Stocks to buy: Raja Venkatraman's top midcap picks for 5 December
Subscribe to enjoy similar stories. Stock market: Volatility prevailed and trends suppressed any kind of recovery that was witnessed in Indian stock markets on Thursday, 4 December. The Sensex expiry witnessed strong trended action in certain select stocks that continued to keep the bullish hopes alive.
With markets opening up, expect trends to resume bullishness. The equity benchmarks pared some gains in a volatile Thursday session as profit booking trimmed intraday advances, with the Sensex retreating roughly 200 points from its peak and the Nifty slipping below 26,050. The Sensex began weak, down 156.83 points at 84,949.98, while the Nifty eased about 47 points to 25,938.95.
Both indices later recovered, the Sensex climbing as high as 85,476.62 — a gain of 369.80 points from the open — and the Nifty rising to 26,096.25, up 110.25 points. Profit booking, however, pushed the close lower. The Sensex finished 158.51 points, or 0.19%, higher at 85,265.32, and the Nifty settled at 26,033.75, up 47.75 points or 0.18%.
Among Nifty50 stocks, InterGlobe Aviation, promoter of IndiGo, Dr. Reddy’s and Kotak Mahindra Bank were notable laggards, falling up to 2%, while TCS and Tech Mahindra led gains with a near 2% rise each. Market breadth was negative, with 1,765 advancers, 1,848 decliners, 151 unchanged.
Choppy markets always push us to evaluate new scenarios. Last week we saw the markets continue to move higher but the constant volatile nature of the market forced us to look at every sector only for a limited timeframe. The strong sector rotation that emerges lead to some stock specific action which demanded that all were clear about what’s happening.
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