Top news today before market opens

Benchmark indices ended at a fresh record closing high on December 4. BSE Sensex surged 1,384 points or 2.05 percent to 68,865. Nifty50 climbed 419 points or 2.07 percent to 20,687. It was the biggest single-day gain since October 4, 2022. The index has formed a bullish candlestick pattern with a long lower shadow on the daily scale, indicating buying at lower levels.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,707 followed by 20,753 and 20,827, while on the lower side, it can take support at 20,558 followed by 20,512 and 20,438 levels.

Key support and resistance levels on Nifty Bank

The index is expected, based on the pivot point calculator, to encounter resistance levels at 46,515, 46,751, and 47,134, with potential support at 45,751, 45,515, and 45,133 on the lower side.

Stocks on the radar

• HCL Technologies: HCL Investments UK, the step-down wholly-owned subsidiary of HCL Technologies, has entered into a Memorandum of Understanding with its joint venture (JV) partner, State Street International Holdings, for selling the entire 49 percent equity stake in the JV to State Street for $170 million + net book value.
  
  
• Mahindra & Mahindra Financial Services: The non-banking finance company estimated the overall disbursement at approximately Rs 5,300 crore in November, delivering a 16 percent growth over the previous year. The disbursements for April-November 2023 at about Rs 36,000 crore registered a growth of 16 percent YoY.
  
  
• JSW Infrastructure: The company said its subsidiary JSW Dharamtar has entered into a share purchase agreement to purchase 50 percent plus 1 shares of PNP Maritime Services held by SP Port Maintenance, a Shapoorji Pallonji group company, for Rs 270 crore.
  
  
• Bank of India: The public sector lender is likely to launch a qualified institutional placement (QIP) issue in the range of Rs 3,500-4,000 crore this week, according to sources.

Asian stocks slide as focus turns to US jobs

Asian stocks slipped to three-week lows on Tuesday while bonds and the dollar steadied as investors tempered expectations for cuts to US interest rates and waited on US jobs data. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9% in early trading.

A 1% decline to a 3-week trough was experienced by Japan’s Nikkei due to the fall in chip-making stocks.

Market hits record high; factors which propelled markets higher

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 2,073.21 crore. Domestic institutional investors (DIIs) purchased Rs 4,797.15 crore worth of stocks on December 4.

Stock under F&O ban on NSE

The NSE has added Indiabulls Housing Finance, India Cements and Zee Entertainment Enterprises to its F&O ban list for December 5. It retained Delta Corp to the said list.

Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Wall Street ends down

US stocks ended lower on Monday, interrupting last week’s rally. Investors turned cautious ahead of employment data due this week. It could alter expectations that the Federal Reserve will cut interest rates early next year.

The S&P 500 declined 0.54% to end the session at 4,569.78 points. The Nasdaq fell 0.84% to 14,185.49 points, while the Dow Jones Industrial Average declined 0.11% to 36,204.44 points.

Oil falls on doubts OPEC+ will make further cuts

Oil prices fell on Monday on concern about a drop in demand. It also traded lower on continued uncertainty about the depth and duration of OPEC+ supply cuts. Brent crude futures settled down 85 cents, or 1.08%, at $78.03 a barrel. US West Texas Intermediate crude futures finished down $1.03, or 1.39%, at $73.04.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}