Taking Stock | Sensex up 1,016 points, Nifty above 17,450 as RBI holds rates steady

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#Local Markets, #Nifty, #Sensex, #Taking Stock, variable rate reverse repo (VRRR) auction , Nifty 50, Bajaj Finance, HDFC Life, Nifty PSU Bank, Nifty Energy

Indian shares closed higher for the second consecutive day on December 8 as the Reserve Bank of India left key rates unchanged at record lows and stuck to an accommodative to support growth.

At close, the Sensex was up 1,016.03 points, or 1.76 percent, at 58,649.68, and the Nifty was up 293.10 points, or 1.71 percent, at 17,469.80.

The Indian indices started gap up on positive global cues and continued the upward momentum after the Reserve Bank of India’s monetary policy committee (MPC) retained the key lending repo rate at 4 percent and maintained its stance as “accommodative”.

This is the ninth consecutive policy meeting where the rate-setting panel has left rates unchanged. The reverse repo rate stays at 3.35 percent and the MSF rate at 4.25 percent.

Also Read: RBI Monetary Policy: MPC keeps repo rate unchanged; stance accommodative

“Positive global cues coupled with the continuation of an accomodative policy stance of the RBI by holding rates fired up the bulls today, even as the central bank decided to enhance the variable reverse repo rate auctions to rebalance liquidity,” said S Ranganathan, Head of Research at LKP Securities.

Sharing the policy meeting outcome, RBI Governor Shaktikanta Das said the variable rate reverse repo (VRRR) auction amount will be progressively enhanced to Rs 7.5 lakh crore by December 31. From January 2022, liquidity absorption will be undertaken mainly through the auction route, he said.

Ranganathan said the bullish undertone was reflected in the sectoral indices as well as in advance-declines, as the market breadth was healthy with small & midcaps too participating in the rally.

Index Prices Change Change%
58,649.68 1,016.03 +1.76%
17,469.75 293.05 +1.71%
37,284.70 666.30 +1.82%

Nifty 50 17,469.75 293.05 (1.71%)
Wed, Dec 08, 2021

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

Biggest Gainer Prices Change Change%
Bajaj Finance 7,361.50 258.35 +3.64%
Biggest Loser Prices Change Change%
HDFC Life 686.40 -8.00 -1.15%
Best Sector Prices Change Change%
Nifty PSU Bank 2722.55 68.25 +2.57%
Worst Sector Prices Change Change%
Nifty Energy 23362.80 190.30 +0.82%

“Several smaller companies today have access to capital and this is getting reflected in the markets as well.” he added.

Broader indices also participated in the rally, with BSE midcap and smallcap indices rising over a percent each.

Bajaj Finance, Hindalco Industries, Maruti Suzuki, SBI and Bajaj Finserv were among the top Nifty gainers. Losers included HDFC Life, Kotak Mahindra Bank, Power Grid Corp, Divis Labs and IOC.

All sectoral indices ended in the green, with Nifty auto and PSU bank indices adding 2 percent each.

Also Read: Sensex, Nifty up more than 1.5 percent; 5 factors driving the market higher

Stocks and sectors

On the BSE, the auto and IT indices rose 2 percent each, while FMCG, healthcare, metal, oil & gas and realty indices added over 1 percent each.

Among individual stocks, a volume spike of more than 300 percent was seen in Indian Energy Exchange, Multi Commodity Exchange of India and Granules India.

A long build-up was seen in Bata India, Indiamart Intermesh and Persistent Systems, while there was a short build-up in Whirlpool of India, Vedanta and Container Corporation.

Over 200 stocks, including Welspun Corp, 63 Moons Technologies and Bedmutha Industries, hit a 52-week high on the BSE.

Technical View

The Nifty formed a bullish marubozu candle on the daily scale and closed around 300 points higher.

It has to continue to hold above 17,350 for an up move towards 17,600 and 17,777 zones, whereas on the downside, support has shifted higher to 17,250 and 17,100, said Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for December 9

Sachin Gupta, AVP, Research, Choice Broking

The Nifty has taken support at Lower Bollinger Band and settled above 100-day moving average, which suggests further up move.

The index formed a double bottom pattern on an hourly chart, which, too, indicates a bullish sentiment.

The momentum indicator RSI & Stochastic suggests a positive crossover on the daily chart. The index has support at 17,300, while resistance comes at 17,600.

The Bank Nifty has support at 36,800 and resistance at 38,000.

Ajit Mishra, VP-Research, Religare Broking

As the RBI policy is behind us, the focus will be back on global cues and upcoming macro data (IIP & CPI).

As a number of IPOs are lined up, primary markets will keep investors busy. Given the high volatility in the market, we remain cautiously optimistic.

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

The texture of the market is positive and is likely to continue in the near term but due to an overstretched rally, some profit-booking at higher levels cannot be ruled out.

For the Nifty, 17,400 -17,340 will act as a key intraday support, while 17,575-17,620 can act as a strong resistance zone for the day traders.

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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