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Mumbai: Despite weak corporate results for the September quarter and much lower-than-expected economic growth, the country’s stock markets rose for the fifth consecutive session on Thursday. The market is also keeping an eye on the decision to be taken on the repo rate at the end of the three-day meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India tomorrow. Indian equities have seen net buying by foreign institutional investors (FIIs) in three of the last five sessions. On Thursday, foreign funds bought additional equity worth Rs 8,539 crore. After extreme fluctuations, Sensex closed at 81765.86, up 809.53. In intraday, Sensex showed a high of 82317.74 and a low of 80467.37. Sensex failed to close above 82000 after profit selling on gains. The Nifty 50 index bounced between a low of 24,295.55 and a high of 24,857.75, finally closing at 24,708.40 with a gain of 240.95. Benchmark indices closed at seven-week highs. The market trend on BSE was positive. 2130 shares rose and 1841 fell. 112 stocks remained unchanged. After continuous selling in October and November, FIIs seem to be active in the last month of the year. If we look at the historical data of the Indian stock market, December has mostly been a bullish month for the market.
Public sector banks softened due to lack of attraction ahead of RBI meeting: IOB suffered the biggest loss.
Share prices of public sector banks remained under pressure ahead of the announcement of the outcome of the monetary policy review meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India on Friday. In the face of higher inflation and lower GDP numbers, the market is keeping an eye on the path to be taken by the MPC in terms of repo rate and cash reserve ratio (CRR). On NSE, IOB fell by Rs 1.10 to Rs 57.87, Central Bank fell by Rs 0.89 to Rs 60.12, UCO Bank fell by Rs 0.70 to Rs 49.69. Bank of Baroda, Canara Bank, Union Bank also declined. SBI closed Rs 5.75 higher at Rs 865.45, while Bank of India closed Rs 0.44 higher at Rs 118.32.
Nifty IT index rises 857 points: TCS, Infosys, Wipro, HCL Tech gain
Shares rose as IT services exporters were expected to benefit from the rupee’s recent decline against the dollar. TCS rose by Rs 109.65 to close at Rs 4464.05, Infosys rose by Rs 45.60 to close at Rs 1934.85, Wipro rose by Rs 5.30 to close at Rs 299.30, Tech Mahindra rose by Rs 27.35 to close at Rs 1786.95. Profit growth of IT companies is likely to be higher in the December quarter. There are reports of fresh buying by FIIs in IT shares.
Biggies BSE, CDSL, Reliance, Tata Steel, Bharat Ally. NTPC rises, Asian Paints falls
The share price rose by Rs 622.85 on BSE to hit an all-time high of Rs 5194.90 on NSE. CDSL rose by Rs 137.35 to hit 52-week high of Rs 1855.95. In a recent announcement, BSE announced the launch of F&O contracts of 43 stocks. These contracts will be available for trading from December 13. Due to positive sentiment in the market, there was attraction in big stocks. Reliance Industries gained Rs 13.10 to close at Rs 1322.05. Tata Steel rose by Rs 1.22 to Rs 147.07, Bharat L. It closed at Rs 314.50, up Rs 1.65. Asian Paints fell by Rs 7.25 to close at Rs 2452.20 while NTPC fell by Rs 3.60 to close at Rs 369.15.
Auto stocks mixed: Mahindra, Apollo Tyres, Tata Motors, Bharat Forge rose while TVS Motor, Ashok Leyland declined
Auto sales figures for November were mixed. Especially the sales figures of electric vehicles have been weak. November’s auto sales numbers were lower than October due to lower festive demand. However, December figures are expected to be good due to good monsoon of the current year and increase in support prices for agricultural crops. Mahindra & Mahindra rose by Rs 39.85 at Rs 3071.60, Apollo Tires rose by Rs 6 at Rs 540.45, Tata Motors rose by Rs 4.45 at Rs 792.55 and Bharat Forge rose by Rs 1.30 at Rs 1379.20. TVS Motor fell by Rs 6.50 to Rs 2512.20 and Ashok Leyland fell by Rs 1.39 to Rs 232.59.
Domestic vs Foreign Fund Exposure: FIIs are net buyers while DIIs are net sellers
In the Indian stock market on Thursday, FIIs bought Rs 24716.78 crore and sold Rs 16176.87 crore, with net buying of Rs 8539.91 crore. On the other hand, DIIs bought Rs 13395.84 crore and sold Rs 15699.48 crore, with a net sale of Rs 2303.64 crore.
