Summary of the Day's Market Performance

Market Overview

• Sensex: Soared 1,961.32 points (+2.54%) to close at 79,117.11.

• Nifty: Jumped 557.40 points (+2.39%) to 23,907.30.

• BSE Midcap: Gained 1.3%, while BSE Smallcap rose 1%.

• Sectoral Highlights:

  • All sectors ended in green!

  • Top Performers: PSU Bank, IT, FMCG, Energy, Realty (up 2-3%).

💸 Market Transactions:

• Foreign Institutional Investors (FII): ₹-1,278.37 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹1,722.15 crore (Net Buyers)

FIIs eased their selling spree, while DIIs’ inflows supported the market rally.

• Market Rebound: A broad-based rally, driven by attractive large-cap valuations and improved corporate earnings expectations for H2FY24.

• Global Relief: Positive cues from Japan's inflation moderation and a 39 trillion yen stimulus package boosted sentiment.

• Domestic Stability: Easing political uncertainties added to market optimism.

Market This Week:

• Snapped a 2-week losing streak, recovering nearly half of last week’s losses.

• Sectoral performance: All indices except Media and Energy gave positive returns.

• Frontline indices (Sensex, Nifty, Midcap, Nifty Bank) rallied ~2%.

• With today’s rally, Nifty achieved its biggest single-day gain in over six months, showcasing the strength of India’s markets amid global and domestic challenges.

Key Stock Movements and News

• Top Nifty Gainers: State Bank of India, TCS, ITC, UltraTech Cement, Titan.

• Only Nifty Loser: Bajaj Auto.

• Godrej Properties surged +6%; Bank of America projects a +25% upside from current levels.

• Wipro announced Dec 3 as the record date for its 1:1 bonus issue.

• Shipping Corporation of India (SCI) gained +6% on the buzz about new shipping sector bills.

• MGL (+3%) increased CNG prices in Mumbai to ₹77/kg.

• Enviro Infra Engineers IPO opened for subscription, targeting ₹650 crore.

• Adani Group stocks rebounded as Ambuja Cement (+4%) and ACC (+3%) gained; however, Adani Green (-8%) and Adani Energy Solution (-7%) continued to slide.

• BSE to introduce F&O contracts on 43 shares, including Paytm, Zomato, and three Adani companies, starting Dec 13.

• Reliance Industries: Brokerages remain bullish, citing improved refining margins and a 36% upside.

• SBI rallied +2% as Jefferies reiterated a "buy" rating, forecasting a 29% upside driven by stable asset quality.

• SBI: Strong fundamentals, stable asset quality, and bullish brokerage outlook.

• Godrej Properties: Positive market sentiment with a potential 25% upside.

• Wipro: Bonus issue announcement to attract investor attention.

• Reliance Industries: Improving refining margins makes it a long-term bet.

Indian markets rebounded sharply, led by large-cap stocks. Positive global cues and easing domestic uncertainties supported the sentiment. While FIIs remain cautious, DIIs’ buying provided stability. As the market shows renewed optimism, investors should focus on stocks with robust fundamentals and near-term catalysts.

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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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