Sensex reclaims 81k, Nifty above 24,450, Realty, Financial Stocks gain

The Indian market maintained its upward momentum on Wednesday, closing higher for the fourth consecutive session, with Nifty settling near 24,450, supported by realty and financial stock rallies. At close, the Sensex was up 110.58 points or 0.14 percent at 80,956.33, and the Nifty was up 10.30 points or 0.04 percent at 24,467.45.
According to information, the Sensex scaled the 81,000 level, last seen in October, amid optimism over government-approved defence projects worth Rs 21,772 crore. The ongoing rally unfolds as investors await the RBI's monetary policy announcement later in the week. With inflation remaining a concern, rates are likely to be held steady, but the central bank's forward-looking statements will be key amid slowing economic momentum.
HDFC Life, HDFC Bank, Apollo Hospitals, NTPC, Bajaj FinServ were the top gainers on the Nifty, while losers included Bharti Airtel, Cipla, Bajaj Auto, Tata Motors, Adani Ports.
On the sectoral front, auto and FMCG were down 0.7 percent each, while IT and Media were up 0.5 percent each, and realty, PSU Bank gained more than 2 percent each. The BSE midcap index gained nearly 1 percent and smallcap index rose 0.6 percent.
Rupee Close:
On 04 Dec'24,the Indian rupee closed to its all-time low of 84.76  against the U.S. dollar after dropping 8 paise on Wednesday amid a strengthening greenback and increase in crude prices.Forex traders reportedly stated a positive trend in domestic equity markets and foreign fund inflows supported the local unit at lower level.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying the domestic market maintained a positive trajectory, despite some volatility stemming from mixed sentiments in Asian markets due to the situation in South Korea. Broader indices showed strong performance, with the banking and financial sectors continuing to excel. Conversely, auto stocks were impacted by mixed November sales results. The upcoming speech by the FED Chair could sway market sentiments, as recent FED minutes have shown confidence in the easing of inflation. Although the effects of US policies under the new administration remain uncertain, the minutes suggest a probable continuation of the rate easing cycle.
Market experts recommended five shares to buy -Manali Petro, IOB, Central Bank of India, Hindustan Construction Company (HCC), and Patel Engineering.

(Business Correspondent)