Stock Market Highlights | Nifty 50, Sensex post record close led by ICICI Bank, ITC, UltraTech

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“The market crossed 70,000 levels today, while the broader market outperformed the main indices. However, profit booking was evident at higher levels as traders anticipated clues from tomorrow’s significant data releases on inflation from the US and India, as well as the IIP. While US inflation is predicted to remain stable, the market anticipates a rise in domestic inflation. The better-than-expected US job data and a moderate increase in US bond yields from the recent lows, however, also encouraged investors to book profits at higher levels. Investors will be closely watching the upcoming FOMC meeting tomorrow for clues about potential future rate cuts while expecting to keep rates the same this time,” says Vinod Nair, Head of Research at Geojit Financial Services.

Midcap Index Resumes Uptrend, Dixon Tech, Polycab Top Midcap Gainers

All Sectoral Indices Ex-Nifty Pharma End In The Green, Nifty PSU Bank Top Gainer

Sensex Rises 103 Points To 69,928 & Nifty 28 Points To 20,997

Nifty Bank Gains 52 Pts To 47,314, Midcap index Pts 329 To 44,729

Wockhardt Jumps More Than 14% On Successful Phase 3 Clinical Trial Of Nafithromycin

GMR Airports Extends Friday’s Gains, Hits 15-yr High, Up More Than 6%

Zee Ends More Than 2% Higher, SC Agrees To Hear Bankruptcy Plea Against Zee Founder

Sugar Stocks Rise Ahead Of Ind Meet With Petro & Gas Min On Ethanol Pdn Issue

Dr Reddy’s Ends As Top Nifty Loser On Bachupally Unit US FDA Observations

Polycab Becomes Most Valued Cables & Wires Co, Market Cap Above That Of Havells’

Market Breadth Favours Advances, NSE Advance-Decline Ratio Stands At 2:1

“My sense is that the PSU banks over the long run will outperform the private banks because we have come out of a decadal bear market. I think SBI was disappointing and the second rung and third rung were outperforming PSU banks. Now, SBI also looks better poised,” says Biju Samuel, Senior VP-Quant & Alternate Strategy, Elara Capital.

Tata Power shares surged nearly 3% on Monday after the Tata Group firm announced that it will be collaborating with the Indian Oil Corporation (IOC) for the deployment of more than 500 Fast and Ultra-Fast electric vehicle (EV) charging points across the country.

Tata Power Group company Tata Power EV Charging Solutions Ltd (TPEVCSL) has signed a Memorandum of Understanding (MoU) with petroleum major IOC for rolling out fast and ultra-fast EV charging points across India, the company said in a filing to the stock exchanges.

Read more here

The stock markets ignored the Monday blues as bulls managed to propel Sensex and Nifty to fresh record high levels. The NSE Nifty 50 index gained 0.24% to 21,019.80 points, while the S&P BSE Sensex rose 0.32% to 70,048.90, as of 10:06 am. The Sensex achieved a milestone, surpassing the 70,000 mark for the first time, led by banking, financial and IT stocks.

Both the equity benchmark indices later pared their gains, dragged by pharma stocks, and held steady after hitting all-time highs.

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Shares of Polycab India are up another 4% on Monday and are trading at a record high. The move seen by the stock in 2023 has made the stock the most valuable wires and cables company in India, dethroning Havells India.

With today’s surge, Polycab’s market capitalisation is nearing the mark of ₹85,000 crore, surpassing Havells, which is at ₹84,200 crore.

Read more here

Triveni Engineering shares are in the green after four days, up 3.56%. The stock has gained 22.77% this year, so far.

Here are a couple of stock recommendations by Ashish Kyal of Waves Strategy Advisors:

– Buy Polycab India at a target of Rs 6,050 with a stop loss of Rs 5,440
– Buy Coforge at a targer of Rs 6,300 with a stop loss of Rs 5,670

#CNBCTV18Market | Can Fin Homes sees a sharp fall, more than 4% off highs pic.twitter.com/00yFakCqBN

— CNBC-TV18 (@CNBCTV18Live) December 11, 2023

#CNBCTV18Market | #Polycab becomes most valuable wire & cables company in india, market cap above #Havells’ pic.twitter.com/AZDTs6kp5I

— CNBC-TV18 (@CNBCTV18Live) December 11, 2023

Wockhardt shares hit a 52-week high of ₹398.95 per piece on BSE on Monday after the pharma major announced the successful completion of the phase 3 study for an antibiotic to treat pneumonia.

The stock surged as much as 18.87% to hit a year’s high after Wockhardt disclosed about completing the Phase 3 study of its macrolide antibiotic Nafithromycin WCK 4873. Nafithromycin is used in the treatment of pneumonia.

Read more here