The first trading session of December began on a strong note, with the Sensex and Nifty scaling fresh lifetime highs during early trade. The Sensex touched 86,159 while the Nifty crossed 26,325, buoyed by optimism around India’s robust GDP growth of 8.2% in Q2. However, the rally proved short-lived as selling pressure intensified later in the day.
By market close, the Nifty 50 fell 150 points to 26,175, while the Sensex dropped 531 points to 85,625. The rupee’s slide to a new all-time low against the US dollar and continued foreign institutional investor (FII) outflows weighed heavily on sentiment. Additionally, fading hopes of an RBI rate cut added to the cautious mood.
Top Gainers
- Wockhardt: Pharma stocks surged as investors bet on defensive sectors amid currency volatility.
- JM Financial: Strong institutional activity and optimism in financial services pushed the stock higher.
- TVS Motor: Auto sales data supported gains, with two-wheeler demand showing resilience.
- Hindustan Copper: Commodity-linked stocks benefited from global supply concerns.
- Paytm: The fintech major rebounded on expectations of improved transaction volumes during the festive season.
Top Losers
- ITC: Profit-booking dragged the FMCG heavyweight lower.
- Titan: Weak consumer sentiment in discretionary spending impacted the stock.
- TCS: IT stocks faced pressure amid global uncertainty and cautious outlook on US tech spending.
- Asian Paints: Rising input costs and muted demand weighed on performance.
- Max Healthcare, Bajaj Finance, Sun Pharma: These names also featured among the session’s notable losers.
Key Drivers of Market Movement
- Currency Pressure: The rupee’s record low against the dollar created headwinds for equities.
- FII Selling: Persistent foreign investor outflows capped gains despite strong domestic fundamentals.
- Global Cues: Mixed signals from Asia-Pacific markets and uncertainty around US Federal Reserve policy added volatility.
- Profit-Booking: After record highs, traders locked in gains, leading to a sharp reversal.
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Conclusion: December 1 highlighted the dual nature of markets — strong fundamentals like GDP growth can lift indices to record highs, but external pressures such as currency weakness and FII selling can quickly reverse momentum. Investors should remain cautious, diversify portfolios, and rely on professional research to navigate such volatility.
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