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Sensex Today Snaps 4-Day Losing Streak, Gains 160 Points | Bank Nifty Gains 1% to Hit Record High | PSU Bank Stocks Rally
Thu, 8 Dec Closing

After opening the day on a flat note, Indian share markets extended gains during the last hour of trade to end higher.

Indices eked out some gains with a late surge after remaining flat for most of the session.

Negative global cues along with weekly F&O expiry back home and talks of a possible recession kept investors on their toes.

At the closing bell, the BSE Sensex stood higher by 160 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 49 points (up 0.3%).

Axis Bank, IndusInd Bank, and L&T, were among the top gainers today.

Sun Pharma, Power Grid Corporation, and TCS on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,728, up by 85 points, at the time of writing.

Broader markets settled on a positive note. The BSE MidCap inched 0.4% higher while the BSE SmallCap index ended 0.3% higher.

If you're looking to midcap stocks that offer growth in the long run, check out the 5 midcap stocks for long term.

Sectoral indices ended on a mixed note with stocks in the banking sector, metal sector and energy sector witnessing heavy buying.

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While stocks in the healthcare sector, realty sector, and power sector witnessed selling.

Shares of L&T, Axis Bank, and JK Lakshmi Cement hit their 52-week highs today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended the day on a mixed note.

The Hang Seng inched higher by 3.4%, while the Shanghai Composite index dived 0.1%. The Nikkei edged 0.4% lower.

US stock futures are trading on a positive note. Dow futures are trading flat while Nasdaq futures are up by 0.2%.

The rupee is trading at 82.4 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 54,040 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.2% at Rs 66,410 per Kg.

Speaking of stock markets, the Bank Nifty is looking good on the charts for December.

December is usually the best month of the year for the benchmark indices. This year seems to be no different. The markets are at life highs.

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Amid the bullishness, the Bank Nifty is looking strong on the charts. It could be a prime candidate for a Santa Claus rally.

The index has already hit a new high today with 1% gains.

In the below video Chartist Brijesh Bhatia explains all about the Santa Claus rally in bank stocks. Watch now.

Sun Pharma receives an import alert

In news from the pharma sector, shares of Sun Pharma tanked 4%.

Pharmaceutical behemoth Sun Pharma today announced that its facility in Halol, Gujarat, has been listed under an Import Alert by the US health regulator, US Food and Drug Administration (FDA).

An import alert means that no additional shipments of the pharmaceutical giant's goods produced at the mentioned plant will be permitted entry into the US market.

This stipulation will stand until Sun Pharma's Halol facility satisfies the health regulator's Current Good Manufacturing Practice (cGMP) requirements.

The USFDA has placed 14 goods from the Halol plant on Import Alert. In the interim, the US market will continue to reject these products. From April 26 to May 9, 2022, the regulator examined Sun Pharma's Halol (Gujarat) site.

The mega-cap pharmaceutical giant informed the markets on Thursday that, in FY22 (the previous year), the supply from the Halol facility to the US market represented roughly 3% of its overall revenues.

It is one of the leading players in the chronic therapies segment in India. In the past five years, the stock has gained 84.7%, and is a strong candidate among the 4 pharma stocks to watch out for potential multibagger return.


Increasing demand for chronic conditions and ailments will be the growth driver for Sun Pharma in the future.

If you want to bank on specialty pharma story, Sun Pharma is your best bet.

Kalyan Jewellers to expand retail footprint

Moving on to the news from the retailing sector, Kalyan Jewellers was among the top buzzing stocks today.

The jewelry retailer is planning to increase its retail footprint by over 30%. Its target is to open 52 showrooms over the next 12 months in the calendar year 2023 (CY23).

The expansion will mainly focus on the non-south region, which currently contributes 35% to the Indian business. This approach is in line with the company's Vision 2025, which targeted revenue contribution from non-south markets of 50%.

Post the completion of the pilot franchisee phase in CY22, the expansion plan for the company will be fueled by the franchisee arm.

Experiencing strong demand momentum in metro markets, it plans to scale up existing operations in all the major metro cities.

The company is currently witnessing positive demand momentum and buoyant customer sentiments in the Middle Eastern business, with the region contributing approximately 17% to its consolidated revenue.

Kalyan Jewellers is one the largest jewelry retailers in India, with a presence in the Middle East.

JSW Steel crude steel production jumps 16% YoY

Moving on to news from the steel sector, shares of JSW Steel inched 1% higher today.

The steel major registered 16% YoY growth to 1.7 million tons in November 2022. The firm recorded 1.5 million tons in the same quarter last year.

The flat-rolled products saw 19% YoY to 1.2 million tons from 0.9 million tons in the same quarter last year.

The production of long-rolled products jumped 5% to 0.3 million tons in November.

JSW Steel is the flagship business of the diversified JSW Group. It is India's leading integrated steel company with a steel-making capacity of 28.5 MTPA in India and the USA.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary



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