The market remained highly volatile on the back of positive to mixed global and domestic cues. Initially, announcement of the Bharat Bond ETF has put some pressure on the market, however, in the second half of the trading session, positive news flow on the trade tariff front from US has helped the market to close in positive territory. Except Infrastructure and Reality, all other sectors closed in the green. The best and unique part of the day was the bullishness in technology as well as in Financials, which on most occasions move in opposite directions. Technically, it's a positive bullish closing for the market and this should lift the market back to 12150 in the near term.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:
Nifty remains in an uptrend with strong support of 11,700 and one can expect 12,500 in the medium term. In the near term we expect the index to trade in the range of 11,900-12,200 with buying on dips advisable. Banking stocks trade with a positive bias while metals stocks continue to consolidate after recent gains. Frontline IT stocks trade near long term support levels.
December 04, 2019 04:29 PM IST
SBI to sell 8.25% stake in UTI AMC: Country's largest lender State Bank of India has decided to sell its 8.25 percent equity stake in UTI AMC through initial public offering.
The immediate support of 12,000 levels (support as per change in polarity) has been held today after an intraday violation today. This positive indication and one may expect some more up move in the next session.
December 04, 2019 04:22 PM IST
Ajit Mishra, VP - Research, Religare Broking:
Markets are largely mirroring the world indices in absence of any major local trigger. And now all eyes are on the RBI and we feel that markets have already discounted the 25 bps point cut and the commentary on future trajectory would be more critical.
Since we’re trading at record levels, the risk is certainly high thus traders should prefer hedged positions instead of outrights. Needless to say, a decline below 11,900 would pave the way for further profit taking in the Nifty. In case of surge, 12,200-12,300 zone would act as a hurdle.
December 04, 2019 04:17 PM IST
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
The Nifty witnessed a volatile session today with sharp swings in either direction. The index ultimately posted a positive daily close after three consecutive negative sessions. The broader market indices too got some relief today after getting battered for the last couple of sessions. Nevertheless, the market in general is not yet out of the woods. The minor degree correction that started from the recent high of 12158 seems to be getting subdivided into lower degree waves. This means that further fall towards the junction of the 40 DEMA & the daily lower Bollinger Band i.e. 11820 - 11800 cannot be ruled out before Nifty resumes the larger uptrend. Hence sell on rise would continue to be our preferred strategy with immediate hurdle zone at 12050-12070.
December 04, 2019 03:42 PM IST
Canara Bank has allotted 27,69,88,576 equity shares of face value of Rs 10 each at an issue price of Rs 237.23 (including premium ofRs.227.23) per share to Government of India, Promoter of the Bank, on preferential basis, in accordance with the applicable provisions.
December 04, 2019 03:38 PM IST
Market Close: The final hour buying helped the indices to end near the day's high level on report of US and China are moving closer to the phase-one trade deal.
At close, the Sensex was up 174.84 points or 0.43% at 40,850.29, while Nifty was up 49 points or 0.41% at 12,043.20. About 1251 shares have advanced, 1197 shares declined, and 200 shares are unchanged.
Tata Motors, Yes Bank, ICICI Bank, Vedanta and Hindalco Industries were among major gainers on the Nifty, while losers included L&T, Reliance Industries, Coal India, IOC and Asian Paints.
Among sectors, except energy and infra all other indices ended in the green led by the IT, metal, bank, pharma and auto.
