Last Trade: Sensex up by 111 pts, Nifty stays above 24.45; PSU banks collect 8%, automatic deduction
Domestic stock markets extended their gains to a fourth straight session on December 4, marking the longest rally in two months. Gains in financial and insurance stocks boosted benchmarks ahead of the Reserve Bank of India’s (RBI) policy review.
Key index performance
The Sensex rallied 11 points to close at 80,956, while the Nifty remained 10 points higher at 24,467. Broader markets outperformed the benchmarks, with the Midcap index up 603 points to 58,112 and the Nifty Bank up 571 points to 53,267.
Sector movers
HDFC Bank was the biggest contributor to the Nifty’s gains, supported by strong performance from insurance stocks. HDFC Life Insurance led the pack, rising 2.56 percent, followed by Max Financial, which gained nearly 3 percent.
Best stock photos
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Bajaj Auto: Shares fell 3 percent after UBS downgraded the stock on the announcement of a price cut for its Freedom 125 model.
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Oberoi Realty: Hit record, gains momentum after Nomura initiates coverage with “buy” rating.
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Suzlon Energy: Up 3 percent, expanding its partnership with Jindal Renewables for a new project.
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Garden Reach Shipbuilders: Jumped 3 percent after the Defense Acquisition Council approved procurement worth Rs 21,772 crore.
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Wonderla Holidays: Up 10 percent on strong demand for its Qualified Center Placement (QIP).
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Reliance Power: Hit the top five percent circuit as SECI withdraws withdrawal notice.
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PNB Housing Finance: Scored three percent on positive management reviews.
Broad market trends
Advancing stocks outpaced decliners by a three-to-two ratio, underscoring positive sentiment in the broader market. The mid- and small-cap segments continued to attract interest, with retail and high-net-worth investors focusing on quality stocks.
As the market awaits the RBI’s upcoming policy decision, investors remain hopeful of a reduction in liquidity conditions, driven by possible monetary easing measures.
