Share Market Highlights: Sensex rallies 1,016 pts to end at 58,649, Nifty adds 293, closes at 17,469

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic markets soared higher on Wednesday, helped by positive global cues.

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India VIX closed deep in red on Wednesday. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets moved higher on Wednesday helped by positive global cues. S&P BSE Sensex zoomed 1,016 points or 1.76% to close at 58,649 while the NSE Nifty 50 added 1.71% to settle at 17,469. Bank Nifty index jumped 1.82%, regaining 37,200 levels. Among Sensex constituents, Bajaj Finance was the top gainer, up 3.67%, followed by Maruti Suzuki India, State Bank of India, Bajaj Finserv, and Asian Paints. Only Kotak Mahindra Bank and Power Grid closed with losses. Broader markets ended in the green, jumping more than 1% each while the volatility index fell more than 6%, closing at 17.27 levels.

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16:31 (IST)08 Dec 2021
Sensex rallies for second-day straight, Nifty nears 17500 resistance zone, more upside expected

Bulls continued to propel domestic markets higher on Wednesday. S&P BSE Sensex zoomed 1,016 points or 1.76% to close at 58,649 while the NSE Nifty 50 added 1.71% to settle at 17,469.Broader markets ended in the green, jumping more than 1% each while the volatility index fell more than 6%, closing at 17.27 levels.

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15:34 (IST)08 Dec 2021
CLOSING BELL

Domestic markets soared higher on Wednesday, helped by positive global cues. Bank Nifty ended 1.82% higher while Nifty India VIX ended 6.45% in red.

15:24 (IST)08 Dec 2021
India VIX slips

India VIX slipped below 18 levels just ahead of the closing bell. The volatility index was down 6.66% on Wednesday afternoon. 

15:09 (IST)08 Dec 2021
Nifty rallied over 300 points

Nifty 50 index extended lead and jumped more than 300 points to hit an intraday high of 17,484 points. 

14:57 (IST)08 Dec 2021
More dovish than expected RBI

“There were no surprises in the December 8 policy, and the RBI’s latest monetary policy turned out to be more dovish than expected.  The Committee’s focus is clearly on supporting growth through sufficient liquidity and low-interest rates despite street fears over inflation flare-up, global changes in interest rate policy and high commodity prices. The RBI of course can fine-tune the surplus liquidity to manage rates depending on the evolving situation. If the Omicron variant turns out to be benign, a reverse repo rate hike may be hiked in February,” said  Deepak Jasani, Head of Retail Research, HDFC Securities.

14:20 (IST)08 Dec 2021
Bank Nifty up 2%

Bank Nifty was up more than 2% on Wednesday as bank stocks rallied. ICICI Bank and State Bank of India were among the top gainers. 

14:08 (IST)08 Dec 2021
52-week high, 52-week low: RIIL, Devyani among 207 stocks to hit fresh highs on BSE; 11 scrips at fresh lows

Benchmark indices Nifty and Sensex rose on Wednesday, extending yesterday’s rally. Sensex added 1,000 points to hit a high of 58,634 points on Wednesday. The Nifty 50 index was up 283 points near 17,460. Bank Nifty continued to rally, soaring 1.7% on Wednesday afternoon. The index was trading near 37,200 levels. Amid positive market momentum, as many as 207 scrips on the BSE traded at 52-week high values while 11 stocks were down at 52-week lows.

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13:59 (IST)08 Dec 2021
S&P 500, Nasdaq 100 and Dow 30 rally as investors brush aside Omicron fears

Volatility is what defines the stock market movements. While the stock prices reacted sharply on the news of the new Omicron coronavirus variant, the recent reaction shows how the markets are discounting the fears arising from it. After the recent remarks by Jerome Powell regarding inflation and an early tapering signal, that left the financial markets shocked, the market yesterday rebounded sharply. US equities closed higher as investors grew less fearful of the potential economic impact from the new Omicron coronavirus variant and probably the likely impact of the taper effect in the months ahead.

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13:44 (IST)08 Dec 2021
Sensex zooms 1,000 points

Sensex added 1,000 points to hit a high of 58,634 points on Wednesday. The Nifty 50 index was up 283 points near 17,460.

13:34 (IST)08 Dec 2021
17400 – 17500 levels to act as strong resistance

“Accumulate longs on dips with the stop loss of 17100 levels. On the higher side, 17400 – 17500 levels will act as a strong resistance. In the Bank Nifty, our advice is to go long on dips with trailing SL of 36000 levels. On the higher side 37000 – 37500 level may act as resistance going forward.”

~ HDFC Securities

13:27 (IST)08 Dec 2021
Bank Nifty was up 1.7%

Bank Nifty continued to rally on Wednesday, soaring 1.7% on Wednesday afternoon. The index was trading near 37,200 levels.

13:15 (IST)08 Dec 2021
Sensex up 900 points

Sensex extended gains on Wednesday afternoon and soared a massive 900 points or nearly 1.6% to sit above 58,500 levels while NSE Nifty 50 was above 17,400.

