Taking Stock | Sensex, Nifty end higher for the third day; FMCG stocks gain

#Local Markets, #Nifty, #Sensex, #Taking Stock, Nifty 50, ITC, HDFC Bank, Nifty FMCG, Nifty Bank

Indian benchmark indices ended higher for the third straight session on December 9, supported by buying in FMCG, oil & gas and capital goods stocks.

At close, the Sensex was up 157.45 points, or 0.27 percent, at 58,807.13, and the Nifty gained 47 points, or 0.27 percent, at 17,516.80.

After two days of highs, the market opened on a positive note but gave up the gains in the initial hours and remained range-bound throughout the session amid volatility but managed to end near the day’s high.

“Investors are keenly awaiting the US inflation data in order to gauge the Fed’s decision on rolling back economic stimulus,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Easing fears over the Omicron variant continued to temper optimism in the markets, he said. Gains in FMCG and consumer durables were offset by losses in oil & gas and healthcare,” Nair added.

Broader indices outperformed the main indices, with the BSE midcap index up 0.38 percent and the smallcap index up 0.80 percent.

ITC, L&T, Asian Paints, UPL and Reliance Industries were among the top Nifty gainers. Losers included HDFC Bank, Titan Company, Nestle India, NTPC and Power Grid Corporation.

Among sectors, except the Nifty Bank, all sectoral indices ended in the green, with the FMCG index rising 1.4 percent.

Index Prices Change Change%
58,807.13 157.45 +0.27%
17,516.85 47.10 +0.27%
37,082.45 -202.25 -0.54%

Nifty 50 17,516.85 47.10 (0.27%)
Thu, Dec 09, 2021

  • 1D
  • 5D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 2Y

Biggest Gainer Prices Change Change%
ITC 235.40 10.45 +4.65%
Biggest Loser Prices Change Change%
HDFC Bank 1,526.85 -26.95 -1.73%
Best Sector Prices Change Change%
Nifty FMCG 38201.70 541.80 +1.44%
Worst Sector Prices Change Change%
Nifty Bank 37082.40 -202.30 -0.54%

Stocks and sectors

On the BSE, capital goods, FMCG, and oil & gas indices were up a percent each, while some selling was seen in the banking and realty names.

Among individual stocks, a volume spike of more than 300 percent was seen in SBI Cards and Can Fin Homes.

A long build-up was seen in Escorts, Vodafone Idea and Indus Tower, while there was a short build-up in SBI Cards, Kotak Mahindra Bank and Power Grid.

More than 200 stocks, including HCC, Tanla Platforms and Vodafone Idea, hit a 52-week high on the BSE.

Technical View

The Nifty formed a dragonfly Doji candle on the daily scale with a long lower shadow, which indicates that declines were being bought.

The Nifty has to continue to hold above 17,500 for an up move towards 17,600 and 17,777. On the downside, support has shifted higher to 17,350 and 17,200, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for December 10

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

The 17,500-17,600 zone has acted as a strong resistance in the recent past that pushed the bears into action. Thus, it is vital to monitor the price action over here.

If the Nifty crosses 17,600 on a closing basis, it can march towards 18,000.

If the index fails to hold 17,600, it can slide to 17,300-17,250 to fill up a recent gap area on the daily chart.

Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities

On daily charts, the index formed a Hammer candlestick, which indicates indecisiveness among bulls and bears.

The short-term formation is still on the bullish side but before any fresh breakout, the market may consolidate in the 17,350-17,575 range.

However, 17,350 would be the trend decider level and if the index slips below it, the uptrend would be vulnerable.

Palak Kothari, Research Associate, Choice Broking

The Nifty has been trading in higher highs and higher lows formation for the last three days, which suggests strength for an upside.

The index has closed above 21 and 9 HMA, which suggests a northward direction in the counter.

Daily momentum indicator MACD & Stochastic is trading with a positive crossover, which suggests upside momentum in the coming session.

The index has support at 17,300 and resistance at 17,600. The Bank Nifty has support at 36,500 and resistance at 37,500.

Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services

The market has seen a good recovery in the last three days, as buying emerged at lower levels with the comfort of lower valuation and receding fears about Omicron strain.

We expect the market to consolidate at current levels for the next few days after moving up sharply. The overall structure will remain positive, hence trades should maintain a buy-on-dips strategy.

Disclosure: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.

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