Share Market Highlights- Nifty at record closing high, ends above 18800, Sensex shy of 63300; IT stocks lead gains

Share Market Highlights: Nifty at record closing high, ends above 18800, Sensex shy of 63300; IT stocks lead gains

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices NSE Nifty and BSE Sensex closed at record highs after touching fresh record highs intraday, extending gains for the eight session in a row. The BSE Sensex scaled to a record high for the seventh consecutive session at 63,583 before closing at 63,284. NSE Nifty also touched a fresh high at 18,874, ending 12 points above the 18,800 level. Bank Nifty hit a record high intraday as well, at 43,515, before closing at 43,353. The broader indices are ended in the green, with Nifty Midcap up 0.83% and Nifty Smallcap up 0.61%. The Nifty IT index soared 2.42%, with TechM, Coforge and L&T Technology Services leading the gains.Live Updates 15:46 (IST) 1 Dec 2022 Top Nifty gainers, losers

UltraTech Cement, Hindalco, Tata Steel, Grasim and TCS were the top gainers of the day on the NSE Nifty 50 index. ICICI Bank, UPL, Cipla, Eicher Motors and Bajaj Auto were the laggards.

15:44 (IST) 1 Dec 2022 Sensex, Nifty hit record closing highs

Domestic indices NSE Nifty and BSE Sensex closed at record highs, extending gains for the eight session in a row. The BSE Sensex scaled to a record high for the seventh consecutive session at 63,583 before closing at 63,284. NSE Nifty also touched a fresh high at 18,874, ending 12 points above the 18,800 level. Bank Nifty hit a record high intraday at 43,515, before closing at 43,353.

15:24 (IST) 1 Dec 2022 Tata Steel surges in trade

Tata Steel gains 3.07% to trade at Rs 110.95. The stock is up for the third consecutive session.

14:29 (IST) 1 Dec 2022 Domestic investors turn net sellers in Nov

Domestic institutional investors (DIIs) turned net sellers in the month of November. NSE Data shows that DIIs offloaded stocks worth around Rs 6,300 crore in November 2022. Despite the selling, India’s benchmark indices BSE Sensex and NSE Nifty 50 scaled new highs, as Foreign institutional investors (FIIs) pumped in over Rs 22,500 crore last month.

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14:02 (IST) 1 Dec 2022 Significant upside in IT names

“We have remained bullish on IT stocks since 2 months now and continue to do so. Just the catch up to broader markets can lead to significant upside in IT names. Infact, we also have an IT stock in our JMFS Top 5 Midcap Portfolio.”

– Rahul Sharma, Head – Research, JM Financial Services

13:40 (IST) 1 Dec 2022 TVS Motor Company sales grows in November

TVS Motor Company registered a growth of 2% with sales increasing from 272,693 units in November 2021 to 277,123 units in November 2022. TVS Motor Company stock was quoting at Rs 1,047.30, up Rs 1.05, or 0.10% on the BSE.

13:09 (IST) 1 Dec 2022 India’s H2FY23 GDP expected to be between 4.25-4.5%

India’s GDP growth more than halved to 6.3% in the July-September quarter from 13.5% in April-June. While economists are cautious about India’s growth prospects going forward, they believe that growth is expected to remain resilient despite global headwinds on the back of strong domestic demand. FY23 GDP growth is pegged at 6.5-7.0%, and growth in the second half of FY23 is expected to be in the 4.25-4.5% range. 

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13:07 (IST) 1 Dec 2022 Uniparts India IPO fully subscribed

The Uniparts India IPO has been fully subscribed on its second day. The retail portion of the IPO has been subscribed over 1.3 times. Overall, the issue has been subscribed 1.06 times.

12:23 (IST) 1 Dec 2022 130 BSE stocks hit 52-week highs, 18 fall to 52-week lows

On the BSE Sensex, 130 stocks rose to hit fresh 52 week highs. Raymond, Medico Remedies, MPS, Karnataka Bank, Mazagon Dock Shipbuilders, Lemon Tree Hotels, JK Lakshmi Cement, Indus Finance, Apollo Tyres, Bharti Airtel and many others were among those to hit these highs. On the flip side, 18 stocks fell to their 52 week lows.

