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December 01, 2021 / 04:31 PM IST

Closing Bell: Nifty closes above 17,100, Sensex gains 620 pts led by metal, financials; pharma drags

Except pharma, all other sectoral indices ended in the green with metal indices adding over 2 percent. BSE midcap index rose 1 percent and smallcap index added 0.27 percent.

  • IndexPricesChangeChange%
    Sensex59,464.62-634.20 -1.06%
    Nifty 5017,757.00-181.40 -1.01%
    Nifty Bank37,850.85-190.50 -0.50%
    Nifty 50 17,757.00 -181.40 (-1.01%)
    Thu, Jan 20, 2022
    Biggest GainerPricesChangeChange%
    Power Grid Corp214.6510.00 +4.89%
    Biggest LoserPricesChangeChange%
    Bajaj Finserv17,258.95-818.35 -4.53%
    Best SectorPricesChangeChange%
    Nifty Metal5831.1530.05 +0.52%
    Worst SectorPricesChangeChange%
    Nifty IT36662.20-619.50 -1.66%

  • December 01, 2021 / 04:31 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets managed to settle with the gain of over a percent amid volatility, tracking favourable local cues. Participants reacted positively to the GDP numbers in early trade but the mixed trend across sectors and feeble global cues capped the movement thereafter. Finally, the Nifty index closed around 17,166 levels; up by 1.08%.
    Global markets are still rattling in fear due to the new COVID variant and it may continue in near future. At the same time, favorable domestic data may result in some intermediate relief but the possibility of any major directional move seems unlikely. Keeping all in mind, it’s prudent to stay cautious and wait for further clarity. 

  • December 01, 2021 / 04:24 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

    Markets moved in tandem with buoyancy in other Asian indices with support coming in from robust GST collections in November and strong Q2 GDP numbers. After a long time Nifty succeeded to close above the 100-day SMA which is broadly positive. 

    On daily charts, the index has formed an inside body candle and on intraday charts, it is consistently taking support near 17100. 

    The trading setup suggests that 17100-17140 would be the trend decider levels for the bulls, and above the same the uptrend formation will continue up to 17250-17350. If the index slips below 17100, the uptrend would be vulnerable.

  • December 01, 2021 / 04:14 PM IST

    Emkay Global Financial Services:

    The covid comeback has made the fx market very volatile. Until there is no confidence over the global economic recovery, the USDINR spot will remain afloat. The market’s focus is on Fed Powell’s testimony in front of the House later tonight, along with a slew of US economic data. 

    The testimony document released by the Fed and Powell’s statement in front of the Senate altered, so tonight’s speech and data will be perennial to place further hawkish bets. 

    This week in USDINR spot, we expect it to trade in between 74.70-75.25, and as long as it trades above 74.70, it will continue to be afloat.

  • December 01, 2021 / 04:02 PM IST

    Palak Kothari, Research Associate at Choice Broking:

    After a gap-up opening, the index made an intraday high & low at 17213.05 & 17064.25 levels respectively and managed to close on a green note at 17166.90 levels with a gain of 183.70 points. While Bank Nifty closed the session at 36364.90 levels with a gain of 669.60 points.

    On the technical front, after a positive opening index traded in range and managed to sustain above 17000 marks as well as 21 HMA which suggest sustained above the same can show upside movement. 

    On an hourly chart, Index has confirmed the Doji kind of candle which points out the confusion between buyers & sellers. A momentum indicator MACD & Stochastic suggested positive crossover on an Hourly time-frame, which suggests a bounce-back can be seen. 

    At present, the index has support at 16800 levels, while resistance comes at 17350 levels, crossing above the same can show fresh buying interest and the index can test 17500-17800 levels. On the other hand, Bank Nifty has support at 35300 levels while resistance at 37000 levels.

  • December 01, 2021 / 03:56 PM IST

    S Hariharan, Head- Sales Trading, Emkay Global Financial Services:  

    Nifty has closed below its 100-ema for 3 consecutive sessions for the first time since Oct’20, suggesting that the structural bull market of the last 14 months has now come to a halt. Alongside, multiple major sectoral indices geared to domestic consumption – Banknifty, Nifty Auto and Nifty FMCG – have also closed near their respective 200-ema. 

