Closing Bell: Bull run continues; indices end at record closing peaks led by IT, metal, PSBs

Mohit Nigam, Fund Manager & Head - PMS, Hem Securities:

Benchmark Indices ended with in the green today after Nifty 50 achieved all time high of 18887 in third consecutive day of trade. Nifty 50 closed with a gain of +0.29% and Sensex also closed +0.29% up today. Among sectors, PSU Bank, IT, realty and metal indices rallied about 1-2%. Tata Steel and Hindalco were top gainers today while UPL and Eicher Motors were top losers in Nifty 50 today. Among the Nifty 50 stocks, 27 advanced while 22 declined.

Today's rally was steamed by Jereme Powell's speech. November's GST collection came in at Rs 1.46 lakh crores, down 3.90% from October. Auto stocks showed mixed sales numbers due to de-stocking at dealerships and moderation in demand post the festive season.

On the technical front, immediate support and resistance in Nifty 50 are 18600 and 19000 respectively. Immediate support and resistance in Bank Nifty are 42800 and 43600 respectively.

Ajit Mishra, VP - Technical Research, Religare Broking

Markets managed to end marginally higher amid volatility on the weekly expiry day. Firm global cues triggered a gap-up start in Nifty however profit taking at the higher levels trimmed the gains as the day progressed. Finally, the Nifty index settled at 18,812.5 levels. 

Among the sectoral pack, IT, metal and realty remained in flavour while energy, auto and FMCG were slightly on the back foot. Amid all, the broader indices outperformed the benchmark and posted decent gains.

We may see a bit of consolidation after the recent surge however upbeat global cues would keep the tone positive. Besides, improvement in the broader market participation is added relief. Participants should continue with a positive bias and utilise pause or dip as a buying opportunity. At the same time, one should not go overboard and stick largely with the index majors and quality midcaps.

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

Although markets extended gains and scaled fresh highs once again, the recent upsurge failed to gather steam today, as indices closed off their highs due to flattish cues from other Asian and European peers. While the undertone remains bullish, the focus will now shift to next week's credit policy announcement. 

Most of the positive factors are still intact, but if the rate hike is above expectations, it could trigger a sharp sell-off in the near term. 

Technically, the Nifty has formed a small bearish candle on daily charts indicating indecisiveness between the bulls and bears. While the larger texture of the market is bullish, due to temporary overbought conditions we could see some profit booking at higher levels. 

For traders, 18,700 and 18,650 could act as key support zones whereas 18,900-19,000 would be the key resistance levels.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

Continuing with the positive momentum from the last session, the Nifty opened gap up on December 01. Post that it witnessed a brief consolidation throughout the day. Nevertheless, the index managed to post a positive daily close for eighth consecutive session. 

Expansion in the hourly & the daily upper Bollinger Bands is supporting the price action on the way up. The overall structure shows that the index can continue with the uptrend & head towards the short term target of 19,000. On the other hand, the zone of 18,700-18,600 will act as a support as per the principle of role reversal.

Rupee Close:

Indian rupee closed 21 paise higher at 81.21 per dollar on Thursday against previous close of 81.42.

Market Close: Benchmark indices ended higher for the seventh consecutive session on December 1 with Nifty around 18800.

At close, Sensex was up 184.54 points or 0.29% at 63,284.19, and the Nifty was up 54.20 points or 0.29% at 18,812.50. About 1985 shares have advanced, 1394 shares declined, and 141 shares are unchanged.

UltraTech Cement, Tata Steel, Hindalco Industries, TCS and Grasim Industries were among the top Nifty gainers. The losers included ICICI Bank, Eicher Motors, UPL, Cipla and Bajaj Auto.

Among sectors, PSU Bank, IT, realty and metal indices up 1-2 percent.

The BSE midcap and smallcap index added 0.6 percent each.

Kotak Institutional Equities maintains 'Sell' rating on Eicher Motors, target Rs 2,800 per share

-Sell call, target Rs 2,800 per share
-Core portfolio’s performance ex-Hunter 350 in current festive period remains below FY2018 levels
-Affordability & cannibalisation from Hunter 350 an issue
-Demand trends in key states of Delhi & Kerala remain under pressure
-There is market saturation in more than 250 cc segment
-Weaker performance of its core portfolio will weigh on profitability

Eicher Motors was quoting at Rs 3,436.00, down Rs 52.15, or 1.50 percent on the BSE.

Adani Green gets USD 200 mn Yen-denominated debt refinancing facility

Adani Green Energy, through its subsidiary Adani Solar Energy AP Six Private Ltd, has raised JPY denominated facility to refinance its existing indebtedness. 

The facility comprises JPY 27,954 million (c. USD 200 Mn equivalent) amortising project loan facility, assessing the 16 years debt structure with door-to-door tenor of 10 years and average tenor of more than 8 years.

Adani Green Energy Limited was quoting at Rs 2,107.95, down Rs 1.40, or 0.07 percent.

Credit Suisse keeps 'Outperform' rating on Delhivery; target Rs 550 per share

-Outperform call, target Rs 550 per share
-Industry feedback reinforces view of company’s strongest standing
-Funding squeeze reducing volumes may be a key near-term risk
-Overall takeaways from company’s perspective were positive as sector is growing at 17-18 percent
-Company continues to maintain large lead & competition is modest with no new entrants

Delhivery was quoting at Rs 338.30, up Rs 3.20, or 0.95 percent on the BSE.

Trident gets patent

Trident has been granted a patent for ‘Fabric and Method of Manufacturing Fabric’ by Patent Office India.

JPMorgan keeps 'Neutral' call on Asian Paints, target Rs 3,365 per share

-Neutral call, target Rs 3,365 per share
-Aiming for double-digit volume growth, 19-20 percent operating margin 
-Lack of positive revenue for APNT a surprise 
-Volume growth normalising as pent-up demand fades 
-Likely range-bound decorative margin over FY24/25 amidst more competition 
-Cap share price upside with valuations at 60x FY24E P/E

Asian Paints was quoting at Rs 3,180.75, down Rs 1.55, or 0.05 percent on the BSE.