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11:47 (IST) 1 Dec 2022 Performance of gold in November

“Gold prices have been on a declining trajectory for the past several months. The fall is primarily due to the US Fed's action of hiking rates to tame the inflation that hit a four-decade high level. A rising interest rate scenario increases the opportunity cost to invest in gold – a non-interest-yielding asset. Despite the fall in gold prices in the CY22, the prices have risen around 10% YoY in INR terms, while in USD terms it has fallen nearly 2% due to currency fluctuation.

The yellow metal started the month on a weak note as the US Dollar rose to a peak, making it dearer to buy gold. It has gained ground as the Fed officials hinted at a slowdown in the pace of future rate hikes. Gold prices in India are expected to inch higher as we enter the marriage season, commentary by the US Fed on rates. A slowdown in the West and escalation of geo-political tensions may provide a fillip to the prices of gold going forward.”

– Collin Shah, Founder & MD, Kama Jewelry

11:11 (IST) 1 Dec 2022 IT sector showing strength

“The Indian indices scaled an all-time high level and participation is visible from all the sectors. The cement space is buzzing about possible price hikes in the sector. The IT sector is showing strength after the Fed's speech of toning down the pace of the interest rate hikes going forward.”

– Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities

10:20 (IST) 1 Dec 2022 Crude prices recovering

“Post witnessing a recovery the previous day, crude prices continued the recovery for yet another day, as both the benchmark indices ended on a higher note. Brent ended with 2.52 percent gains and NYMEX ended 3.01 percent higher. Signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery pushed the prices higher. US crude oil stocks plunged by nearly 13 million barrels, the most since 2019, in the week ended Nov. 25.

On the demand side, hope for a revival in demand in China, the largest consumer of oil, provided additional assistance. China reported fewer COVID-19 infections than on Tuesday, while the market speculated that weekend protests could prompt an easing in travel restrictions. Expectations of improving demand from China and falling crude stocks would likely propel crude prices higher.”

– Prathamesh Mallya, AVP – Research, Non-Agri Commodities and Currencies, Angel One

10:11 (IST) 1 Dec 2022 High chance of US Fed hiking rates by 50 bps in December

“US Federal Reserve Chair Jerome Powell’s speech reinforced expectations of smaller interest rate hikes ahead. Governor Powell mentioned in his speech that it was time to slow the pace of coming interest rate hikes while also signalling a protracted economic adjustment to a world where borrowing costs will remain high, inflation comes down slowly, and the US remains chronically short of workers.

There were words of caution regarding higher inflation where further rate hikes will be required although markets cheered the statements highlighting the pace of the same. Market participants now expect a 91% chance of a 50 basis points rate hike in the US central bank’s upcoming December meeting. On data front, US private payrolls increased far less than expected in November, suggesting demand for labour was cooling amid high interest rates. This data has also raised a sign of caution ahead of the non farm payroll data scheduled on Friday; which could be important to influence further fed decisions.”

– Navneet Damani, Sr. VP, Commodity & Currency, MOFSL

10:00 (IST) 1 Dec 2022 Nifty derivative view

“Nifty weekly contract has highest open interest at 19,000 for Calls and 18,600 for Puts while monthly contracts have highest open interest at 19,000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18,900 for Calls and 18,700 for Puts in weekly and at 18,700 for Calls and 18,700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 4.94%, increased future index shorts by -8.50% and in index options by -2.26% in Call longs, 17.19% in Call short, -21.82% in Put longs and 29.57% in Put shorts.”

– Anand James, Chief Market Strategist, Geojit Financial Services.

09:58 (IST) 1 Dec 2022 Nifty can touch 19,400 levels

“Expect indecisiveness to creep in after stretching to 18,900. However, if pull back thereof does not stretch much beyond 18,715, expect rapid advances to 19,400. Alternatively, expect upsides hopes to be diluted on bull beyond 18,715, but a collapse is not expected unless below 18,470.”- Anand James, Chief Market Strategist, Geojit Financial Services.

