Stock Market Highlights: Nifty 50 forms long bullish candle on weekly charts. What traders should do next week – blogwspace.com

Stock Market Highlights: Nifty 50 forms long bullish candle on weekly charts. What traders should do next week

08:17:40 PM IST, 08 December 2023

US stocks open lower as upbeat jobs report dampens rate-cut hopes

Wall Street opened lower on Friday as stronger-than-expected U.S. job growth and a drop in the unemployment rate signaled resilience in the labor market, dampening hopes that the Federal Reserve would cut interest rates by early next year.

The Dow Jones Industrial Average fell 32.56 points, or 0.09%, at the open to 36,084.82.

The S&P 500 opened lower by 9.39 points, or 0.20%, at 4,576.20, while the Nasdaq Composite dropped 60.54 points, or 0.42%, to 14,279.46 at the opening bell.

08:07:59 PM IST, 08 December 2023

US November payrolls growth hurts case for early ’24 Fed cuts

U.S. job growth accelerated in November and the unemployment rate dropped to 3.7% even as more people entered the labor force, pointing to underlying strength in the labor market.
Nonfarm payrolls increased by 199,000 jobs last month, the Labor Department’s Bureau of Labor Statistics (BLS) said on Friday. Economists polled by Reuters had forecast 180,000 jobs created. About 25,300 members of the United Auto Workers (UAW) union ended their work stoppages against Detroit’s “Big Three” car makers on Oct. 31, the BLS strike report showed, while 16,000 members of the SAG-AFTRA actors union returned to work.

07:20:25 PM IST, 08 December 2023

SoftBank offloads 1.1% stake in Zomato for Rs 1,125 cr; Goldman Sachs, Fidelity among buyers

SoftBank sold 1.08% stake in food delivery company Zomato through block deals on Friday. Through the sale, the Japanese investor bagged Rs 1,125 crore. According to exchange data, SoftBank has offloaded 9.35 crore shares in the company at Rs 120.5 apiece. Through the deal, prominent investors, including Citigroup, Fidelity Investment, Goldman Sachs, Invesco MF, ICICI Pru Life, Morgan Stanley and others picked up shares in the company.

06:48:07 PM IST, 08 December 2023

Bank of England to hold its line against rate cut talk

The Bank of England looks set to stick to its tough line against talk of interest rate cuts in Britain, even as other leading central banks signal that they might be approaching a turning point in their fight against inflation. The BoE is forecast to keep borrowing costs at a 15-year high on Dec. 14, according to economists in a Reuters poll.

06:29:14 PM IST, 08 December 2023

Yen hangs on to BOJ-inspired gains; US jobs up next

The yen headed for a fourth weekly gain against the dollar on Friday, after its biggest rally in almost a year the day before, driven by a burst of optimism among traders that Japan’s ultra-low rates policy may soon end. Activity overall across the market was muted ahead of the US nonfarm payrolls report later on Friday.

06:25:25 PM IST, 08 December 2023

India’s forex reserves rise for third week, hit over four-month high

India’s foreign exchange reserves rose for a third straight week and stood at a more than four-month high of $604.04 billion as of Dec. 1, data from the Reserve Bank of India (RBI) showed on Friday. The reserves rose by $6.1 billion in the reporting week, the highest gain since the week ended July 14. Reserves had risen by a total of $7.6 billion in the prior two weeks.

05:49:39 PM IST, 08 December 2023

Nifty Bank hits fresh record high; resistance seen at 48,000 for next week

The Nifty Bank hit a fresh record on Friday in line with the trend seen in benchmark indices after the Reserve Bank of India (RBI) decided to keep policy rates on hold. Nifty Bank rose over 400 points to close at 47,262. The Nifty50 also scaled 21,000 in intraday trade for the first time in history.

04:54:47 PM IST, 08 December 2023

India rupee ends marginally lower, notches slight weekly decline

The Indian rupee closed slightly lower on Friday, tracking subdued moves in its Asian peers, as investors turned their attention to a crucial U.S. labour market report due later in the day. The rupee ended at 83.3850 against the U.S. dollar, against its previous close of 83.3525. The local unit logged a weekly loss of 0.1%.

04:33:42 PM IST, 08 December 2023

Bank Nifty witnessed a significant rally during the week, but has been consolidating around 47,000 post-rally. A breakout from the current consolidation level could push the index towards 48,000 in the short term. Support is placed at 46,500, where put writers have built significant positions. A decisive move above 47,200 might trigger a significant rally

– Rupak De, Senior Technical analyst at LKP Securities

04:33:24 PM IST, 08 December 2023

Rupee opened positively near 83.34 with a minor gain of 0.04rs but later drifted lower towards 83.39 post the RBI policy announcement. During the bi-monthly MPC meeting, RBI Governor Shaktikanta Das stated that India’s foreign exchange reserves reached $604 billion for the week ending December 1. This indicates that India’s reserves are balanced, and the rupee’s fall has been relatively moderate compared to other currencies. The rupee has been stable within the range of 83.20-83.40 for an extended period.

