05:39:33 PM IST, 04 December 2023
Nifty Bank hits fresh record highs on BJP’s performance in state elections; 47,000 eyed
The index made a strong bullish candle on daily charts as it rose 1,617 points or 3.6% to close at 46,431. It hit an intraday record high of 46,484. The Nifty50 index rose more than 400 points to close at 20,686.
04:51:24 PM IST, 04 December 2023
Gold takes a breather after record run on rate cut bets
Spot gold slipped about 0.1% at $2,068.39 per ounce by 1036 GMT. U.S. gold futures also fell 0.1% to $2,087.20.
“If signs of low interest rates become more evident, gold should continue to soar next year. Yet, the price of the precious metal will not move in a one-way street upwards,” with technical indicators suggesting the market has overheated, said Alexander Zumpfe, a precious metals trader at Heraeus.
04:18:16 PM IST, 04 December 2023
Rupee ends down on importers’ dollar buys, recovery in greenback
The rupee closed at 83.3650 against the U.S. dollar, weaker by 0.09% compared to its close at 83.2875 in the previous session.
While the rupee opened higher at 83.26, the gain faded as local corporates rushed to pick up dollars, a foreign exchange trader at a foreign bank said.
The benchmark index hits at its all-time high following the landslide victory of BJP in elections in three states. It spurred a rally with an anticipation that the country will witness a stable government post the General election. All the sectors have broadly participated in the rally with an optimism that the FIIs will continue its value buying, indicating positive commentary on the Global inflation data and stable domestic Marco economics
– Vinod Nair, Head of Research at Geojit Financial Services
The Bank Nifty bulls made a strong comeback, surpassing the all-time high levels and dispelling the bearish sentiment. The momentum is anticipated to persist, with robust support identified at the 46000-45800 zone, serving as a cushion for the bulls. The ongoing momentum rally has the potential to propel the index higher towards the levels of 47000/48000.
– Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
The Nifty kicked off with a gap up, propelled by BJP’s exceptional performance in the state election. Technically, the Nifty had already surged past the critical resistance level of 19850. Since then, there has been a significant shift in Put positions towards higher strike prices, foreseeing a robust upward rally in the near future. The overall sentiment appears highly bullish, until Nifty fall below 20400. On the higher end, the index might move towards 21000.
– Rupak De, Senior Technical analyst at LKP Securities
03:38:26 PM IST, 04 December 2023
Rupee falls 3 paise to close at 83.36 (provisional) against US dollar.
03:37:45 PM IST, 04 December 2023
Top gainers & losers in closing trade
03:35:42 PM IST, 04 December 2023
Closing Bell: Sensex ends at fresh record high, surges 1,384 pts; Nifty above 20,650; Inox Wind climbs 17%, Cyient 10%
02:58:46 PM IST, 04 December 2023
Bitcoin tops $40,000 for first time since May 2022 as momentum builds
The world’s biggest cryptocurrency hit as high as $41,748 on Monday, its highest since April 2022, seemingly casting off the funk that had settled over crypto markets following the collapse of FTX and other crypto-business failures last year.
02:56:59 PM IST, 04 December 2023
Stock Market LIVE Updates: Euro zone yields near multi-month lows as markets bet on March ECB rate cut
Greece’s 10-year yield fell to its lowest since June after Fitch upgraded the country’s sovereign rating to investment grade, following a similar move by S&P Global in October.
Bloomberg quoted European Central Bank rate setter Francois…
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