Tuesday, December 10, 2024
News

Stock markets closes flat, outlook remains positive

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai (Maharashtra) | December 4, 2024 4:41:59 PM IST
The stock market closed on a flat note on Wednesday driven by gains in defence stocks and robust growth in the services sector.

The Sensex rose 110.58 points to settle at 80,956.33, while the Nifty edged up by 2.35 points, closing at 24,461.25. Despite the slight uptick, market breadth remained negative, with 19 Nifty companies advancing and 31 declining.

HDFC Life, HDFC Bank, NTPC, Apollo Hospital, and Bajaj Finserv emerged as the top gainers in the Nifty index.

On the other hand, Bharti Airtel, Cipla, Bajaj Auto, Adani Ports, and Tata Motors led the list of losers, reflecting a mixed performance across sectors.

The session witnessed a significant boost in defence stocks after the Defence Acquisition Council (DAC) approved an acquisition proposals worth Rs21,772 crore. Mazagon Dock Shipbuilders and Garden Reach Shipbuilders surged nearly 5 per cent, while Bharat Electronics, Hindustan Aeronautics, and Bharat Dynamics posted gains of 2-3 per cent.

According to VLA Ambala, Co-Founder of Stock Market Today, "The DAC's approval significantly strengthens the portfolios of defence companies, attracting strong buying interest. This development highlights the growing prominence of the defence sector in the market."

India's dominant services sector further bolstered market optimism by recording strong growth in November. The sector's expansion was driven by robust domestic and international demand, record hiring, and improved business sentiment, despite the sharpest price hikes in a decade.

The improved business outlook has reinforced positive market sentiment, offering further support to the indices.

Ambala also highlighted technical trends, noting that the Nifty index tested the 24,500 level and formed "a Doji candlestick pattern" on the daily chart, signalling a favorable outlook for mid-term and long-term buyers. "Investors should consider accumulating quality mid-cap and small-cap stocks," Ambala suggested. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
FNP unveils enhanced payment experience ...
Nifty, Sensex flat as markets in consoli...
CAST AI Announces Strategic Expansion in...
MulticoreWare Expands Its Footprint in T...
STL Digital Drives Vedanta's Digital Tra...
Motorola Launches moto g35 5G - Segments...
More...
 
INDIA WORLD ASIA
'Won't stop raising Adani issue': Congre...
AAP leader Satyendar Jain files defamati...
Andhra Pradesh: Deputy Chief Minister Pa...
Government does not want House to functi...
Delhi: Court summons actor Dharmendra in...
Lok Sabha, Rajya Sabha face adjournments...
More...    
 
 Top Stories
EAM Jaishankar highlights meets Ame... 
Mohammad Rizwan assures Pakistan no... 
Karachi's water woes persist despit... 
"Important to have frank conversati... 
EmpowerHer Awards 2024 - Celebrate ... 
James Gunn to shoot "pickup shots" ... 
FNP unveils enhanced payment experi... 
MUDA scam: Karnataka HC to hear ple...