Bank Nifty rises to 48,000 on momentum rally.

The Bank Nifty index surged 1,617 points on December 4 to hit a record high at 46,484.45, driven by gains in ICICI Bank……

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The Bank Nifty index surged 1,617 points on December 4 to hit a record high at 46,484.45, driven by gains in ICICI Bank, State Bank of India (SBIN), Kotak Bank, Punjab National Bank (PNB), and IndusInd Bank. Analysts believe that the ongoing momentum rally could push the index to 47,000-48,000 levels.


Key insight:

Bank Nifty

The Bank Nifty index jumped 3.5% to close at 46,484.45 on December 4.

ICICI Bank, SBI, Kotak Bank, PNB, and IndusInd Bank were the top gainers, rising 4.5%, 4.2%, 4.1%, 3.9%, and 3.8%, respectively.

The rally was attributed to positive sentiment in the global markets and expectations of a strong economic recovery.

Analysts believe that the Bank Nifty index could continue to rise in the near term, with potential targets of 47,000 and 48,000.

Nifty

Nifty today is trading at 20,864.05, up 153 points (0.74%) from yesterday's close. The index opened at 20,711.15 and has been trading in a range of 20,711.15 to 20,864.05.

The top gainers in the Nifty today are Adani Enterprises, up 4.2%, followed by Reliance Industries, up 3.8%, and HDFC Bank, up 3.5%. The top losers in the Nifty today are Cipla, down 2.1%, followed by Sun Pharma, down 1.8%, and Tata Motors, down 1.6%.

The broader market is also trading positive today. The BSE Sensex is up 2.05% to 68,865. The NSE Nifty 50 is up 2.07% to 20,687.

The market is trading positive today on the back of positive global cues and expectations of a strong economic recovery. Foreign institutional investors (FIIs) were net buyers in the Indian equity market yesterday, purchasing stocks worth Rs 1,416.01 crore. Domestic institutional investors (DIIs) were net sellers yesterday, offloading stocks worth Rs 1,278.23 crore.

Today’s overall market :

  • The Indian stock market is expected to open higher on December 5, tracking positive cues from global markets.

  • Foreign institutional investors (FIIs) were net buyers in the Indian equity market on December 4, purchasing stocks worth Rs 1,416.01 crore.

  • Domestic institutional investors (DIIs) were net sellers on December 4, offloading stocks worth Rs 1,278.23 crore.

  • The rupee is expected to trade in a narrow range on December 5, tracking the movement of Asian currencies.

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