The Indian market continued to rise for the second day on December 2 despite mixed global cues. The Sensex closed 776.50 points, or 1.35 percent, higher at 58,461.29, and the Nifty was up 234.80 points, or 1.37 percent, at 17,401.70.
The market opened flat but immediately moved higher and continued to gain, finishing near the day’s high amid buying across sectors.
“Bulls held the upper hand today, as indices sprinted over a percentage led by the IT index during the afternoon trade. As the volatility index cooled off today, we witnessed stock-specific action across sectors in the broader markets buoyed by GDP and GST data together with cooling energy prices,” said S Ranganathan, Head of Research at LKP Securities.
Advance -declines showed a marked improvement, with most of the sectoral indices ending in the green, he added.
BSE midcap and smallcap indices added a percent each.
Adani Ports, HDFC, Power Grid Corp, Tata Steel and Sun Pharma were among the major Nifty gainers. The losers included ICICI Bank, Cipla and Axis Bank.
All sectoral indices ended in the green, with Nifty IT, metal, energy and auto indices up 1-2 percent.
Stocks and sectors
On the BSE, auto, FMCG, IT, oil & gas, power, realty and metal indices jumped up to 2 percent.
Among individual stocks, a volume spike of more than 200 percent was seen in GMR Infra, Aarti Industries and MCX India.
A long build-up was seen in Gujarat Gas, MCX and Persistent Systems, while there was a short build-up in Crompton Greaves Consumer Electrical, ICICI Bank and Biocon.
More than 150 stocks, including Power Grid Corporation, Aurionpro Solutions, Shipping Corporation of India and Torrent Power, hit a 52-week high on the BSE.
Technical View
The Nifty formed a bullish candle on the daily scale and made making higher lows for the third session running.
The Nifty has to continue to hold above 17,350 for an up move towards 17,500 and 17,777, whereas support can be seen at 17,150 and 17,000, said Chandan Taparia, vice president, analyst-derivatives, Motilal Oswal Financial Services.
Outlook for December 3
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty closed around its resistance zone between 17,400 and17,500. If it trades above this zone for a couple of days, the market will continue its upward journey.
If the Nifty slips, weakness will resume, either way, a good trading opportunity is in the offing.
Mohit Nigam, Head-PMS, Hem Securities
Indian benchmark indices witnessed strong gains amid weak global cues. Rising crude prices and firm dollar amid Omicron fears can limit the upside for the market in the short term.
On the technical front, 17,175 and 17,550 are immediate support and resistance for the Nifty. The Bank Nifty has immediate support at 35,900 and resistance at 37,250.
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