST) 8 Dec 2023 Crude Oil

WTI crude prices are trading at $70.13 up 1.11%, while Brent crude prices are trading at $74.89 up 1.13%, on Friday morning.

08:31 (IST) 8 Dec 2023 US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.05% at 103.60.

08:18 (IST) 8 Dec 2023 RBI’s MPC outcome

The Reserve Bank of India’s Monetary Policy Committee (MPC) is holding its three-day meeting to decide the central bank’s policy and Governor Shaktikanta Das will announce the MPC’s decision today December 8, at 10 am.

08:18 (IST) 8 Dec 2023 Wall Street

Wall Street’s major indices settled higher on Thursday. The tech-heavy Nasdaq Composite surged 1.37% to settle at 14,339.99. The S&P 500 advanced 0.80% to settle at 4,585.59, and the Dow Jones Industrial Average gained 0.17% to 36,117.38.