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Taking Stock: Record run continues; Nifty crosses 21,600, Sensex above 72,000

The biggest gainers on the Nifty included Hindalco Industries, UltraTech Cement, Bajaj Auto, JSW Steel and Tata Motors, while losers were ONGC, NTPC, Adani Enterprises, UPL and Adani Ports.

December 27, 2023 / 16:21 IST
BSE midcap and smallcap indices ended with marginal gains.

The Indian benchmark indices hit fresh milestones and also ended higher for the fourth straight session on December 27 with Nifty finishing at 21,650 led by positive global cues and buying across the sectors, barring power and oil & gas.

At close, the Sensex was up 701.63 points or 0.98 percent at 72,038.43, and the Nifty was up 213.50 points or 1 percent at 21,654.80.

On the back of supportive global cues, the market started on a positive note and extended the gains as the day progressed with Nifty crossing 21,600 and Sensex crossing 72,000 for the first time. Meanwhile, the market witnessed some profit booking at mid-session but last-hour buying helped indices to close near the day's high.

Nifty50 and BSE Sensex touched fresh record highs of 21,675.75 and 72,119.85, respectively, however, Bank Nifty also hit a fresh record high of 48,347.65.

Stocks and sectors

The biggest gainers on the Nifty included Hindalco Industries, UltraTech Cement, Bajaj Auto, JSW Steel and Tata Motors, while losers were ONGC, NTPC, Adani Enterprises, UPL and Adani Ports.

Except for oil & gas and Power, all other sectoral indices ended in the green with the auto, bank and metal up 1 percent each.

The broader indices underperformed the main indices as BSE midcap and smallcap indices ended with marginal gains.

IndexPricesChangeChange%
Sensex82,605.43575.45 +0.70%
Nifty 5025,323.55178.05 +0.71%
Nifty Bank56,799.90303.45 +0.54%
Nifty 50 25,323.55 178.05 (0.71%)
Wed, Oct 15, 2025
Biggest GainerPricesChangeChange%
Bajaj Finance1,059.9040.75 +4.00%
Biggest LoserPricesChangeChange%
Tata Motors390.85-4.60 -1.16%
Best SectorPricesChangeChange%
Nifty PSU Bank7723.10126.60 +1.67%
Worst SectorPricesChangeChange%
Nifty Pharma22057.3018.00 +0.08%

The market Capitalization of the BSE listed companies jumped Rs 2.36 lakh crore at Rs 361.20 lakh crore against Rs 358.91 lakh crore, a day before.

The index heavyweight HDFC Bank has contributed heavily to the rally as the share price rose a percent after company board has recommended the re-appointment of Atanu Chakraborty as the part-time non-executive chairman and independent director.

A long build-up was seen in Hindalco Industries, UltraTech Cement and Punjab National Bank, while a short build-up was seen in Vedanta, Coromandel International and REC.

Among individual stocks, a volume spike of more than 900 percent was seen in SAIL, India Cements and Ashok Leyland.

More than 350 stock touched their 52-week high on the BSE including 3M India, Amara Raja, Bajaj Auto, Bharat Dynamics, Gallantt Ispat, Guj Themis, HEG, Hindalco Industries, J Kumar Infra, Kansai Nerolac, Kesoram Industries, LIC India, Shanthi Gears, UltraTech Cement. Click here for the full list

Outlook for December 28

Aditya Gaggar Director of Progressive Shares:

Positive momentum continues on 2nd trading session as well and Nifty50 began the day on a firm note. Due to bearish divergence in RSI, a minor correction was seen in the mid-session; however, late buying in Auto, Banking, and Metal stocks pushed the Index higher to end the day at a record level of 21,654.75 with gains of 213.40 points.

Mid and Smallcaps underperformed in today's trade as major buying was seen in the Index stocks only.

A strong bullish candle was formed on the daily chart which suggests an extension of the current underlying uptrend. Now the next hurdle for the Index will be around 21,860 while the downside seems to be protected at 21,510.

Rupak De, Senior Technical Analyst at LKP Securities:

The Nifty experienced a significant rally as Put writers amassed substantial positions at 21500. Additionally, the daily chart showcased a breakout from consolidation. The Relative Strength Index (RSI) indicates a bullish crossover, coinciding with the index positioned above a crucial moving average. Looking ahead, the index potentially aims for a range between 21750-21800 on the upside, with support resting at 21500."

The Bank Nifty recently experienced a breakout from consolidation as observed on the daily chart. It's been consistently maintaining a position above a critical moving average. Additionally, the Relative Strength Index (RSI) reflects a bullish crossover on the daily chart. Looking forward, the index could potentially target levels between 48500-48800 on the upside, with a support base at 48000.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Dec 27, 2023 03:47 pm

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