Stock Market Highlights : PSU banks rally, HDFC Bank, IT Stocks Drag

Stock Market Highlights : PSU banks rally, HDFC Bank, IT Stocks Drag

The benchmark indices on December 3, 2020, surrendered gains after hitting all-time highs at the opening.

The Sensex ended 14 points (0.03 per cent) higher at 44,632 while Nifty rose 20 points (0.15 per cent) and closed at 13,134. The broader markets outperformed benchmark indices. Nifty Midcap and Nifty Smallcap indices rose over half a per cent each.

On the sectoral front, PSU Bank index (4.81 per cent), Metal Index (2.49 per cent), Auto Index (1.67 per cent) and Energy Index (1.44 per cent) outperformed, while IT Index ( -0.52 per cent), Financial Service Index (-0.34 per cent) and Banking Index (-0.05 per cent) underperformed.

IT stocks witnessed profit booking & HDFC Bank was among the day’s top losers, which pulled down the market.

Also Read: RBI Restricts HDFC From Issuing New Credit Cards

On Nifty 50 index Maruti Suzuki (7.39 per cent), ONGC (4.54 per cent), Hindalco (4.38 per cent) and Asian Paints (4.13 per cent) were the top gainers for the day, while HDFC Bank (-2.11 per cent), SBI Life Insurance (-1.99 per cent), TCS (-1.46 per cent) and Bajaj Auto (-1.31 per cent) were the top losers for the day.

Author’s View: After touching the intraday high of 13,216 Nifty loses its gains and settles below 13,150 level. If Nifty manages to close above 13,150 we can see immediate targets of 13,250 – 13,300. On the downside, till Nifty is trading above 13,050 level, every dip can be utilized as a buying opportunity.

Disclaimer:  The view/s expressed above are only for educational/awareness purpose. or the author of the post bears no liability for any losses suffered by following any advice posted on the website. You are solely responsible for making your own investment decisions.