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December 07, 2021 / 04:35 PM IST

Closing Bell: Nifty ends above 17,100, Sensex rises 886 points ahead of RBI policy

All sectoral indices ended in the green with bank, metal and realty added 2-3 percent. BSE midcap and smallcap indices rose 1 percent each.

  • 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 Pharma13454.90-227.80 -1.66%


  • December 07, 2021 / 04:24 PM IST

    Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:

    Equity markets witnessed a share rebound today, on back of positive global cues. Comments from the US stating that the new virus might be less effective than earlier feared helped elevate global sentiments. Both Sensex and Nifty closed with gains of over 1.5%. Buying was witnessed in banking metals and auto stocks ahead of the RBI meeting on interest rates. 

    While markets have seen some relief today, the overall volatility is likely to remain for some more time until FII selling reduces. Investors should await cues from the global Central banks for direction on the monetary policy as well as interest rates.

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  • December 07, 2021 / 04:22 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets made a strong recovery after two days of decline and gained nearly 1.5%. In line with the global counterparts, participants reacted positively to the recent updates on the new COVID variant that it causes mild symptoms though the spread rate is high. The recovery was broad-based wherein banking and metal led the surge. The broader indices also performed well and gained in the range of 1-1.5%.
     
    The up move in markets shouldn’t be attributed to the COVID-related update alone. Markets are also discounting a dovish stance from the MPC as the outcome of the meeting is scheduled on Wednesday, December 8. We expect volatility to remain high in the first half so it’s prudent to restrict leveraged positions and wait for further clarity. For any sustained move, alignment between the Nifty and banking pack is critical. 

  • December 07, 2021 / 04:20 PM IST

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

    In the case of the Nifty, the bulls made a comeback on December 07 after getting beaten down in the previous two sessions. As a result, the Nifty witnessed a steep bounce today post a sharp decline in the last couple of sessions. Structurally, the swings in both the directions over the last few sessions are part of a base formation process.

    In terms of the price pattern, the index has a potential to form a base triangle. This means that the sideways action can continue further before the index prepares for a larger up move. On the higher side, 17500 will continue to act as a key barrier whereas 17000-16900 will be the lower end of the potential base triangle. 

  • December 07, 2021 / 04:05 PM IST

    Palak Kothari, Research Associate at Choice Broking:

    After a gap-up opening, the benchmark index continued the upward move throughout the day and gained more than 1.58% to close at 17176.70 levels. While Bank Nifty closed the session at 36618.40 with a gain of 882.5 points. 

    On an hourly chart, the index has taken support from the rising trendline and closed above the same, which adds strength to the counter. On four hourly charts, the index has formed a doji kind of candle, which suggests indecision between buyer and sellers. Moreover, an Hourly Momentum indicator MACD was trading with a positive crossover, which suggests the bullish movement is intact. 

    At present, the index has support at 17000 levels while resistance comes at 17300 levels, crossing above the same can show 17500-17700 levels. 

    On the other hand, Bank Nifty has support at 35500 levels while resistance at 37000 levels.

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  • December 07, 2021 / 03:57 PM IST

    Mohit Nigam, Head - PMS, Hem Securities:

    Benchmark indices rebounded after two days of relentless selling and closed near the highs of the day led by strong gains in IT and financial shares. The European markets too have started trade on a positive note, DAX 30 and CAC 40 have jumped 1.5 per cent each. US markets ended higher on easing concerns over Omicron after reports indicated that the new COVID variant is less severe and potential economic impact may not be very high as feared earlier. 

    Investors will be keeping a close look at tomorrow’s RBI MPC Meeting and from thereon we can see the next movement of the market.

    Immediate support and resistance for Nifty 50 is 16,800 and 17,300 and for Bank Nifty is 35,700 and 37,000.

  • December 07, 2021 / 03:53 PM IST

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

    Indian markets mirrored the sharp buoyancy in global indices on the back of short covering by market participants. The rally was backed by a sharp upsurge in banking and metal stocks, which had taken a severe hammering in recent sessions. 

    Post reversal formation, the Nifty has formed a promising bullish candle. On intraday charts, the index has also formed a higher bottom formation which indicates a short term uptrend. 

    The uptrend wave could continue in the near future but due to overstretched intraday momentum, the market may consolidate within the range of 17075-17280 price. On the flip side, below 17075, the uptrend would be vulnerable.

  • December 07, 2021 / 03:45 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Domestic bourses staged a recovery bucking the trend in the international markets supported by broad-based buying while healthcare stocks lost ground. Global markets traded with optimism on reports that the Omicron strain may not be as severe as expected. Moreover, additional liquidity freed up by the Chinese Central Bank through policy easing boosted the Chinese markets. 

    In the Indian Markets, banking and financial stocks advanced since the MPC is scheduled to announce its policy decision tomorrow where the RBI is likely to keep its policies unchanged considering the short-term uncertainties.

  • December 07, 2021 / 03:35 PM IST

    Market Close: Benchmark indices ended higher on December 7 with Nifty closing above 17100 led by the auto, metal, realty and financial names.

    At close, the Sensex was up 886.51 points or 1.56% at 57,633.65, and the Nifty was up 264.40 points or 1.56% at 17,176.70. About 2278 shares have advanced, 924 shares declined, and 114 shares are unchanged.

    Reserve Bank of India (RBI) is going to announce its policy decision on December 8.

    Hindalco Industries, Tata Steel, Axis Bank, ICICI Bank and Tata Motors were among the top Nifty gainers on the Nifty. Losers included Cipla, Britannia Industries, Divis Labs, IOC and Asian Paints.

    All sectoral indices ended in the green with bank, metal and realty added 2-3 percent. BSE midcap and smallcap indices rose 1 percent each.

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  • December 07, 2021 / 03:27 PM IST

    RateGain Travel Technologies IPO subscribed 34%:

    The initial public offering (IPO) of RateGain Travel Technologies, the travel and hospitality solutions provider, was subscribed 34 percent on December 7, the first day of bidding.

    Investors had bid for 59.19 lakh equity shares against an IPO size of 1.73 crore units. The portion reserved for retail investors had been subscribed 1.87 times and that of employees saw a 7 percent subscription.

    The offer size was reduced to 1.73 crore equity shares from 3.18 crore after the company mopped up Rs 598.83 crore from anchor investors.

    Non-institutional investors have bought 1 percent shares, so far, against their reserved portion, while qualified institutional buyers were yet to put in bids for the offer.

  • December 07, 2021 / 03:21 PM IST

    One Point One Solutions approves sub-division, bonus issue

    One Point One Solutions has approved the sub-division of equity shares from the Face Value of Rs 10 to Face Value of Rs 2 per share and issue of bonus shares in the ratio of 1:2.

    One Point One Solutions Ltd. was quoting at Rs 70.90, down Rs 0.55, or 0.77 percent on the NSE.

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