– Jateen Trivedi, VP Research Analyst at LKP Securities

03:38:41 PM IST, 08 December 2023

Top gainers & losers in closing trade

03:36:57 PM IST, 08 December 2023

Closing Bell: Sensex resumes record run after 1-day hiatus, rises 304 pts; Nifty above 20,950; IIFL Sec jumps 4%, NDTV cracks 6%

03:02:55 PM IST, 08 December 2023

Rising bonds will drag on stocks early 2024: BofA’s Hartnett

Stock markets will suffer in the first quarter of 2024 as a rally in bonds would signal sputtering economic growth, according to Bank of America Corp.’s Michael Hartnett. The strategist — who has remained bearish even as the S&P 500 rallied about 19% this year — said lower yields were one of the main catalysts of equity gains in the current quarter. However, a further drop toward 3% would mean a “hard landing” for the economy.

02:43:57 PM IST, 08 December 2023

The successive messaging by the MPC over its last 3-4 policies reaffirms our view that the rate hike cycle is over, and RBI will rather use its liquidity management tools to keep inflation under check. At the same time, given the continued concerns and focus around inflation, we are unlikely to see any reversal in policy rates anytime soon, at least till mid-2024. The evolving global growth and rate situation will also be a key determinant of RBI’s policy actions, going forward

– Unmesh Kulkarni, Managing Director Senior Advisor, Julius Baer India

02:21:47 PM IST, 08 December 2023

Sensex Today | Stock Market Live Updates: Ganga Papers India CFO Gautam Chaudhary resigns

01:56:57 PM IST, 08 December 2023

European stock markets climb at open

Europe’s main stock markets edged higher at the start of trading on Friday with all eyes on the release later in the session of key US jobs data.

London’s benchmark FTSE 100 index gained 0.1 percent to 7,523.04 points.

In the eurozone, Frankfurt’s DAX index advanced 0.1 percent to 16,643.50 points and Paris CAC 40 won 0.1 percent to 7,437.97.

01:41:52 PM IST, 08 December 2023

Crypto Price Today: Bitcoin falls below $43,400; Ethereum, Solana jump up to 14%

The cryptocurrency markets were trading higher for the second consecutive day on Friday, led by altcoins such as Ethereum, Solana and Cardano. The global cryptocurrency market cap also increased by 0.8% in the last 24 hours to approximately $1.61 trillion.

At 12.15 a.m., BTC was trading 1.3% lower at $43,375, while the second most popular token, Ethereum, was up 4.8% at $2,373.

Other popular altcoins, such as Solana and Cardano advanced 14% and 6%, respectively. Also, BNB, Avalanche, Tron, Chainlink, Polkadot, Siba Inu, and Litecoin surged. On the other hand, XRP, Dogecoin, and Toncoin declined.

01:06:13 PM IST, 08 December 2023

Sensex Today | Stock Market Live Updates: Adani group stocks tank up to 7%

12:55:57 PM IST, 08 December 2023

Sensex Today | Stock Market Live Updates: These 5 power stocks tank up to 7%

12:13:36 PM IST, 08 December 2023

IPOs are being oversubscribed due to pro rata methodology: Sebi Chairperson

12:09:34 PM IST, 08 December 2023

Sensex Today | Stock Market Live Updates: Adani Green Energy Ltd., part of billionaire Gautam Adani’s empire, will redeem the notes in full by its Sept. 8 due date, it said in a filing to Singapore’s stock exchange. The bond’s underwriters will provide a funding letter for $675 million and the company will use equity transaction proceeds to build up the repayment sum, it added.

12:08:33 PM IST, 08 December 2023

Sensex Today | Stock Market Live Updates: Auto stocks in the red; Escorts top loser

11:43:44 AM IST, 08 December 2023

Sensex Today | Stock Market View: Rupak De, Senior Technical analyst at LKP Securities

The Nifty reached a new all-time high as the RBI Governor announced the monetary policy, surpassing the 21,000 mark. The RBI Governor maintained the key lending rates at 6.50%, a decision that had already been expected and factored in by the market participants. The upward revision of the real GDP growth projection for 2023-24 is anticipated to have a positive impact on the market. In the short term, the Nifty might see volatility; only a clear breakout above 21,000 could drive the index towards the range of 21,550-21,700. A critical support level is situated at 20,800

11:36:45 AM IST, 08 December 2023

From being a part of fragile 5 some time back to having GDP growth revised upwards to 7% when global growth has become fragile is the summary of the good work done by the RBI and the government in the most challenging times.The RBI policy is continuity of the good work done in the past. Inflation within target range, yet the vigil is on. Growth revised upwards. Financial system healthy and pushed to stay ahead of the curve on digitisation. Truly reminding of Glen Maxwell Inning against Afghanistan in the world cup.