highlights
SBI to sell 8.25% stake in UTI AMC:
Ashok Leyland to observe non-working days:
Wipro gains 2%:
US-China trade war:
SAMHI Hotels receives SEBI approval for IPO:
Shilpa Medicare gets EIR from USFDA:
Indices trade lower:
Rupee trades lower:
Tata Motors gains 6%:
United Breweries launches Kingfisher Ultra Witbier:
OnMobile collaborates with Samsung:
Rupee off day's low:
SBI MF buys 3 cr shares of CG Consumer Electrical:
Strides receives USFDA tentative approval:
Nifty above 12,000:
IFCI slips on rating downgrades by ICRA:
Rupee Opens:
Asian Markets:
US Markets:
Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:
The market remained highly volatile on the back of positive to mixed global and domestic cues. Initially, announcement of the Bharat Bond ETF has put some pressure on the market, however, in the second half of the trading session, positive news flow on the trade tariff front from US has helped the market to close in positive territory. Except Infrastructure and Reality, all other sectors closed in the green. The best and unique part of the day was the bullishness in technology as well as in Financials, which on most occasions move in opposite directions. Technically, it's a positive bullish closing for the market and this should lift the market back to 12150 in the near term.
Taking Stock: Trade deal hopes, possible rate cut on Dec 5 lift sentiment; Nifty ends above 12K
Traders should remain neutral on short side and can look to buy dip between 12k - 11970 levels, with a stop below 11935 and look for a target of 12100 levels.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:
Nifty remains in an uptrend with strong support of 11,700 and one can expect 12,500 in the medium term. In the near term we expect the index to trade in the range of 11,900-12,200 with buying on dips advisable. Banking stocks trade with a positive bias while metals stocks continue to consolidate after recent gains. Frontline IT stocks trade near long term support levels.
SBI to sell 8.25% stake in UTI AMC: Country's largest lender State Bank of India has decided to sell its 8.25 percent equity stake in UTI AMC through initial public offering.
Nagaraj Shetti – Technical & Derivative Analyst, HDFC securities:
The immediate support of 12,000 levels (support as per change in polarity) has been held today after an intraday violation today. This positive indication and one may expect some more up move in the next session.
Ajit Mishra, VP - Research, Religare Broking:
Markets are largely mirroring the world indices in absence of any major local trigger. And now all eyes are on the RBI and we feel that markets have already discounted the 25 bps point cut and the commentary on future trajectory would be more critical.
Since we’re trading at record levels, the risk is certainly high thus traders should prefer hedged positions instead of outrights. Needless to say, a decline below 11,900 would pave the way for further profit taking in the Nifty. In case of surge, 12,200-12,300 zone would act as a hurdle.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
The Nifty witnessed a volatile session today with sharp swings in either direction. The index ultimately posted a positive daily close after three consecutive negative sessions. The broader market indices too got some relief today after getting battered for the last couple of sessions. Nevertheless, the market in general is not yet out of the woods. The minor degree correction that started from the recent high of 12158 seems to be getting subdivided into lower degree waves. This means that further fall towards the junction of the 40 DEMA & the daily lower Bollinger Band i.e. 11820 - 11800 cannot be ruled out before Nifty resumes the larger uptrend. Hence sell on rise would continue to be our preferred strategy with immediate hurdle zone at 12050-12070.
Canara Bank has allotted 27,69,88,576 equity shares of face value of Rs 10 each at an issue price of Rs 237.23 (including premium ofRs.227.23) per share to Government of India, Promoter of the Bank, on preferential basis, in accordance with the applicable provisions.
Market Close: The final hour buying helped the indices to end near the day's high level on report of US and China are moving closer to the phase-one trade deal.
At close, the Sensex was up 174.84 points or 0.43% at 40,850.29, while Nifty was up 49 points or 0.41% at 12,043.20. About 1251 shares have advanced, 1197 shares declined, and 200 shares are unchanged.
Tata Motors, Yes Bank, ICICI Bank, Vedanta and Hindalco Industries were among major gainers on the Nifty, while losers included L&T, Reliance Industries, Coal India, IOC and Asian Paints.
Among sectors, except energy and infra all other indices ended in the green led by the IT, metal, bank, pharma and auto.
US and China move closer to phase-one trade deal: Report
US President Donald Trump on Tuesday had said a trade agreement with China might have to wait until after the US presidential election in November 2020, denting hopes of a resolution soon to a dispute that has weighed on the world economy.