Taking Stock: Record run continues; rally extends to sixth day led by power, banks

The market capitalization of the BSE-listed companies increased by Rs 3.06 lakh crore to Rs 346.51 lakh crore.

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Stocks and sectors

Top gainers on the Nifty were Adani Enterprises, Adani Ports, Power Grid Corporation, NTPC and SBI, while losers were LTIMindtree, HCL Technologies, Divis Labs, HUL and Bajaj Auto.

A mixed trend was seen on the sectoral front with Power index up 6 percent, oil & gas index up nearly 2 and Bank index up 1 percent, while Information Technology and Realty indices were down 0.5 percent each.

BSE midcap and Smallcap indices ended with marginal gains.

Nifty Bank index also added over 1 percent to hit new record high at 47,230.55 intraday.

A long build-up was seen in Adani Enterprises, Adani Ports and ACC, while a short build-up was seen in Mahindra & Mahindra Financial Services, Manappuram Financeand ICICI Prudential Life Insurance Company.

Among individual stocks, a volume spike of more than 200 percent was seen in ICICI Prudential Life Insurance Company, Coromandel International and SRF.

Adani Power, Adani Ports, CESC, TV18 Broadcast, Welspun Corp, Patanjali Foods, ABB India, Power Grid Corp, Radico Khaitan, NTPC, among others, touched their 52-week high on the BSE. Click here for the full list

Outlook for December 6

Prashanth Tapse, Senior VP (Research), Mehta Equities:

Markets scaled fresh record highs on the back of impressive gains led by power, oil & gas and banking stocks, as investors continue to bet big on India growth story with fresh election victory for the ruling party in recent state elections further aiding the sentiment.

Helping investors' sentiments were hopes that the US Federal Reserve will initiate rate cuts in the coming year. Technically, Nifty has support at 20647-20407 levels and resistance is at 21001-21331.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:

The Nifty opened again with a gap and after the initial bout of volatility, it stabilized and witnessed a steady rise towards the closing to close around the highs for the day. It closed up ~168 points. On the daily charts, we can observe a long lower shadow indicating that there is buying interest at lower levels around the zone of 20720 – 20700.

The hourly momentum indicator has triggered a negative crossover which is a sign of loss of momentum on the upside however, until prices show evidence of a correction, we shall continue to ride the up move with a trailing stoploss mechanism. On the upside 21000 – 21060 shall act as an immediate hurdle zone and 20720 – 20700 shall act as a crucial support zone and should also be kept as a trailing stoploss for the longs on the index.

Bank Nifty also opened at gap up however, it consolidated thereafter for the day. It witnessed some selling pressure from the 47200 – 47300 zone indicating selling pressure at higher levels. The hourly momentum indicator has triggered a negative crossover which is a sell signal and hence we can expect some consolidation in the range of 46700 – 47300 from a short-term perspective. Overall, the trend is positive, and we expect it to touch 48000 from a short-term perspective.

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