– Nilesh Shah, MD – Kotak Mahindra AMC

11:30:02 AM IST, 08 December 2023

We believe that the central bank has done its job well in controlling the inflation and bring it below 5%, though more work needs to done to have inflation in the guided range of 2-4%. We believe that food inflation is still a concern to further lower the inflation trajectory and the RBI will remain watchful on the same. However, it was surprising that though the RBI increased the risk weights to keep control over unsecured loans but kept at bay any measures to lift the affordable housing market which is impacted due to high cost of funds. Going forward, we believe that the central bank would keep the key rate unchanged until the end of 1QFY25 as the earlier rate actions are still working through the economy.

– Shreyansh Shah, Research Analyst, StoxBox

11:17:44 AM IST, 08 December 2023

It is our collective responsibility to build trust in the markets. The most important task for us is to create a strong risk management system: Sebi chairperson Madhabi Puri Buch at CII event

Buch says,

  • Regulators sitting in an ivory tower and trying to make regulations which finally have to be implemented in the market place is pointless.
  • The level of derisking that has happened in India is truly globally acknowledged. If two of the largest clearing corporations default, what will happen in India? Nothing
  • At Sebi, we are moving rapidly to do everything through technology
  • Technology, Sebi believes, is key to good governance
  • Indian corporate bond market will get a boost with the inclusion of certain G-secs in the global indices
11:12:54 AM IST, 08 December 2023

Monetary policy was on expected lines. Monetary policy committee (MPC) kept its stance same as withdrawal from accommodation to ensure taming inflation under target. However, at the same time, RBI highlighted the risk of over tightening in the backdrop of global slowdown. This is despite the increase in GDP forecast to 7% for FY2024 as compared to 6.5% earlier. Hence, it is more of a balanced view or neutral stance as compared to inflation focussed commentary earlier. We remain positive on equity markets in the near-to-medium term with real estate, banks, consumer and engineering/capital goods as preferred sectors.

– Gaurav Dua, Head – Capital Market Strategy, Sharekhan by BNP Paribas

11:11:11 AM IST, 08 December 2023

Aamar Deo Singh, Head Advisory, Angel One on RBI MPC decision

RBI keeps its stance unchanged; expects growth in the Indian economy

In the fifth monetary policy of the financial year 2023-24, the RBI has decided to keep the repo rates unchanged at 6.5 percent while maintaining a stance of ‘withdrawal of accommodation’.

With regard to the Indian economy, the RBI holds the view that the Indian economy has presented a picture of resilience and momentum. India’s Real GDP growth for FY24 is projected at 7 percent from 6.5 percent while Real GDP for Q1FY25 is projected at 6.7%, for Q2FY25 at 6.5%, and for Q3FY25 at 6.4%.

On the other hand, the inflation projection for FY2024 stands at 5.4 percent.

With regards to global arena, RBI holds the view that the global economy remains fragile due to elevated debt levels, lingering geopolitical tensions and extreme weather conditions.

10:53:35 AM IST, 08 December 2023

Stock Market Live Updates: India Shelter Finance to launch Rs 1,200-cr IPO on Dec 13

Affordable housing finance company India Shelter Finance on Friday fixed a price band of Rs 469-493 a share for its Rs 1,200-crore initial public offering (IPO). The maiden public issue will open for subscription from December 13-15, and the anchor book will be open for one day of bidding on December 12, according to a public announcement.

10:52:53 AM IST, 08 December 2023

Sensex Today | Stock Market Live Updates: IB Realty, Prestige Estates among top gainers from the realty pack

10:42:52 AM IST, 08 December 2023

India moving towards T+0 for market settlement before end-FY24: Sebi

India is moving towards T+0 for market settlement before the end of the 2024 fiscal year and subsequently to instantaneous settlement in a year’s time, the country’s markets regulator chairperson told an industry event in New Delhi. Reuters had earlier reported in September that India’s markets regulator would implement settlement within one hour of the trade, with instant settlement coming some months later.

