Sensex and Nifty Climb as Realty Stocks Surge
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Mumbai, Dec 2 (NationPress) The leading domestic equity indices, Sensex and Nifty, concluded the day on a positive note on Monday, buoyed by substantial buying in the real estate sector. The Nifty Realty index emerged as the top performer, increasing by over 3 percent.
The Sensex finished at 80,248.08, gaining 445.29 points, or 0.56 percent, while the Nifty 50 closed at 24,276.05, up by 144.95 points, or 0.60 percent.
Market analysts noted, "Despite a downturn in the Q2 growth rate, market sentiment remained optimistic as the core sector output for October indicated signs of recovery. The slowing growth in earnings has already been incorporated into market valuations, and mid-cap and small-cap stocks are showing signs of resurgence."
"Nevertheless, investors are exercising some caution ahead of the upcoming RBI policy meeting this week due to the potential risk of a GDP forecast reduction. The current inflation trends are not conducive to an immediate rate cut, and the RBI is expected to adjust its growth projections for FY25," they elaborated.
In broader market performance, the Nifty Midcap 100 rose by 1.08 percent, while the Nifty SmallCap 100 increased by 1.04 percent.
Sector-wise, indices such as Nifty Realty, Metal, Media, Auto, IT, Financial Services, Pharma, Energy, Private Banks, Infrastructure, and Commodities closed in positive territory, while the Nifty PSU Bank, PSE, and FMCG sectors ended lower.
Within the Sensex, top gainers included UltraTech Cement, JSW Steel, Adani Ports, Tech Mahindra, M&M, and Maruti. Conversely, NTPC, Hindustan Unilever, Kotak Mahindra Bank, IndusInd Bank, L&T, and PowerGrid were among the primary losers.
On the Bombay Stock Exchange (BSE), 2,509 shares advanced while 1,547 shares declined, and there was no change in 181 shares.
Rupak De, a Senior Technical Analyst at LKP Securities, mentioned that the Nifty rebounded after initially facing weakness, surpassing the 24,200 mark.
"The index formed a bullish candle following a bullish harami pattern on the daily chart. In the near term, 24,420 represents a significant resistance level. A decisive breakout above this point could lead to a rally towards 24,770. Conversely, support is located at 24,100 and 24,000," he added.
