On December 8, the benchmark indices continued their upward trajectory, bouncing back from a brief pause the previous day, reaching new highs. This positive momentum was fuelled by the Reserve Bank of India (RBI) keeping the key interest rate unchanged for the fifth consecutive time. On the sectoral front, the FMCG, oil & gas, and power indices experienced a 1% decline each, while healthcare and auto slipped 0.5%. Conversely, the banking, information technology, and realty sectors recorded gains of 0.5-1%.
NIFTY: The index opened 33 points higher at 20,934 and made a high of 21,006 before closing at 20,969. Nifty has formed a bullish candlestick pattern with upper and lower shadow. Its immediate resistance level is now placed at 21,000 while immediate support is at 20,850.
BANK NIFTY: The index opened 44 points lower at 46,797 and closed at 47,262. Bank Nifty has formed a healthy bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,400 while support is at 46,800.
Stocks in Spotlight
▪ IRB Infra: Stock gained 3.6% after the company reported a 20% rise in gross toll collections in November.
▪ Jindal Saw: Stock plunged 3.8%, ahead of the company’s board meeting on December 14 to consider the proposal of raising funds through one or more qualified institutional placement (QIP) of equity shares.
▪ IIFL Securities: Stock surged 4.2% after the Securities Appellate Tribunal (SAT) set aside SEBI’s order dated June 19, 2023, prohibiting IIFL Securities from onboarding new clients for two years in respect of its business as a stockbroker.
▪ Gold prices were flat on Friday, as markets looked forward to the crucial US jobs data for more clues on the Federal Reserve’s monetary policy decision, although a firmer dollar kept bullion on track for its first weekly fall in four.
▪ European markets held in positive territory on Friday afternoon, as traders around the world assessed the November jobs report from the US.
▪ Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.
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