10:38:43 AM IST, 08 December 2023

RBI MPC DECISION | We do not wait for the house to catch fire and then act, says RBI Guv Das, while announcing December bi-monthly monetary policy

10:38:24 AM IST, 08 December 2023

RBI MPC DECISION | RBI to lay down guidelines for web aggregators of loan products to bring more transparency in digital lending: RBI Guv

10:38:52 AM IST, 08 December 2023

RBI MPC DECISION | India’s forex reserves stood at USD 604 billion as of December 1, 2023: RBI Guv Das

Rupee exhibits low volatility compared to emerging market economies in 2023: RBI Guv Das

10:37:50 AM IST, 08 December 2023

Stock Market Live Updates | Top Nifty gainers at this hour

10:45:19 AM IST, 08 December 2023

RBI MPC DECISION | Guv Das says,

  • RBI will remain nimble in liquidity management
  • Did not conduct OMO sales as liquidity tight

10:22:59 AM IST, 08 December 2023

RBI MPC DECISION

10:22:45 AM IST, 08 December 2023

RBI MPC DECISION | Healthy twin balance of banks and corporate should propel private sector capex

10:20:01 AM IST, 08 December 2023

RBI MPC DECISION

  • Indian economy seeing robust demand
  • GDP growth surprising everybody on the upside

10:19:17 AM IST, 08 December 2023

RBI MPC DECISION | Oct-Dec CPI inflation seen at 5.6%

  • The trajectory of food inflation has to be closely monitored
  • Have to stay the course to achieve 4% CPI Inflation

10:17:59 AM IST, 08 December 2023

RBI MPC DECISION

– Saw moderation in all components of CPI
– Nov, Dec CPI prints must be watched

10:18:22 AM IST, 08 December 2023

RBI MPC DECISION | FY24 CPI inflation at 5.4%

10:16:43 AM IST, 08 December 2023

RBI MPC DECISION | Economic activity exhibits buoyancy in second quarter: RBI Governor Shaktikanta Das.

10:16:06 AM IST, 08 December 2023

RBI MPC DECISION | Monetary policy to remain disinflationary: RBI Governor Shaktikanta Das.

10:14:14 AM IST, 08 December 2023

RBI MPC Decision Impact | Bank stocks gain up to 4%

10:13:54 AM IST, 08 December 2023

RBI MPC DECISION | As 2023 comes to an end, global economy showing signs of a slowdown: RBI Governor Shaktikanta Das.

10:13:36 AM IST, 08 December 2023

RBI MPC DECISION | Real GDP growth projected at 7% for current financial year

10:10:46 AM IST, 08 December 2023

RBI MPC DECISION | Repo rate left unchanged at 6.5%, stance of “withdrawal of accommodation” retained

The Reserve Bank of India on Friday left the repo rate unchanged at 6.50% following the conclusion of its three-day monetary policy meeting. This is the fifth consecutive time the RBI has left policy rates untouched.

The Monetary Policy Committee of the central bank also retained its stance of remaining focussed on “withdrawal of accommodation.”

10:10:14 AM IST, 08 December 2023

RBI MPC DECISION | Indian economy presents a picture of resilience, momentum; fundamentals remain strong: RBI Governor Shaktikanta Das.

10:09:06 AM IST, 08 December 2023

NIFTY HITS FRESH RECORD HIGH, TOPS 21,000

10:06:58 AM IST, 08 December 2023

Stock Market Live Updates: Nifty scales Mt 21,000 for first time as RBI MPC holds key rate

10:03:35 AM IST, 08 December 2023

RBI MPC DECISION | The long-awaited normalcy still eludes global economy, says Shaktikant Das

10:01:51 AM IST, 08 December 2023

RBI MPC begins!

09:42:04 AM IST, 08 December 2023

Sensex Today | Stock Market Live Updates | Olectra Greentech shares also opened over 3% higher after the electric bus maker secured an order worth 628 million rupees for the supply of 40 electric buses.

09:40:05 AM IST, 08 December 2023

The market is likely to remain in a range in the near-term. A consolidation around the present levels is likely before the next phase of the rally begins. The undercurrents in the economy indicate a robust economy capable of sustaining the current trend of earnings growth into FY 25. Leading indicators like power demand, housing demand, credit growth and revival of rural demand suggest a resilient economy which can keep the market buoyant, restrained only by valuations. Fairly valued segments like banking may be accumulated on dips. Falling crude is positive for paints, tyres and aviation where demand continues to be robust.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:37:15 AM IST, 08 December 2023

Sensex Today | Stock Market Live Updates | Zomato shares gain 2% amid block deal on counter; SoftBank likely seller

09:21:36 AM IST, 08 December 2023

Sensex Today | Stock Market Live Updates | BLOCK DEAL: GMR Airports’ 75.8 cr (12% equity) change hands

09:20:33 AM IST, 08 December 2023

Sensex Today | Stock Market Live Updates: ZEE, Tata Power among most active stocks in morning trade

09:19:13 AM IST, 08 December 2023

Opening Bell: Sensex rises over 100 points, Nifty above 20,950; MMTC soars 7%, Renuka Sugars falls 6%

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