MARKETS WELCOMED THE ELECTION OUTCOME; BOTH INDICES HAVE RECORDED LIFETIME NEW HIGHS

NIFTY:

The NIFTY opened at 20601.95 with a big gap up of 334 points. The Index Initially moved lower for the first five minutes of trading but soon found support and bounced up. Prices have recorded its intraday low at 20507.75 and moved higher. The index has seen a modest upside rally throughout the day and recorded its intraday high at 20702.65.The NIFTY finally closed at 20686.80 near its day’s high with a gain of 418.90 points or 2.07% up. All the sectoral indices have rallied and closed higher today except for MEDIA and PHARMA which ended with a loss. BANK, FINANCIAL & OIL GAS led the bulls and ended with a gain of over 3%. The short-term trend is up. The index again. recorded lifetime new highs at 20702.65. Lifetime new highs are almost always bullish. Support is visible around 20300 while there is no visible resistance as the index is moving in uncharted territory.

BANK NIFTY:

The BANK NIFTY opened at 44671.50 with a big gap up of 856 points. The index continued its early morning bullish momentum and saw a modest rally during the day. Prices first recorded its intraday low at 45484.20, then its intraday high at 46484.45, and finally closed at 46445.40 with a gain of 1630 points. PSU and PVT BANKs both indices have performed almost the same today, saw a sharp upside move, and closed with a gain of 3.85% & 3.54% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside followed by HDFC BANK. The trend is very strong on the upside. In the last seven trading days, prices have rallied over 2000 points and recorded lifetime new highs. Support is visible around 45500 while there is no visible resistance as prices are trading in uncharted territory.

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• Benchmark indices ended at fresh record highs on December 4 with Nifty above 20,650. At close, the Sensex was up 1383.93 points or 2.05 percent at 68,865.12, and the Nifty was up 418.9 points or 2.07 percent at 20,686.80.

• Bullish momentum gripped the Indian stock market on December 4, propelling benchmark indices to unprecedented levels. Nifty surged to touch record highs up 300 points. Nifty is now in overbought territory with Relative Strength Index (RSI) at 80 – highest level since July 2023.

• Hyderabad-based Dhananjaya Ponukumati, 41, was one of the nearly 900 unitholders of PPFAS Mutual Fund who attended its annual unitholders’ meet at Birla Matushree Sabhaghar in south Mumbai on December 2. PPFAS is India’s 19th largest mutual fund (MF) firm with assets worth Rs 49,344 crore.

• The Indian corporate bond market is set to double in six years, according to CRISIL Ratings. Currently, the size of the bond market is Rs 43 lakh crore in FY24 and it will grow to Rs 100-120 lakh crore by FY30, stated the rating agency. This will be driven by three factors on the supply side and one on the demand side.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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