The Indian stock market closed on a positive note on December 3, 2024, with both the Sensex and Nifty posting substantial gains. The Sensex surged by 597.67 points, ending the session at 80,845.75, while the Nifty rose by 181.10 points, closing at 24,457.15.
Out of the 50 companies on the Nifty, 41 saw gains, while nine experienced declines. Among the top performers were Adani Ports, NTPC, Adani Enterprises, Axis Bank, and State Bank of India (SBI). On the other hand, Bharti Airtel, Hero Motocorp, ITC, HDFC Life, and Sun Pharma were among the top laggards of the day.
LA Ambala, co-founder of Stock Market Today, attributed the market’s strength to prudent investment strategies focusing on long-term growth and value investing. Despite weak GDP growth, investors are targeting companies with solid fundamentals and strong order books, which are benefiting from policy-driven growth sectors. Many stocks are trading at discount levels, sparking renewed investor interest.
“Nifty has gained nearly 2% over the past six months and is trading above its 20, 50, and 200-day EMAs (Exponential Moving Average), making it a good opportunity for buying on dips, especially for intraday and swing trading,” Ambala added.
Ambala said that in the next session, Nifty could find support near 24,350 and 24,250, while resistance levels are likely around 24,560 and 24,700.
Domestic Institutional Investors (DIIs) are actively injecting liquidity into the market, supported by strong retail inflows through Systematic Investment Plans (SIPs) and direct investments. However, Foreign Institutional Investors (FIIs) remain net sellers. Investors are advised to focus on long-term goals and consider accumulating mid-cap and small-cap stocks, which are expected to deliver higher returns over the next 2-3 years.
(ANI)