09:52 (IST) 1 Dec 2022 Nifty target of 19,000 seen; traders should focus on stocks from cash segment

“The bulls continue to show their hegemony in the market and the moment it feels as if they are going to loosen up their grip a bit, moves like yesterday appear from nowhere. We have been persistent with our optimistic approach and are not at all surprised with seeing Nifty at new milestone of 18800. Hence, it’s advisable not to fall for any intraday declines, because the positioning has been quite strong and all meaningful dips are getting bought into. Now, with most of the heavyweight spaces participating in the move, we can consider this as a robust rally. Importantly, the broader end of the spectrum has finally shown some signs of coming out of the slumber phase. 

Hence, the magical figure of 19000 is very much in sight now. For the coming session, 18675 – 18600 should be seen as immediate supports; whereas on the flipside, 18900 and then 19000 is the key level to watch out for. Traders are advised to focus on stocks from the cash segment, which are likely to find their mojo back in coming days.”

– Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

09:40 (IST) 1 Dec 2022 Bank Nifty hits record high

The NSE Nifty Bank index gained 0.56% to hit a record high of 43,515.05. The index's 52-week low is at 32,155.35.

09:38 (IST) 1 Dec 2022 Nifty IT up 2.33%

The Nifty IT index soared 2.33%, with TechM, Coforge, Persistent Systems and L&T Technology Services leading the gains.

09:37 (IST) 1 Dec 2022 Nifty top gainers, losers

On the NSE Nifty index, IT stocks are the top gainers so far, TechM, Wipro, Infosys, HCL Tech and Hindalco are leading the pack. The biggest laggards are Bajaj Auto, Hindustan Unilever, UPL, Eicher Motors and Cipla.

09:27 (IST) 1 Dec 2022 Sensex, Nifty touch record highs

Domestic indices NSE Nifty and BSE Sensex continued their record breaking rally. The BSE Sensex scaled to a record high for the sixth consecutive session, crossing the 63,500 level to touch 63,583.07, up over 400 points. NSE Nifty also touched a fresh high at 18,874, over 100 points higher.

09:09 (IST) 1 Dec 2022 Sensex, Nifty trading higher in pre-open session

Domestic indices BSE Sensex and NSE Nifty were trading in the positive territory during the pre-open session. Sensex gained over 250 points at 63,358 while Nifty gained over 110 points to top the 18,800 level at 18,872.

08:54 (IST) 1 Dec 2022 FIIs showing renewed interest in Indian markets

“Strong global cues led by overnight surge in the US markets is expected to give local equities a major fillip in early trades Thursday. Adding to the optimism, FIIs showing renewed interest in Indian markets and the lifting of curbs in several cities from the Chinese authorities could encourage investors to go long on equities in the near to medium term. Technically, while the aggressive inter-month bull case for Nifty is seen between 19000-19500 zone, the make-or-break support for the index is seen only at 18577 mark.”

– Prashanth Tapse, Research Analyst, Senior VP (Research), Mehta Equities

08:52 (IST) 1 Dec 2022 Indian markets could open higher, in line with positive Asian markets today

“US stocks finished sharply higher on Wednesday, with the Dow Jones Industrial Average rising over 700 points to technically exit a bear market, after Federal Reserve Chairman Powell said the central bank’s pace of interest-rate increases can slow as soon as its December meeting. He said the ultimate level of the Fed’s benchmark rate would have to be higher than it was thought a few months ago, and he tried to keep any talk of rate cuts off the table. For the month, the S&P 500 booked a monthly gain of 4.6%, while the Dow advanced 5.3% and the Nasdaq rose 3.3%.The MSCI Asia-Pacific index rose 13.9% in November, its biggest 30-day gain in 24 years.”

