Taking Stock: Nifty above 24,450, Sensex up 111 pts; realty, financial stocks gain

Market Today

In a highly volatile session on December 4, the Indian market ended on a positive note and extended the winning streak for fourth straight session with Nifty around 24,450, led by realty and financial stocks.

The Indian indices opened flat, but buying at lower levels helped Nifty to cross 24,550 in the first half, however, market erased all the gains during mid-session and traded rangebound to close with marginal gains.

At close, the Sensex was up 110.58 points or 0.14 percent at 80,956.33, and the Nifty was up 10.30 points or 0.04 percent at 24,467.45.

Top gainers on the Nifty were HDFC Life, HDFC Bank, Apollo Hospitals, NTPC, Bajaj Finserv, while losers are Bharti Airtel, Cipla, Bajaj Auto, Tata Motors, Adani Ports.

On the sectoral front, auto and FMCG were down 0.7 percent each, while IT and Media were up 0.5 percent each, and realty, PSU Bank gained more than 2 percent each.

The BSE midcap index gained nearly 1 percent and smallcap index rose 0.6 percent.

Also Read - Bank Nifty surges over 1%, CRR cut hopes boost finance stocks ahead of RBI policy

More than 240 stocks touched their 52-week high on the BSE, including, HEG, Affle India, Computer Age Management Services, Caplin Labs, City Union Bank, Coforge, Dixon Technologies, eClerx Services, Federal Bank, HDFC Bank, Indian Hotels, Info Edge, KEC International, Krishna Institute of Medical Sciences, Mastek, Medplus Health, Oberoi Realty, PB Fintech, Piramal Enterprises, Tech Mahindra, among others. Click To View More

Outlook for December 5

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty remained choppy throughout the day as investors exercised caution ahead of the RBI's monetary policy announcement. However, the index managed to close above the crucial level of 24,420. On the downside, support is placed at 24,350, while on the upside, it could move toward 24,700, where it may encounter initial selling pressure. A decisive move above 24,700 could trigger a continuation of its upward momentum. Conversely, a fall below 24,350 could weaken market sentiment.

Ajit Mishra – SVP, Research, Religare Broking

The markets experienced a volatile session and ended nearly flat, taking a breather after three consecutive days of gains. While the tone remained positive for part of the session, profit-booking in select heavyweights limited the upside. Sectorally, performance was mixed, with banking and realty outperforming, while energy, auto, and FMCG faced pressure. On the broader front, the momentum persisted, as midcap and smallcap indices rose nearly a percent each.

This pause is a natural reaction following the recent rally, especially with key sectors like banking and IT driving the gains while others remain subdued or under pressure. We expect the consolidation to continue in the next session, though the overall sentiment should stay positive. Traders are advised to focus on a stock-specific approach and use these intermediate pauses to accumulate quality stocks.

Aditya Gaggar Director of Progressive Shares

Volatility is the word for today's trade as after a steady opening, the Index soared higher but select heavyweights dented the sentiment and dragged the Index lower. Under the leadership of the PSU Banks, the market recovered but failed to hold higher levels and finally settled the trade at 24,467.45 with gains of 10.30 points.

Apart from PSU Banks, Realty and BankNifty outperformed while FMCG and Energy were the major laggards. The positive momentum remained intact in the Broader markets as Mid and Smallcaps advanced by 1.05% & 0.89% respectively.

A Spinning Top candlestick pattern denotes extreme volatility and indecisiveness between the bears and bulls. The undertone of the market is positive and in the case of any correction, if any, it is likely to be bought into. Now, the immediate resistance is 24,660 while on the lower side, 24,350 will work as a strong support.

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