Top stock market news on December 6


by mydhanush on 6 December 2023,  3 min read

Top stock market news on December 6 - Dhanush by Ashika

BSE Sensex rallied 431 points to 69,296 on December 5. Nifty50 climbed 168 points to 20,855. It formed a bullish candlestick pattern with a long lower shadow on the daily scale.

Key support and resistance levels on the Nifty

The pivot point calculator indicates that the Nifty is likely to see immediate resistance at 20,869 followed by 20,905 and 20,963. On the lower side, it can take support at 20,752 followed by 20,716 and 20,657 levels.

Key support and resistance levels on Nifty Bank

As per the pivot point calculator, the index is expected to see resistance at 47,186, followed by 47,322 and 47,542. On the lower side, it may take support at 46,745, followed by 46,609 and 46,388.

Wall Street ends mixed after job openings hint at cooling economy

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.

The S&P 500 declined 0.06% to end the session at 4,567.18 points. The Nasdaq gained 0.31% to 14,229.91 points, while the Dow Jones Industrial Average declined 0.22% to 36,124.56 points.

Here’s why Adani Group stocks have rallied

Stocks in the news

  • State Bank of India: SBI is acquiring a 20 percent stake held by SBI Capital in SBI Pension Funds for Rs 229.5 crore. With this transaction, SBI’s stake in SBI Pension Funds will reach 80 percent.

  • Max Financial Services: V Viswanand, Deputy MD will step down from office and as a board of directors member in Max Life Insurance Company after the end of his tenure on December 31, 2023.

  • Bank of India: The public sector lender has launched its qualified institutional placement (QIP) with a floor price of Rs 105.42 per share.

  • HDFC Bank: The country’s largest private sector lender has sought approval from the shareholders for the re-appointment of Sashidhar Jagdishan as the Managing Director & Chief Executive Officer of the bank, and the appointment of V Srinivasa Rangan as an Executive Director of the bank.

  • Power Grid Corporation of India: The public sector undertaking has received a letter of intent for the establishment of an inter-state transmission system project in Gujarat.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 5,223.51 crore. Domestic institutional investors (DIIs) sold Rs 1,399.18 crore worth of stocks on December 5, data from NSE showed.

Stock under F&O ban on NSE

The NSE has retained Delta Corp, Indiabulls Housing Finance, India Cements and Zee Entertainment Enterprises to its F&O ban list for December 6.

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

Oil falls to near 5-month low on OPEC+ cut doubts, demand concerns

Oil prices fell to a near five-month low on Tuesday on a stronger US dollar and demand concerns, putting the market down for a fourth day in a row on doubts over OPEC+ announced voluntary supply cuts last week.

Brent crude oil futures fell 83 cents, or 1.1%, to settle at $77.20 a barrel. US West Texas Intermediate crude (WTI) ended 72 cents, or 1.0%, lower at $72.32.

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.

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