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Dec 02, 2019 03:34 PM IST | Source:

Closing Bell: Weak Nov sales weighs on auto index; Bharti Airtel gains 4%, Yes Bank falls 6%

The Sensex is up 8.36 points or 0.02% at 40802.17, and the Nifty down 7.80 points or 0.06% at 12048.20.

  • December 02, 2019 04:33 PM IST

    Amit Shah, Technical Research Analyst with Indiabulls Ventures: 

    Nifty has formed a range of 12000-12150 and till this range is broken on either side the market will continue to remain sideways. Traders can trade in stock specific movements. For the index one can trade the range by buying near the lower end and selling at higher end of the range or look to wait for breakout on either side to get into the momentum and short-term direction. Overall the index is bullish and once crosses above 12,150 it can move swiftly till 12400. Support at 12,000-11,800 and resistance at 12,150-12,400.

  • December 02, 2019 04:26 PM IST

    Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:

    Based on option data, Nifty should find support at 11,970/11,980 levels. On the higher side, till the index is not crossing the level of 12,170, we cannot expect action in large cap companies.  

  • December 02, 2019 04:17 PM IST

    Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:

    The index found support near the lower end of the pattern today and has formed a base over there. Thus the index looks poised for a leap towards the upper end of the pattern, which is near 12100-12110. On the downside, 12017-12000 will continue to act as a key support zone for Nifty.

  • December 02, 2019 04:05 PM IST
  • December 02, 2019 04:04 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    The weak Q2GDP data and subdued auto sales numbers is likely to impact the investor sentiments in the short term. All eyes will now be on RBI monetary policy for economic revival measures going forward. On the global front, investors are eagerly awaiting a positive outcome of the US-China trade negotiations which could strengthen the rally in the global markets. In addition, currency and crude price movement will continue to impact investor sentiments.

  • December 02, 2019 04:04 PM IST
  • December 02, 2019 03:45 PM IST

    Suvodeep Rakshit, Vice President & Sr. Economist, Kotak Institutional Equities:
    The policy backdrop for the December MPC meeting will be the steady decline in the GDP growth trajectory and the increase in headline CPI inflation led by food prices. Compared to its October estimates, the MPC will need to revise lower its FY2020 GDP estimate even as it possibly revises up the near term inflation outlook.

    We note that GDP growth print is around 80 bps lower and 2HFY20 GDP growth could be around 150-200 bps lower than RBI’s current estimates. On the other hand, CPI inflation could be around 100-150 bps higher than RBI’s estimate for 3QFY20.

    The December policy will, in some sense, test the “flexible” portion of the flexible inflation targeting framework. We believe that given the transient nature of food prices, and the sustained decline in core inflation, the MPC will likely continue to focus on the output gap and growth outlook.

    We maintain our call for 25 bps reduction in the repo rate to 4.9% in the December policy to continue providing support to growth.

  • December 02, 2019 03:33 PM IST

    Market Close: Benchmark indices ended flat on December 2 with Nifty managed to hold 12,000 level. 

    At close, the Sensex is up 8.36 points or 0.02% at 40802.17, and the Nifty down 7.80 points or 0.06% at 12048.20. About 1033 shares have advanced, 1481 shares declined, and 189 shares are unchanged.

    Yes Bank, Eicher Motors, Bajaj Finance, Bharti Infratel and ONGC were among major losers on the Nifty, while gainers include Bharti Airtel, JSW Steel, Grasim Industries, Reliance Industries and Asian Paints.
    Among sectors, except metal, infra and energy other indices ended in the red led by the IT, auto, FMCH, pharma and bank.

  • December 02, 2019 03:28 PM IST

    The credit rating agency Acuite Ratings & Research has downgraded the credit rating of Walchandnagar Industries.

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