Sensex, Nifty LIVE Updates on December 10: After five days of consecutive bullish rally, market indices reversed trend on Thursday, in line with global equities and fell on to bearish territory, amid profit booking. Sensex traded 185 points lower at 45,921 and Nifty fell by 59 points to 13,469. Retreating from the record highs, most Asian stocks were trading lower as investors kept an eye on Brexit trade talks as well as ongoing negotiations in the US for a coronavirus relief package. Yesterday, Sensex ended 494 points higher at 46,103 and Nifty closed 136 points higher at 13,529. During the session, Sensex hit all-time high of 46,164 and Nifty too logged a record high of 13,548.
Here's a look at the updates of the market action on BSE and NSE today
10.00 AM: Market outlook
HDFC Securities in its note said," Investors kept an eye on Brexit trade talks as well as ongoing negotiations in the U.S. for a coronavirus relief package. Global equity indexes fell on Wednesday as negotiations over further U.S. fiscal stimulus dragged on and the dollar rose for a fourth straight session.
Nifty continues its upward climb with little signs of a reversal soon. In fact Wednesday's rise has come with an upgap between 13435-13449. It will be interesting to watch as to whether this upgap is filled soon or whether this gap is an exhaustion gap which indicates that we are close to a top."
9. 53 AM: Market outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty has definitely reacted from the resistance corridor of 13400-13700. Yesterday we were trading closer to the upper end of the range, today we are around the lower end of the range. If the markets need to breakdown or correct sharply, it would need to break 13100 which is a strong support for the index. Until then, the trend continues to remain bullish."
9. 48 AM: Market falls further
Sensex dropped 315 points to 45, 789 and Nifty was trading 107 points lower at 13,420. HDFC, TCS, HUL, Wipro, L&T were among the top losers on Sensex and Nifty today
9. 33 AM: Nifty technical outlook
NSE-NIFTY remained sideways before surpassing its near-term hurdle point-13,500 level convincingly. Positive global cues and FII's consistent buying supported the up-move. Overall market breadth turned positive. Its major technical indicators are in favor of bulls. As per current set-up, undergoing positive momentum will continue. That could take the index towards 13,700 and 14,000 levels. On the lower side, the index will find supports at 13,250 and 13,100 levels.
As for the day, support is placed at around 13,470 and then at 13,410 levels, while resistance is observed at 13,569 and then at 13,609 levels.
9. 28 AM: Opening session
After five days of consecutive bullish rally, market indices reversed trend on Thursday, in line with global equities and fell on to bearish territory, amid profit booking. Sensex traded 185 points lower at 45,921 and Nifty fell by 59 points to 13,469.
9. 13 AM: Market outlook
Ajit Mishra, VP - Research, Religare Broking said," Markets are largely mirroring global cues but the benchmark looks slightly overbought so the possibility of consolidation in the near term cannot be ruled out and it would be healthy for markets. We thus recommend booking partial profit in the existing trades and keep trailing stop losses on every rise. For fresh buying, investors should maintain extra caution on the selection of stocks and maintain "buy on dips" approach."
8. 50 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 3,564.23 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,493.10 crore in the Indian equity market on 9 December, provisional data showed.
8. 40 AM: Rupee closing
On the currency front, the Indian rupee, the local currency benchmark, settled 3 paise higher at 73.57 against the US dollar, supported by foreign portfolio flows and positive domestic equities.
8. 30 AM: Closing
Yesterday, Sensex ended 494 points higher at 46,103 and Nifty closed 136 points higher at 13,529. During the session, Sensex hit all-time high of 46,164 and Nifty too logged a record high of 13,548. Interestingly, before coronavirus started taking its toll on the Indian market, Sensex and Nifty had surged to their record highs of 42,274 and 12,430, respectively on January 19 this year. The indexes have surpassed their record highs hit in January over hopes of a COVID-19 vaccine and change of government in the US.