The Indian stock markets saw a positive surge on 3rd December 2024, with all major indices showing substantial gains. The Nifty 50, Sensex, and BSE SmallCap all closed in the green, supported by buying interest across sectors. The banking sector led the rally, followed by strong gains in other index-heavy stocks. The Nifty Bank outperformed with a 1.13% increase, while the Nifty IT sector also posted a moderate gain.
Key Market Highlights
| Index | Price (₹) | Change (₹) | % Change |
|---|---|---|---|
| NIFTY 50 | 24,457.15 | +181.10 | +0.75% |
| SENSEX | 80,845.75 | +597.67 | +0.74% |
| NIFTY BANK | 52,695.75 | +586.75 | +1.13% |
| NIFTY IT | 43,754.95 | +207.95 | +0.48% |
| BSE SMALLCAP | 56,237.47 | +574.76 | +1.03% |
The market continued its upward trend, boosted by a rally in the Banking and SmallCap sectors. BSE SmallCap outperformed the major indices with an impressive 1.03% rise. The overall market sentiment was positive, with buying activity across a range of stocks.
Top Gainers
| Company | Current Price (₹) | % Gain |
|---|---|---|
| Adani Ports | 1,288.65 | +5.99% |
| NTPC | 367.45 | +2.58% |
| Adani Enterprises | 2,514.20 | +2.33% |
| Larsen & Toubro | 3,787.05 | +2.24% |
| SBI | 853.95 | +2.10% |
The Adani Group stocks showed strong buying interest, with Adani Ports leading the pack with a 5.99% gain. NTPC, Adani Enterprises, and Larsen & Toubro also contributed to the positive sentiment in the market. State Bank of India (SBI) also saw a significant rise, adding to the Nifty Bank‘s strong performance.
Top Losers
| Company | Current Price (₹) | % Loss |
|---|---|---|
| Bharti Airtel | 1,620.55 | -1.40% |
| Hero MotoCorp | 4,697.00 | -1.08% |
| ITC | 472.55 | -0.97% |
| HDFC Life | 634.00 | -0.97% |
| Sun Pharma | 1,800.05 | -0.47% |
Bharti Airtel took the biggest hit among the top stocks, with a 1.40% drop. Hero MotoCorp, ITC, HDFC Life, and Sun Pharma also faced downward pressure, dragging their respective sectors lower. Despite these losses, the overall market sentiment remained positive.
Market Outlook
- Sectoral Strength: The strong performance of banking stocks suggests that investor confidence is growing in the financial sector. Infrastructure and energy sectors like NTPC and Larsen & Toubro also appear to be key beneficiaries of government spending and economic recovery.
- Support Levels: The Nifty 50 maintained its position above the key support level of 24,000, and with today’s close at 24,457.15, the market appears to have strong short-term support.
- Global and Domestic Factors: Investors are keeping an eye on global economic data and upcoming domestic events like the RBI’s monetary policy meeting on December 6th. While there’s limited room for a rate cut, there’s hope that the RBI will maintain a dovish stance, offering some relief to the markets.
Technical Analysis
Today, Nifty closed at 24,457, marking a strong finish in the market. On the 1 DAY time frame, the last resistance was observed at 24,355, and the next major resistance is at 24,555. If Nifty sustains above 24,555 and closes the day above this level, we can expect the next resistance to be around 25,222.
For support levels, 24,135 and 24,122 are key support zones. The range between 24,135 to 24,500 is considered a neutral zone. If Nifty stays within this range, it indicates indecisiveness, while movement above 24,555 could suggest further bullish momentum.
In summary: Keep an eye on the levels of 24,355 for resistance and 24,135 for support. A close above 24,555 can push the market towards the next resistance zone of 25,222.
Institutional Activity Analysis – 3rd December 2024
Today’s institutional activity showcased contrasting trends between Domestic Institutional Investors (DIIs) and Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs).
- DIIs: On the selling side, DIIs were net sellers with a net outflow of ₹250.99 crores. This indicates that domestic institutions were booking profits or reallocating their portfolios.
- FIIs/FPIs: On the other hand, FIIs showed strong buying activity with a net inflow of ₹3,664.67 crores. This reflects robust foreign investor confidence, likely driven by optimism in the Indian markets after the recent GDP and consumption data.
| Category | Date | Buy Value (₹ Crores) | Sell Value (₹ Crores) | Net Value (₹ Crores) |
|---|---|---|---|---|
| DII | 03-Dec-2024 | 14,553.16 | 14,804.15 | -250.99 |
| FII/FPI | 03-Dec-2024 | 22,450.00 | 18,785.33 | 3,664.67 |
Conclusion
The Indian stock market showed a solid performance on 3rd December 2024, with the Nifty and Sensex rising due to positive sectoral performances, especially in Banking, Infrastructure, and Energy. Despite slight outflows from FIIs, domestic support and strong earnings growth potential are keeping the market in a positive momentum.
With a critical RBI meeting and a potential market outlook for December, investors should stay alert and monitor global developments as well as institutional flows. For now, the market remains resilient, and the short-term outlook is bullish.