Sensex up 347 points, Nifty above 13,350 as market#39;s record run continues

Another day and another peak for Indian markets. The benchmark indices closed at a record high on December 7, backed by financials, pharma and FMCG stocks.

The BSE Sensex was up 347.42 points, or 0.77 percent, at 45,426.97 and the Nifty gained 97.30 points, or 0.73 percent, to close at 13,355.80.

“We are seeing buying interest emerging on every dip, thanks to rotational participants across sectors. Technically, the Nifty could face a hurdle around 13,450. The stock-specific trading approach is yielding decent returns, so far, and we suggest continuing with the same. Also, keep a close watch on global markets and upcoming domestic macro data for cues,”¬†Ajit Mishra, VP -Research, Religare Broking, said.

The Nifty PSU Bank index rose 2 percent, while FMCG, infra and pharma indices rose a percent each.

Broader markets outperformed the benchmarks. The BSE midcap added 0.8 percent and the smallcap index rose 1.3 percent.

UPL, Adani Ports, HUL, Bharti Airtel and Coal India were among major gainers on the Nifty, while losers included Kotak Mahindra Bank, JSW Steel, Tata Steel, Nestle and SBI Life.

Stocks & sectors

The BSE healthcare, oil & gas and FMCG indices rose 1 percent each, while there was some selling in the realty index.

A volume spike of more than 100 percent was seen in TVS Motor, ICICI Prudential and Glenmark Pharma.

Long buildup was seen in Glenmark Pharma, Tata Chemicals, Bosch, while short buildup was seen in Power Grid, SBI Life and Cholamandalam Financial.

More than 300 stocks, including Indostar Capital Finance, Rain Industries and TVS Motor, hit a 52-week high on the BSE.

Technical View

The Nifty formed a bullish candle on the daily scale and continued forming higher highs-higher lows from the sixth trading session.

The index witnessed a positive-to-range-bound move through day and closed with gains of around 100 points.

“Now it has to continue to hold above 13,200 zones to witness an up move towards 13,500 then 13,750 levels, while on the downside, major support exists at 13,000 zones,” Chandan Taparia of Motilal Oswal Financial Services told .

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