General election is a key trigger for the market and analysts are of the view that the state election outcome has strengthened the expectations that the ruling BJP will be able to win next year’s election. This will mean the continuation of policies and reforms that the government has initiated.
Nifty 50 hit its fresh record high of 20,702.65 while the Sensex made its fresh peak of 68,918.22 during the session. Finally, Nifty 50 closed at 20,686.80, up 419 points, or 2.07 per cent while the Sensex closed with a gain of 1,384 points, or 2.05 per cent, at 68,865.12. Thus, both key indices ended at their record closing peaks.
The BSE Midcap and Smallcap indices also hit their fresh highs of 35,124.23 and 41,221.91 respectively. Eventually, the BSE Midcap index closed 1.19 per cent higher at 34,999.76 while the Smallcap index ended 1.20 per cent higher at 41,051.01.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹343.5 lakh crore against ₹337.7 lakh crore in the previous session, making investors richer by about ₹5.8 lakh crore in a single session.
Over 430 stocks, including Axis Bank, Bajaj Finserv, Bharti Airtel, HCL Tech, Larsen & Toubro, Mahindra and Mahindra, NTPC, Titan and UltraTech Cement, hit their fresh 52-week highs in intraday trade on BSE.
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Top Nifty 50 Gainers Today
Shares of Eicher Motors (up 7.45 per cent), Adani Enterprises (up 6.78 per cent) and Adani Ports (up 6.15 per cent) ended as the top gainers in the Nifty index.
Also Read: Can Nifty 50 hit 25,000 by General Elections 2024? Experts weigh in
Top Nifty 50 Losers Today
Shares of HDFC Life (down 0.83 per cent), Britannia Industries (down 0.74 per cent) and HCL Tech (down 0.13 per cent) ended as the top losers in the Nifty index.
As many as 44 stocks closed in the green while 6 stocks closed in the red in the Nifty 50 today.
Sectoral indices today
Banking, financial and oil & gas stocks witnessed robust gains on Monday. The Nifty Bank index jumped 3.61 per cent while the Nifty PSU Bank and Private Bank indices jumped 3.85 per cent and 3.54 per cent, respectively. Nifty Financial Services rose 3.23 per cent. Nifty Oil & Gas index saw a gain of 3.15 per cent.
Only two indices, Nifty Media (down 0.78 per cent) and Nifty Pharma (down 0.18 per cent) ended in the red today.
Also Read: Nifty 50 at record high; time to increase exposure to equities or turn cautious?
Expert view on markets
“The benchmark index hit its all-time high following the landslide victory of BJP in elections in three states. It spurred a rally with an anticipation that the country will witness a stable government post the General Election,” said Vinod Nair, Head of Research at Geojit Financial Services.
“All the sectors broadly participated in the rally with an optimism that the FIIs (foreign institutional investors) will continue its value buying, indicating positive commentary on the global inflation data and stable domestic macroeconomics,” Nair said.
Also Read: Sensex, Nifty hit record highs: What should be your investment strategy now?
Technical views on Nifty 50
Rupak De, Senior Technical Analyst at LKP Securities pointed out that the Nifty had already surged past the critical resistance level of 19,850. Since then, there has been a significant shift in Put positions towards higher strike prices, foreseeing a robust upward rally shortly.
De said the overall sentiment appears highly bullish until the Nifty falls below 20,400. On the higher end, the index might move towards 21,000, he added.
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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 04 Dec 2023, 03:33 PM IST
Ananya Das is your guide to the latest trends, viral sensations, and internet phenomena. Based on a keen understanding of digital culture, Sophie navigates the ever-evolving landscape of trending topics. With an insightful and engaging approach, she explores what’s buzzing across social media platforms, ensuring readers stay in the loop with the most talked-about and shareable content online.
