Taking Stock | Sensex, Nifty hit new highs again on sixth straight day of gains

"As Oil dropped to its lowest level since December 2021, the BSE Sensex today almost touched 62,900 before profit taking pared gains in late afternoon trade. The market capitalization of BSE listed companies touched a new record high of Rs 287 trillion on the back of good support from FMCG stocks," said S Ranganathan, Head of Research at LKP securities.

"On a day when Indices defied opening trends in SGX Nifty, the Bulls truly made it look Motivational with several stocks hitting new one year highs," he added.

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Stocks and sectors

HUL, JSW Steel, Hero MotoCorp, Cipla and Britannia Industries were among the top Nifty gainers. The losers included IndusInd Bank, Coal India, Bajaj Finserv, Maruti Suzuki and Power Grid Corporation.

On the sectoral front, Nifty FMCG, pharma and metal indices rose 0.5-1 percent, while selling was seen in the auto and infra stocks.

BSE midcap and smallcap indices shed 0.3-0.4 percent each.

On the BSE, the FMCG index rose 1.7 percent, while metal and healthcare added 0.5 percent each. The capital goods index shed 0.7 percent and the realty index closed 0.4 percent down.

Among individual stocks, a volume spike of more than 300 percent was seen in Laurus Labs, Dabur India and Hindustan Unilever.

A short build-up was seen in Laurus Labs, Indian Hotels and ABB India, while long build-up was seen in Dabur India, Aditya Birla Capital and Bandhan Bank.

On the BSE, VA Tech Wabag, Texmaco RaiL & Engineering, Union Bank Of India, Skipper, Redington, NCC, Indian Railway Finance Corporation, IDBI Bank, ICICI Bank, Dhanlaxmi Bank, Dhanlaxmi Bank and Aditya Birla Capital, touched their 52-week high.

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Outlook for November 30

Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities

While the winning streak continued and key benchmarks scaled new highs, investors traded with caution in a slightly volatile market. There are worries about growing protests in China over the imposition of strict lockdowns, which markets fear could hurt the already slowing global economy. If the situation doesn't improve, this could impact the market.

But since India is in a slightly better position compared to other major economies, investors are willing to bet big on us.

Technically, the market is consistently holding higher high and higher low formation which is broadly positive. Hence, the support has now shifted to 18,550 from 18,450. As long as the index is trading above 18,550, the uptrend wave is likely to continue. Above which, the market could move up to 18,750-18,800.

Ajit Mishra, VP - Technical Research, Religare Broking:

Markets extended gains for yet another session and rose nearly half a percent. After the flat start, the Nifty index gradually inched higher however profit taking in the latter half trimmed the gains. Finally, it ended at 18,618.05; up by 0.3%.

Meanwhile, the sectoral indices traded mixed wherein FMCG and metal posted healthy gains. The broader indices underperformed the benchmark and shed over half a percent each.

Markets have been maintaining a positive tone, thanks to rotational buying in index majors. However, mixed global cues and the existence of a hurdle around 18700 in Nifty may cap the upside and trigger some consolidation too. Apart from banking and IT, we’re seeing buying interest emerging in the defensive pack viz. FMCG and selectively in pharma. Traders should align their positions accordingly.

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