Nifty, Sensex Achieve Best Winning Streak in Months: Market Wrap

The Indian stock markets showcased a positive trend on December 4, 2024, with the NSE Nifty 50 and BSE Sensex both closing higher for the fourth consecutive day. This marks the best winning streak observed in several months.

Market Performance Overview

The Nifty 50 ended the day up by 10.30 points, or 0.04%, reaching a closing value of 24,467.45. Meanwhile, the BSE Sensex rose by 110.58 points, equivalent to 0.14%, closing at 80,956.33. Over the last four trading sessions, both indices have shown considerable gains, with the Nifty 50 climbing 1.39% and the Sensex advancing by 1.45%.

During trading hours, the Nifty 50 peaked at 24,573.20 (up 0.47%), while the Sensex increased to 81,245.39 (up 0.49%). Notably, the Sensex returned above the 81,000 threshold for the first time in 29 sessions, an encouraging sign since its last breach of this level on October 21.

Volatility and Sector Performance

The trading day was marked by volatility, characterized by fluctuating sentiment. Initially, the Nifty 50 enjoyed a robust start, but some major stocks ultimately influenced a downward shift in the index, according to Aditya Gaggar, director at Progressive Share Brokers. The market exhibited a spinning-top candlestick pattern, which indicates a struggle between buyers and sellers.

Despite the fluctuations, the overall market sentiment appeared positive. Should there be any corrections, they are expected to be viewed as buying opportunities, Gaggar noted. Technically, the Nifty Bank index showed strength, particularly in light of the upcoming meeting of the Reserve Bank of India’s monetary policy committee.

Among the stocks that led to gains in the Nifty 50 were HDFC Bank Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., NTPC Ltd., and Larsen & Toubro Ltd.. Conversely, Bharti Airtel Ltd., Reliance Industries Ltd., ITC Ltd., Tata Motors Ltd., and Power Grid Corp. helped to limit the losses.

Sectors Activity and Broader Indices

On the NSE, six sectors recorded gains while an equal number experienced declines, with the Nifty PSU Bank and Realty sectors achieving the most significant increases. In a broader context, the BSE MidCap index rose by 0.8%, and the SmallCap index increased by 0.7%, demonstrating robust performance.

Of the 21 sectoral indices on the BSE, eleven finished higher, primarily driven by gains in the Realty sector. Market breadth was favorable, with 2,399 stocks advancing, 1,572 declining, and 99 remaining unchanged on the BSE, indicating a broad-based buying activity across various sectors.

This upward trend in the market is a positive development, signaling potential optimism for investors in the near future.

Nifty, Sensex, Market