The Indian stock markets closed in the green on 2nd December 2024, driven by strong gains in key sectors like cement, steel, and healthcare. Despite concerns over global economic conditions and FIIs showing a marginal net outflow, the domestic market showed resilience with Nifty 50, Sensex, and BSE SmallCap indices posting significant gains.
Overview of Contents
Key Market Highlights
| Index | Price | Change | % Change |
|---|---|---|---|
| NIFTY 50 | 24,276.05 | 144.95 | 0.60% |
| SENSEX | 80,248.08 | 445.29 | 0.56% |
| NIFTY BANK | 52,109.00 | 53.40 | 0.10% |
| NIFTY IT | 43,547.00 | 400.75 | 0.93% |
| BSE SMALLCAP | 55,662.71 | 462.85 | 0.84% |
The broader market performance was particularly encouraging, with SmallCap stocks outperforming major indices. Gains in sectors such as IT and metals also contributed to the positive sentiment.
Top Gainers
| Company | Current Price (₹) | % Gain |
|---|---|---|
| UltraTech Cement | 11,648.55 | 3.98% |
| Apollo Hospital | 7,065.80 | 3.47% |
| Grasim | 2,693.55 | 3.35% |
| Shriram Finance | 3,094.20 | 2.47% |
| JSW Steel | 989.80 | 2.46% |
Cement and steel companies led the gains, with UltraTech Cement and Grasim seeing strong buying interest, likely fueled by positive demand projections for infrastructure.
Top Losers
| Company | Current Price (₹) | % Loss |
|---|---|---|
| HDFC Life | 640.20 | -2.67% |
| Cipla | 1,507.70 | -1.71% |
| NTPC | 358.20 | -1.50% |
| SBI Life Insurance | 1,422.05 | -1.09% |
| Britannia | 4,907.25 | -0.69% |
The life insurance sector remained under pressure, with HDFC Life and SBI Life seeing notable losses, possibly impacted by investor caution over growth concerns in the sector.
Institutional Activity
| Category | Date | Buy Value (₹ Crores) | Sell Value (₹ Crores) | Net Value (₹ Crores) |
|---|---|---|---|---|
| DII | 02-Dec-2024 | 12,456.43 | 8,867.77 | 3,588.66 |
| FII/FPI | 02-Dec-2024 | 13,605.12 | 13,843.40 | -238.28 |
- Domestic Institutional Investors (DIIs) continued to inject liquidity into the market, with a net inflow of ₹3,588.66 crores, supporting the indices.
- Foreign Institutional Investors (FIIs), on the other hand, registered a net outflow of ₹238.28 crores, reflecting cautious sentiment amidst global uncertainties.
Market Outlook
Despite minor FII outflows, the Indian market remains on a positive footing:
- Sectoral Strength: The rally in cement and steel indicates strong infrastructure demand. Healthcare and IT stocks also showed resilience, hinting at sectoral rotation.
- Support Levels: Nifty 50 continues to stay above critical support at 23,500, and its close near 24,300 today shows market strength.
- Upcoming Events: Investors will keep an eye on the RBI monetary policy meeting on December 6th, where rate decisions could shape market sentiment further.
Conclusion
The market’s positive close reflects resilience despite external challenges. Investors should remain cautious ahead of the December events and monitor FIIs’ behavior closely. With strong support at 23,500 and key sectors showing strength, the market is likely to remain in a neutral-to-positive zone in the near term