FIRST TRADE: Indices open at record highs for the third session; Sensex up over 250 pts; Nifty above 20,900
Stock market today: Last seen, the S&P BSE Sensex was up 237.06 points, or 0.34 per cent, at 69,533.20 and the NSE Nifty was up 68.5 points, or 0.33 per cent, at 20,923.6.
Stock market today: Indian shares on Wednesday, December 6, extended their gains and clocked record highs for the third consecutive session while the global market rally eased ahead of key US data.
Last seen, the S&P BSE Sensex was up 237.06 points, or 0.34 per cent, at 69,533.20 and the NSE Nifty was up 68.5 points, or 0.33 per cent, at 20,923.6.
"Even though the undertone is bullish, the market is likely to consolidate in the near term since up moves will be countered with profit booking by DIIs and individual investors who are sitting on big profits. Dips will be bought by FIIs who have emerged as sustained buyers. The continuous decline in U.S. bond yields (the 10-year yield is now below 4.2 per cent) will ensure FII buying," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Vijayakumar added that during the medium term, in the run-up to the general elections, the market is likely to move up aided by three factors: one, expectations of political stability after the elections; two, favourable domestic macros like strong gross domestic product (GDP) growth, declining inflation, stable interest rates, and soft crude; and three, favourable global cues from declining US bond yields. The Nifty will continue to be resilient.
Meanwhile, in the broader market, Nifty Mid Cap 100 and Small Cap 100 opened in green.
High-beta Bank Nifty was up over half a per cent at 47,251.05.
Power Grid shares were up over half a per cent and hit a 52-week high after it was declared a successful bidder to establish an interstate transmission system project.
SBC Exports shares were up over 2 per cent on BSE after its board approved an increase in authorised share capital and issued bonus shares in the ratio of 1:2.
JK Paper shares were up nearly 3 per cent after Zee Business reported that the prices for writing and printing paper would increase.
Honasa Consumer shares were up over 2 per cent after Fireside Ventures Investment Fund I offloaded a 1.89 per cent stake.
Himadri Speciality Chemical shares were up over 4 per cent after the company announced the setting up of a plant for the manufacturing of lithium-ion batteries.
Conversely, Indraprastha Medical Corporation shares were down over 3 per cent after NOTTO ordered an inquiry into allegations of a cash-for-kidney scam against Indraprastha Apollo Hospital, official sources said Tuesday.
Force Motors shares were down over 4 per cent a day after it posted its November business update.
Greenpanel Industries shares traded over 1 per cent lower after the company informed that operations at the MDF Plant, situated in Andhra Pradesh, had been disrupted since Monday due to Cyclone Michaung.
Sapphire Foods shares were down over 1 per cent after the company's promoter Arinjaya (Mauritius) sold a 4.2 per cent stake in the company worth Rs 378 crore.
Asia-Pacific equities gained on Wednesday as bets firmed for a peak in interest rates among major central banks globally as bond yields continued to decline.
U.S. stock futures also pointed higher, with the tech-heavy Nasdaq indicated up 0.4 per cent following a 0.31 per cent advance overnight for the cash index. S&P 500 futures rose 0.26 per cent, after the cash index ended Tuesday flat.
(With agency inputs)