13:02 (IST)08 Dec 2021
Devyani International at 52-week high

Recently listed Devyani International was at a 52-week on Wednesday. The stock was up 13% trading at Rs 183 per share. 

12:57 (IST)08 Dec 2021
Bank Nifty extends gains

Bank Nifty was up 1.42% on Wednesday as bulls pulled markets higher. ICICI Bank, SBI, and RBL Bank were among top gainers.

12:42 (IST)08 Dec 2021
Nykaa share price in green

Recently listed Nykaa up 1% on Wednesday trading at Rs 2,170 per share. Anchor investor portion of the issue will unlock today, allowing anchor investors to sell their stocks.  

12:32 (IST)08 Dec 2021
Normalization of repo rate completely ruled out till most of H1FY23

“On the interest rate trajectory, we see that RBI has simply kicked the can down the road in terms of normalizing the LAF window. It seems that RBI is content with the fact that VRRR auctions have been efficacious in absorbing excess liquidity and do not want to tinker much with the policy rates now given the nascent economic recovery and still looming uncertainty of the pandemic. We think the normalization of the LAF window is now subject to the durability of the economic recovery and mitigation of the pandemic uncertainty. Meanwhile, normalization of the repo rate is completely ruled out till most of the H1 FY23,” said Amar Ambani, Senior President & Head of Institutional Equities, YES Securities.

12:29 (IST)08 Dec 2021
Investor wealth jumps over Rs 3 lakh crore in morning trade amid bullish market trend

Investors’ wealth surged by more than Rs 3 lakh crore in morning trade on Wednesday amid bullish market sentiments and the Reserve Bank deciding to leave key interest rate unchanged for the ninth consecutive time. With reports that the new COVID variant Omicron is unlikely to be more severe than the Delta variant, an overall positive sentiment persisted in the global markets. Sustaining the momentum, the 30-share Sensex was up more than 767 points to 58,401.12 points at around 11 am.

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12:27 (IST)08 Dec 2021
Nubank’s IPO: Deep-dive into the Warren Buffett-backed fintech’s public issue

Brazilian fintech Nubank is sizing up a landmark IPO in a dual listing that’s set to bring a company valuation of as much as $41.5 billion. The move is likely to turn Nubank into the world’s most valuable digital bank as well as Latin America’s largest financial institution, but what does the listing mean for the wider fintech landscape and the company’s growing list of rivals? 

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12:10 (IST)08 Dec 2021
RBI ready to pitch in through OMOs

“The policy decision has come in the backdrop of looming risk to global growth and inflation emanating from the advent of the Omicron variant and despite the likely aggressive Fed tapering on the cards. MPC has reinforced that the overarching approach continues to be that of gradualism and would eliminate any element of surprises for the markets. MPC continues with gradual liquidity normalization and stands ready to pitch in through operation twists and OMO’s to tame any untoward move in yields. Overall to sum up, this policy has not thrown any curveballs and the verdict has been well embraced by the markets,” said Niraj Kumar, Chief Investment Officer at Future Generali India Life Insurance.

12:04 (IST)08 Dec 2021
India VIX softens further

India VIX, the volatility gauge of domestic markets, was down 5% on Wednesday as headline indices soared higher.  

11:53 (IST)08 Dec 2021
Paytm extends losses

One 97 Communications, the parent company of Paytm, was down 0.61% on Wednesday after RBI said that it will release a discussion paper on digital payments. The stock hit an intra-day low of Rs 1,560 per share. 

11:46 (IST)08 Dec 2021
Better than street expectations

“All in all, the RBI’s tone was dovish and the outcome of the MPC meeting was better than the street’s expectations. We expect the RBI to remain on hold in the next MPC meeting as well, given softening energy and commodity prices which will ensure that inflation remains largely in line with the RBI’s projection. This will give the RBI elbow room to maintain its accommodative stance in the foreseeable future, thus helping growth,” said Jyoti Roy – DVP- Equity Strategist, Angel One.

11:39 (IST)08 Dec 2021
Stock markets to be relieved

“Overall, we expect that stock markets will be relieved that there are no negative surprises, and the stance stays accommodative. The recent fragile recovery in consumer discretionary space like real estate and automobiles is expected to continue as there is greater certainty on borrowing costs and EMIs that drive consumer decisions. The short-term funds are expected to yield slightly higher returns now. The fixed-income investors should continue to stay in the shorter duration funds as the long-term funds may see a price erosion in case of an increase in long-term GSec rates,” said Abhay Agarwal, Founder, Piper Serica, a SEBI Regd. PMS.

