After posting stellar gains for the past seven sessions, the benchmark indices took some breather on December 7 with Nifty falling below 20,900 amid selling in the capital goods, FMCG, Information Technology and metal stocks.
At close, the Sensex was down 132.04 points or 0.19 percent at 69,521.69, and the Nifty was down 36.50 points or 0.17 percent at 20,901.20.
Amid weak global cues, the benchmark indices started on a negative note with Nifty below 20,900 and witnessed consolidation throughout the session, ahead of the RBI monetary policy meeting scheduled on December 8. However, the final-hour buying helped Nifty to close at 20,900.
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Stocks and sectorsTop losers on the Nifty were Bharti Airtel, HUL, ONGC, Apollo Hospitals and Tata Steel, while gainers included Power Grid Corporation, Adani Ports, UltraTech Cement, Cipla and Grasim Industries.
A mixed trend was seen on the sectoral front with auto and healthcare up 0.5 percent each, oil & gas index was up 1 percent, power gained nearly 3 percent, while FMCG and metal indices were down 0.5 percent each.
BSE midcap index rose 0.7 percent and smallcap index was up 0.3 percent.
A long build-up was seen in Tata Power, Indian Energy Exchange and Container Corporation of India, while a short build-up was seen in Aditya Birla Capital, Balrampur Chini Mills and Bharti Airtel.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 84,481.81 | -77.84 | -0.09% |
| Nifty 50 | 25,815.55 | 0.00 | +0.00% |
| Nifty Bank | 58,912.85 | 0.00 | +0.00% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,115.50 | 135.00 | +2.71% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Sun Pharma | 1,745.90 | -47.00 | -2.62% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 38633.35 | 461.30 | +1.21% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 34464.30 | -272.70 | -0.79% |
Among individual stocks, a volume spike of more than 200 percent was seen in Indus Towers, SBI Cards and Aditya Birla Capital.
More than 300 stocks touched their 52-week high on the BSE. These included Tata Power, SpiceJet, Home First, Sandur Manganese, SJVN, NHPC, Dredging Corporation, Torrent Power, Axiscades Technologies, LIC India, Container Corporation, Alembic, Mahanagar Gas, Paisalo Digital, KEI Industries, Himatsingka Seide, JSW Energy. Click here for the full list
Outlook for December 6Rupak De, Senior Technical Analyst at LKP SecuritiesThe Nifty remained sideways during the session, hovering within the bands of 20850-20950. Sentiment remains somewhat cautious ahead of the RBI policy meet. The near-term trend remains sideways to weak as long as it stays below 21000, a psychologically crucial level. A decisive breakout above 21000 might induce a resumption of the uptrend. Until then, we anticipate weakness over the near term.
Aditya Gaggar Director of Progressive Shares:Indian equities began the weekly expiry day on a tepid note but a substantial recovery in the Banking stocks delivered support to the Index to recover from the lower levels; however, towards the end of the day, the Index was unable to hold higher levels, and finally settled at 20,901.15 with a loss of 36.55 points. With gains of over 1%, the Energy sector (Power stocks largely dominated today's trade) was the top performer followed by Media and Pharma while a corrective move was observed in the FMCG and Metal segments.
It appeared that the market participants returned to the Broader markets as Mid and Smallcaps gained over 0.35% and outperformed the Frontline Index. Nifty50 has made a small bearish candle on the daily chart which indicates a contraction of the range. For the past 2 days, the Index has been stuck in the range of 20,960-20,850, a breakout on either side will give a proper direction.
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