    Given oversold conditions and seasonality associated with FII flows in December, there is a likelihood of near-term bottom formation. Nevertheless, any break of averages on these major sectors would herald a fresh wave to the downside, and Nifty has next major technical support at 16,200, should that situation materialize. PSU Banks and IT sectors are relatively stronger sectors, while Metals sector is close to major trendline support and might offer entry opportunities.

  • December 01, 2021 / 03:53 PM IST

    Rohit Singre, Senior Technical Analyst at LKP Securities:

    Index opened a day with good gap and managed to close a day on a positive note at 17167 with gains of more than one percent forming a bullish candle on the daily chart. 

    The index has formed two strong hurdle zone on the higher side around 17220-17300 zone until we don’t cross or give decisive close above-mentioned resistance, we may not see aggressive buying comes in. So said levels will be immediate trend deciding levels & trading below said levels structure will be weak, good support zone formed near 17050-16950 zone.

  • December 01, 2021 / 03:40 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    After the sharp sell-off in the global markets yesterday, Indian equities reversed its course following recovery in global markets and strong domestic GDP data. 

    India’s Q2 GDP recorded a growth of 8.4% as economic activity moved towards normalcy after the impact of the second wave. Though the Fed chair’s comment on speeding up the pace of the bond-buying taper plan kept investors cautious along with the concerns of Omicron, the global markets recovered sharply today.

  • December 01, 2021 / 03:36 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    The markets have been able to record a positive close for the day! However, that does not rule out the current short term bear trend. 

    Unless we do not get past 17400-17500 on a closing basis, every rise should be looked at as an opportunity to short sell the Nifty.

  • December 01, 2021 / 03:34 PM IST

    Market Close: Benchmark indices ended higher on December 1 with Nifty above 17100 supported by the IT, auto, metal and financial names.

    At close, the Sensex was up 619.92 points or 1.09% at 57,684.79, and the Nifty was up 183.70 points or 1.08% at 17,166.90. About 1859 shares have advanced, 1323 shares declined, and 130 shares are unchanged.

    IndusInd Bank, JSW Steel, Tata Motors, Adani Ports and Axis Bank were among the major Nifty gainers. The losers included Cipla, Divis Labs, Dr Reddy’s Labs, UltraTech Cement and Sun Pharma.

    Except pharma, all other sectoral indices ended in the green with metal indices adding over 2 percent. BSE midcap index rose 1 percent and smallcap index added 0.27 percent.

  • December 01, 2021 / 03:28 PM IST

    Tega Industries IPO subscribed 3.25 times on Day 1

    The initial public offering of Tega Industries, the second largest producer of polymer-based mill-liners, has garnered bids for 3.11 crore equity shares against an issue size of 95.68 lakhs, subscribing 3.25 times on December 1, the first day of bidding.

    The company mobilised Rs 186 crore from anchor investors on December 1. Subsequently, its issue size was down to 95.68 lakh equity shares, from 1.36 crores.

    Retail investors bought 5.78 times of their reserved portion and non-institutional investors portion booked 1.68 times. Qualified institutional investors have put in bids for 1 percent of the reserved portion. 

  • December 01, 2021 / 03:26 PM IST

    Star Health public issue sees 16% subscription on Day 2

    The public offer of Star Health and Allied Insurance Company has so far received lukewarm response from investors with subscription at 16 percent, garnering bids for 70.48 lakh equity shares against an issue size of 4.49 crores, on December 1, the second day of bidding.

    The insurance company is promoted by investor Rakesh Jhunjhunwala, Safecrop Investments India LLP and WestBridge AIF.

    Retail investors bought shares 82 percent of their reserved portion, while the employees’ segment saw 4 percent subscription. Non-institutional investors have bid for 2 percent of shares set aside for them, while qualified institutional buyers picked up 2.76 lakh shares as against their reserved portion of 2.38 crores.

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