11:36 (IST)08 Dec 2021
Nifty to remain in 17400-17500 range

“We had mentioned how banking index is placed precisely at the ‘200-day SMA’ and it could become the deciding factor going ahead. Yesterday, the banking space had a lion share in pulling the benchmark index higher from critical levels. Now since RBI is going to announce its monetary policy today, further action in our market will be dictated by this heavyweight influential basket. Let’s see how things pan out but as far as technical levels are concerned, we expect Nifty to remain in a range of 400 – 500 points before it breaks out in either direction. On the higher side, 17300 followed by 17500 are to be seen as immediate hurdles; where Nifty is likely to feel some pressure; whereas on the flipside, 17000 has become sacrosanct support now. We reiterate that as long as index consolidates in this range, one needs to focus on stock-specific moves which are likely to provide better trading opportunities,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

11:25 (IST)08 Dec 2021
Financials lead gains

Four out of the six top gainers on Sensex were stocks from the banking and finance space on Wednesday morning. Bajaj Finance was the top gainer, followed by ICICI Bank, SBI, and Bajaj Finserv.

11:21 (IST)08 Dec 2021
RBI raises UPI limit for IPOs, direct govt bonds investment scheme to Rs 5 lakh

The Reserve Bank of India has raised the UPI limit to Rs 5 lakh from Rs 2 lakh for investment in IPOs and buying government bonds via RBI Retail Direct Scheme.

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11:08 (IST)08 Dec 2021
Nifty PSU Bank index soarss

Nifty PSU Bank index was up 1.63% on Wednesday, led by a 5% jump in Indian Bank, accompanied by State Bank of India, and Bank of India.

10:57 (IST)08 Dec 2021
Pro-growth policy

“Conceding that ‘there is considerable uncertainty in the growth-inflation dynamics’ the MPC has again decided in favour of growth by continuing with accommodative monetary stance and status quo in rates. More importantly, the guidance also is dovish with no indications of a rate hike in the immediate future. The CPI inflation projection for Q3 and Q4 of FY22 at 5.1% and 5.7% respectively is an indication of RBI’s belief that higher food inflation is temporary since it is caused by crop damages during unseasonal rains. Also, the central bank believes that lower crude prices and reduced petrol and diesel prices will ‘mitigate the cost-push build up’. In brief, a pro-growth policy and very positive from the market perspective.” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services 

10:53 (IST)08 Dec 2021
Kotak Mahindra Bank in red

While all major private banks were trading with gains on Wednesday morning, Kotak Mahindra Bank was down 0.26% on the BSE.

10:47 (IST)08 Dec 2021
Paytm stock falls

Paytm’s share price was down 0.52% on Wednesday post-RBI’s comments that it will release a discussion paper on digital payment charges. The stock was trading at Rs 1,568 per share. 

10:45 (IST)08 Dec 2021
Sectoral watch

All sectoral indices on the NSE were up with gains on Wednesday. Nifty IT was the top gainer, up 1.8%, followed by Nifty Media, Nifty Financial Services, and Nifty bank.

10:41 (IST)08 Dec 2021
Top midcap gainers

On BSE Midcap index, Adani Power was the top gainer, up more than 4%, followed by Vodafone Idea and IRCTC. 

10:37 (IST)08 Dec 2021
Broader markets shine

Broader markets were up with gains on Wednesday morning with smallcaps and midcaps surging more than 1% each, outperforming the benchmark indices. 

10:33 (IST)08 Dec 2021
Nifty to challenge 17500 soon

“Going ahead, we expect index to trade with a positive bias while sustaining above the key support threshold of 16800 mark and eventually challenge the upper band of consolidation placed at 17500 in coming weeks,” said ICICI Direct.

10:32 (IST)08 Dec 2021
3 Sensex stocks in red

Only three of the thirty Sensex constituents were down in the red on Wednesday morning. These were Nestle India, Kotak Mahindra Bank, and Maruti Suzuki India. 

10:29 (IST)08 Dec 2021
Bank Nifty in green

Bank Nifty was up more than 1% on Wednesday morning with ICICI Bank leading the gains, rallying 2%. It was accompanied by AU Small Finance Bank and Bandhan Bank. 

10:28 (IST)08 Dec 2021
Nifty may scale 17800-17900 if it closes past 17400-17500 range

“The index is again close to the resistance zone of 17400-17500. If we are successful in closing past it, the Nifty can scale higher to 17800-17900. The current support lies at 16900 and if we break that, the markets could fall all the way down to 16400-16500,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

10:28 (IST)08 Dec 2021
Nifty may scale 17800-17900 if it closes past 17400-17500 range

“The index is again close to the resistance zone of 17400-17500. If we are successful in closing past it, the Nifty can scale higher to 17800-17900. The current support lies at 16900 and if we break that, the markets could fall all the way down to 16400-16500,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

10:14 (IST)08 Dec 2021
High core inflation a concern

“The persistence of high core inflation is an area of policy concern, in view of input cost pressure. In this context, the reduction of VAT should bring direct and indirect effects,” RBI Governor said.

09:48 (IST)08 Dec 2021
Bank stocks soar highrer

Bank stocks were up in the green ahead of the RBI policy meeting. Bank Nifty was up 1.4% as ICICI Bank, IndusInd Bank, and SBI stocks surged. 

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