– Deepak Jasani, Head of Retail Research, HDFC Securities

08:51 (IST) 1 Dec 2022 Bank Nifty support seen at 42,800

“The Bank Nifty index continued to trade in a narrow range between 43,000-43,500 where both the bulls and the bears are sitting on the lines. The undertone remains bullish and one should keep a buy-on-dip approach as long as it maintains the support of 42,800 on the downside. The index on the upside to resume the momentum must surpass the hurdle of 43,500 on a closing basis,”

– Kunal Shah, Senior Technical Analyst, LKP Securities

08:47 (IST) 1 Dec 2022 Fiscal deficit widens

The central government’s fiscal deficit widened to Rs 7.58 lakh crore in April-October, accounting for 45.6% of the full-year target. The fiscal deficit for April-October 2021 had accounted for 36.3% of the FY22 target. The fiscal deficit in the first seven months of the last financial year was Rs 5.47 lakh crore. As such, the fiscal deficit in April-October of the current financial year is 39% higher on an on-year basis. The government is targeting a fiscal deficit of Rs 16.61 lakh crore for FY23, or 6.4% of GDP.

08:26 (IST) 1 Dec 2022 Nifty pathfinder view

“Massive buying in cash by FIl's due to MSCI rebalancing + Big Volume Day + Powell speech means things have changed drastically. Strong monthly close in Nifty + Large Bullish Green candles in US markets = More upside.

COI: Nifty +4.2% | Long Buildup, high volumes

COI: BN -0.4% | Flat Ol but high volumes

Nifty Options Data: Bullish | PCR: 1.55

BN Options Data: Bullish | PCR: 1.03 up

FIls Bought: Cash, IF, SF & IOI Sold: SO

This move was primarily due to buying in cash (Rs 9,010 Crs) as compared to derivatives by FIls. Index components witnessed mix of short covering & long buildup.

Nifty Pathfinder View: 19,000 which seemed like a long walk may now happen in a hop. We have maintained aggressive longs in stocks & recommended multiple baskets which should start delivering the profits. (Missed the bus in Nifty).

Position Sizing Guide: Small

S: 18,680 & 18,615 | R: 18,900 & 19,000″

– Rahul Sharma, JM Financial Services

08:13 (IST) 1 Dec 2022 Nifty showed strong upside momentum

A long bull candle was formed on the daily chart with minor upper shadow. “Technically, this pattern indicates a continuation of upside momentum in the market. After showing a choppy movement in the last couple of sessions the market displayed a strong upside momentum towards the later part of the session. This is a positive indication. The positive chart pattern of higher tops and bottoms continued on the daily chart. Though Nifty placed near the higher top around 18800 levels, still there is no indication of reversal pattern forming at the highs.”

– Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

08:12 (IST) 1 Dec 2022 Nifty resistance at 19,000

“The Nifty made a new all-time during the day as the Nifty bulls remained at the helm during the day. The crucial short-term moving averages are sitting below the index value, confirming the positive trend. The trend is likely to remain bullish as long as it remains above 18,600 as the support level shifts higher. On the higher end, resistance is visible at 18,800/19,000.”

– Rupak De, Senior Technical Analyst at LKP Securities.

07:53 (IST) 1 Dec 2022 FIIs net buyers on Wednesday

Foreign institutional investors (FIIs) net bought shares worth Rs 9,010.41 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 4,056.40 crore on 30 November, according to the provisional data available on the NSE.

07:52 (IST) 1 Dec 2022 GDP growth falls to 6.3%

India’s GDP growth more than halved to 6.3% in July-September from 13.5% in April-June, data released on 30 November by the Ministry of Statistics and Programme Implementation showed. At 6.3%, the latest quarterly growth number is in line with the Reserve Bank of India’s (RBI) own forecast of 6.3%. In nominal terms, India’s GDP grew by 16.2% last quarter.

07:52 (IST) 1 Dec 2022 Stocks under F&O ban on NSE

Punjab National Bank, BHEL, Delta Corp and Indiabulls Housing Finance are the four securities under the NSE F&O ban list for 1 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.