Nifty and Sensex Achieve Their Best Winning Streak in Months

The Indian stock markets, represented by the NSE Nifty 50 and BSE Sensex, celebrated a positive trend on December 4, 2024, concluding their trading day with gains for the fourth consecutive session. This marked the best winning streak for both indices in several months.

Market Performance Overview

The NSE Nifty 50 finished the day at 24,467.45, which is an increase of 10.30 points or 0.04%. Meanwhile, the BSE Sensex rose by 110.58 points, ending at 80,956.33, a 0.14% gain. Over the past four sessions, the Nifty and Sensex indices have gained approximately 1.39% and 1.45%, respectively.

During the trading session, the Nifty 50 reached a peak of 24,573.20, up by 0.47%, while the Sensex hit 81,245.39, marking a 0.49% increase. Notably, the Sensex managed to reclaim the 81,000-point level for the first time in 29 sessions, with the last time recorded on October 21.

Market Dynamics and Key Drivers

The current streak indicates that the Nifty 50 is experiencing its best winning streak since September 26, and the Sensex has its best performance since September 2. Aditya Gaggar, the director of Progressive Share Brokers, commented that today's trading exhibited significant volatility. Although the Nifty opened steadily and climbed higher, the sentiment was later tempered by declines in select heavyweight stocks.

The day's trading pattern produced a spinning-top candlestick, suggesting indecisiveness in the market balance between buyers and sellers. Gaggar noted a positive undertone in the market, indicating that if any corrections occur, they are likely to attract buying interest.

As for the Nifty Bank index, it appears to remain robust, especially with the upcoming Reserve Bank of India (RBI) monetary policy committee meeting and interest rate decision expected later this week, according to IFA Global Research Academy.

Leading Stocks and Sector Performance

Several stocks contributed to the gains in the Nifty 50, including HDFC Bank Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., NTPC Ltd., and Larsen & Toubro Ltd. On the flip side, companies such as Bharti Airtel Ltd., Reliance Industries Ltd., ITC Ltd., Tata Motors Ltd., and Power Grid Corp. helped limit losses in the index.

On the sector front, out of the twelve sectors on the NSE, six advanced while six declined. The Nifty PSU Bank and Realty sectors saw the most significant gains.

The broader market indices also performed well, with the BSE MidCap index rising by 0.8% and the SmallCap index up by 0.7%. Out of the 21 sectoral indices listed on the BSE, eleven recorded gains, led again by the Realty sector.

The overall market breadth was favorable for buyers, with 2,399 stocks advancing, 1,572 declining, and 99 remaining unchanged on the BSE.

Nifty, Sensex, Market