The Indian equity market extended its winning streak into the fifth consecutive session on Thursday, December 5, with both benchmark indices closing higher.
Meanwhile, global markets saw Bitcoin reach a historic milestone, and notable stocks made significant moves.
Benchmark Indices Shine
The BSE Sensex gained 809.53 points or 1% to close at 81,765.86, while the NSE Nifty rose 240.95 points or 0.98% to settle at 24,708.40. This marked a strong session for Indian equities, supported by robust buying across most sectors.
Market breadth leaned positive, with 2,050 stocks advancing, 1,758 declining, and 113 remaining unchanged. The BSE midcap and smallcap indices also recorded marginal gains, indicating broad-based investor participation.
Sectoral Performance
Sectorally, the market displayed mixed trends:
- Gainers: The Nifty IT index rose 2%, driven by a rally in technology heavyweights.
- Losers: Realty and PSU Bank indices ended in the red, reflecting investor caution ahead of the Reserve Bank of India’s (RBI) monetary policy announcement.
Interest-sensitive sectors showed subdued performance, with Nifty Financial Services down 0.1% and Nifty Realty losing 0.3% during intraday trading.
Nifty’s Top Movers
Gainers:
- TCS, Infosys, Titan Company, Trent, and Dr. Reddy’s Laboratories emerged as the top gainers.
- Technology and pharmaceutical stocks led the rally, buoyed by optimistic earnings expectations.
Losers:
- SBI Life Insurance, Bajaj Auto, HDFC Life, NTPC, and Grasim Industries were among the top decliners.
HDFC Bank Reaches New Heights
HDFC Bank’s share price hit a 52-week high, rising over 10% in three weeks. Analysts credited this rally to the merger benefits between HDFC and HDFC Bank, improved earnings visibility, and reduced foreign portfolio investor (FPI) outflows.
The bank’s strong financial performance, coupled with a planned IPO for its NBFC subsidiary HDB Financial Services, supported investor optimism.
Bitcoin Crosses $100,000
Bitcoin achieved a significant milestone, crossing the $100,000 mark for the first time in its history. The cryptocurrency’s surge to $100,000 highlights its growing acceptance as an alternative investment.
Institutional investments and evolving U.S. regulatory policies have fueled this historic rally.
Global and Domestic Currency Updates
The Indian rupee closed almost flat at 84.70 against the U.S. dollar, influenced by expectations of rate decisions from both the RBI and the Federal Reserve.
Falling crude oil prices and marginal gains in U.S. economic data lent some support to the rupee.
Key Stock Highlights
- Technopack Polymers: The stock surged 20% after the company’s board approved a 1:1 bonus share issue, lifting its market capitalization to Rs 42.74 crore.
- SBI: Shares of State Bank of India hit a four-month high, gaining 14% in two weeks on a strong earnings outlook.
- NBCC India: The civil construction company rose over 3% after its subsidiary secured a Rs 600-crore order, indicating strong project execution capabilities.
- Zomato: The stock climbed over 6%, reaching a record high of Rs 304.65, contributing to its nearly 500% return since March 2023.
Gold Prices Edge Lower
Spot gold prices fell 0.2% to $2,645.02 per ounce as investors awaited U.S. non-farm payroll data, which could impact the Federal Reserve’s monetary policy trajectory.
As markets anticipate the RBI’s rate decision on December 6, the focus remains on how inflation concerns and slowing GDP growth will shape policy actions.
Investors are also eyeing global cues, including U.S. job data and ongoing geopolitical developments, to gauge the market trajectory.
This week’s market trends underscore a dynamic landscape, blending sectoral performances, cryptocurrency milestones, and policy expectations into a robust trading environment.
Disclaimer – The information in this article is for informational purposes only and does not constitute financial, investment, or trading advice. MarketScope Daily is not SEBI-registered and does not offer personalized recommendations. Readers should consult with a certified financial advisor before making any investment decisions.
Cryptocurrency investments are highly volatile and carry significant risks. MarketScope Daily is not responsible for any trading or investment outcomes based on this information. Always conduct your own research and ensure compliance with local laws.
