Summary of this article
Sensex and Nifty snapped a four-day losing streak on December 4, closing up 0.19% and 0.18% respectively, led by IT stocks like Tech Mahindra and TCS.
Broader markets were mixed, with MidCap and SmallCap indices slightly lower despite a surge in the Nifty IT index (1.41%).
Investor focus is now on the potential US Fed rate cut and the crucial outcome of the Reserve Bank of India's Monetary Policy Committee meeting on December 5.
Stock Market News: The Sensex and Nifty snapped a four-session losing spree on December 4. The Sensex finished the session at 85,265.32 levels, up by 158.51 points or 0.19 per cent. The Nifty 50 finished around 26,033.75 up by 47.75 points or 0.18 per cent.
Tech Mahindra and TCS Among Top Gainers
Shares of Tech Mahindra, HDFC Life Insurance Company and Tata Consultancy Services emerged as the top-gainers among Nifty 50 stocks. Shares of Tech Mahindra, HDFC Life Insurance Company and Tata Consultancy Services finished the session higher by 1.51 per cent, 1.49 per cent and 1.48 per cent respectively on the NSE. Conversely shares of Interglobe Aviation, Reliance Industries Ltd and Hindalco Industries emerged as top-drags finishing lower by as much as 2.39 per cent on the NSE.
Nifty IT and Nifty Defence Surge
On December 4, the Nifty IT and the Nifty Defence indices finished higher by 1.41 per cent and 0.58 per cent respectively. Broader markets witnessed declines as the Nifty SmallCap 100 and the Nifty MidCap 100 finished lower by 0.24 per cent and 0.03 per cent, respectively.
Asian Markets Finish Mixed
Major Asian stock market indices finished the session mixed on December 4. South Korea’s index KOSPI and China’s Shanghai Composite closed lower by 0.19 per cent and 0.06 per cent respectively. On the other hand Japan’s Nikkei 225 and the Hang Seng finished higher by 1.98 per cent and 0.51 per cent respectively.
Primary Market Action
Meesho IPO, Vidya Wires IPO and Aequs IPO continued to attract bids for shares on the second day of subscription. The three mainboard issues are scheduled to close for bidding tomorrow.
Market Outlook
The rising odds of a US Federal Reserve rate cut are expected to boost investor sentiment in upcoming sessions. Closer home, the market is also expected to factor in the outcome of the Reserve Bank of India’s Monetary Policy Committee Meeting which will be announced on December 5. On the other hand, several headwinds are also expected to impact investor sentiment such as the rupee hitting a new record low against the US dollar on December 4 and persistent selling of Foreign Institutional Investors (FIIs) of Indian equities. Additionally, volatility is expected to remain at elevated levels ahead of these key announcements.
