Mumbai, Dec 2, 2024
The domestic benchmark equity indices, Sensex and Nifty, settled higher on Monday as heavy buying was seen in the realty sector. Nifty realty was the outperforming sector, up over 3 per cent.
Sensex ended at 80,248.08, higher by 445.29 points, or 0.56 per cent, while the Nifty 50 ended the day at 24,276.05, up by 144.95 points, or 0.60 per cent.
According to market experts, “Despite a slump in the Q2 growth rate, the market maintained a positive bias as the core sector output in October shows signs of recovery. Slowing earnings growth is already factored in the market and mid and small caps are rebounding.”
“However, investors stay marginally cautious ahead of RBI policy this week due to the risk of a cut in GDP forecast. The current inflation dynamics are not favorable for a rate cut in the short-term and the RBI is likely to turn more realistic on its growth projection for FY25”, they added.
On the broader market front, the Nifty Midcap 100 closed 1.08 per cent higher, while the Nifty SmallCap 100 ended up 1.04 per cent.
On the sectoral front, Nifty Realty, Metal, Media, Auto, IT, Financial Service, Pharma, Energy, Private banks, Infra, Commodities ended in green, while Nifty PSU Bank, PSE and FMCG ended in red.
In the Sensex pack, UltraTech Cement, JSW Steel, Adani Ports, Tech Mahindra, M&M and Maruti were among the top gainers. Whereas, NTPC, Hindustan Unilever, Kotak Mahindra Bank, IndusInd Bank, L&T and PowerGrid were among the top losers.
On the Bombay Stock Exchange (BSE), 2,509 shares were traded in green and 1,547 in red. Whereas, there was no change in 181 shares.
Rupak De, Senior Technical Analyst, LKP Securities, said Nifty moved up after absorbing the initial weakness, as the index surpassed 24,200.
“It formed a green candle. In the short term, 24,420 remains a tough hurdle. A decisive move above this level could trigger a rally towards 24,770. On the lower end, support is placed at 24,100 and 24,000,” he added.(Agency)
