Sensex Today Hits Record High | Nifty Ends Near 21,000 | IT and Banking Stocks Rally

Fri, 8 Dec Closing

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Indian share markets defied weak Asian cues and traded on a positive note throughout the session.

Falling crude oil prices and optimism in US stocks overnight supported sentiment back home.

Benchmark indices hit fresh record highs in Friday's trade on gains in IT stocks and index heavyweight HDFC Bank.

The Nifty topped the 21,000 for the first time while Sensex was close to 70,000.

At the closing bell, the BSE Sensex stood higher by 304 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 68 points (up 0.3%).

HCL Tech, JSW Steel and Infosys were among the top gainers today.

ITC, M&M and Bajaj Finance, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,095, up by 14 points, at the time of writing.

The BSE MidCap index fell 0.2% while the BSE SmallCap index declined 0.4%.

Sectoral indices ended mixed with stocks in the IT sector, banking sector and finance sector witnessing most of the buying.

While power stocks and FMCG stocks witnessed selling.

Shares of Polycab India, Titan and Paul Merchants hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended in the negative territory. The Shanghai Composite ended flat while the Nikkei fell 1.7%. The Hang Seng also declined 0.2%.

The rupee is trading at 83.36 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 62,480 per 10 grams.

Speaking of stock markets, check out the below video where we talk about Indian companies supplying EV components to Tesla.

Tesla's entry into Indian markets will provide multifold benefits. It will accelerate the adoption of EVs and boost the growth of Indian auto component manufacturers.

In the below video, we discuss six Indian companies that are already supplying their products to Tesla.

Key Takeaways from RBI Monetary Policy Meeting

The Reserve Bank of India's (RBI) Monetary Policy Committee voted to keep benchmark lending rates unchanged for the fifth consecutive meeting on Friday 8 December 2023.

All six members of the MPC voted to keep rates unchanged.

Highlighting the proactive nature of RBI's policymaking, Shaktikanta Das said that the central bank 'doesn't wait for the house to be on fire' before formulating policies.

On the GDP growth rate forecast, RBI said GDP growth for FY24 could come at 7%.

The committee remained wary of recurring food price shocks which are impeding India's disinflation process.

Other than that, RBI proposed the setting up of a Fintech Repository in order to ensure a resilient Fintech sector and promote best practices.

This repository will capture essential information about fintechs, encompassing their activities, products, technology stack, and financial information, etc.

Note that RBI's moves to keep rates unchanged is a big plus and signifies a strategic move to support continued economic stability amidst both domestic and global uncertainties.

To know more about RBI rate hike implications, check out how RBI's rate hike impacts the stock markets.

Why Adani Total Gas Share Price is Rising

Shares of Adani Total Gas have turned multibagger in just eight sessions giving 115% returns.

Yesterday, the stock jumped 10% and hit the day's high of Rs 1,053.30 amid significant volumes. Today, the stock ended flat.

The stock has hit back-to-back 20% upper circuit this week.

Even as other stocks fell to some extent today, Adani Total Gas continued its good run.

Note that most of the Adani Group stocks have been rising on favourable triggers including the Bharatiya Janata Party's (BJP) electoral wins in three key states in the Hindi heartland viz. Madhya Pradesh, Rajasthan, and Chhattisgarh.

This has given Dalal Street more confidence for the return of the incumbent government in the 2024 general election.

The other reason why Adani stocks are rising is because the group received a lot of clarity on the Hindenburg report.

A Bloomberg report said that the allegations by Hindenburg Research were not relevant.

Meanwhile, the group also launched a green hydrogen blending pilot in Ahmedabad on 28 November 2023 which signified its presence in the green energy sector.

Adani Total is the city gas joint venture of billionaire Gautam Adani's group and French energy giant TotalEnergies.

It has started blending green hydrogen in natural gas as they sell to households for cooking purposes and industries as fuel.

FIIs Turn Super Bullish on India

According to reports, overseas funds held 31,549 more long index futures contracts than short contracts as of Thursday, turning to a net bullish position a day earlier for the first time since September 2023.

Common futures trades by overseas investors target the Nifty 50 and Nifty Bank Index, among others.

While now net long index futures, global funds also have turned buyers of Indian stocks in the cash market again, purchasing over US$4 billion from the end of October through December 5 on a net basis.

We recently wrote about FIIs coming back to India and what it could mean for Indian stocks.

Here's an excerpt -

• There are early signs that foreign investors are coming back to Indian stocks. This holds the potential to turbocharge the stock market.
  
  It's still early days so there is no definitive trend yet. However, there has been a change in FII activity since the last week of November. Buying has consistently exceeded selling.
  
  This is great news for all those who have patiently held on to their stocks through the volatility of the last two years. Their portfolios would be in the green by now.
  
  It's also great news for anyone who has entered (or re-entered) the market recently. These investors have enjoyed some quick profits.

To know more, check out the detailed editorial here - Foreign Money is Dominating the Indian Stock Market.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers