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The Nifty50 opened with a relatively flat stance at 20932.40, revealing a hammer candle similar to the previous day. This pattern indicates an ongoing battle between market bulls and bears. Interestingly, Nifty did not establish a new all-time high for the first time in the last three sessions. Despite a flat opening, the market remained subdued throughout the session, bringing an end to a seven-day winning streak. The closing figure stood at 20901.15, reflecting a modest decline of -0.17%.
Top Gainers: Adani Ports, PowerGrid, Ultratech Cement, NTPC, Cipla.
Top Losers: Bharti Airtel, Hindustan Unilever, Apollo Hospitals, ONGC, Tata Steel.
Nifty Pharma and Nifty Media experienced buying pressure, contributing to sectoral gains. Conversely, Nifty FMCG and Nifty Metals witnessed a sell-off, showcasing diverse market movements.
In a notable outperformance, Nifty Midcap 100 and Nifty Smallcap 100 closed up by 0.66% and 0.28%, respectively, surpassing Nifty50.
Dredging Corporation of India Limited (DCI) closed the day at Rs 562.85, marking a substantial 9.9% gain. DCI specializes in integrated dredging services for Indian ports, the Navy, and maritime entities. The stock experienced notable bullish momentum, with trading volume surging over 30 times its weekly average, signifying robust buying interest. Recommended for inclusion in your watchlist.
Sandur Manganese & Iron Ores (SMIORE) closed at Rs 1872.60, achieving a noteworthy 14.4% uptick. Engaged in mining low-phosphorous manganese and iron ore in Karnataka’s Hospet-Ballari region, SMIORE announced a Board meeting to discuss the potential issuance of Bonus shares. With this positive news, including the stock in your watchlist is advisable.
Axiscades Technologies Limited concluded the day at Rs 618.75, locked in an upper circuit, indicating heightened buyer interest. Specializing in technology solutions and services, the company recently finalized the strategic acquisition of EPCOGEN Private Limited. Ensure you consider adding this stock to your watchlist.
Greenpanel Industries Ltd, closing at Rs 341.20, shared positive news about the restoration of regular operations at its temporarily closed factory. The company, engaged in manufacturing plywood, MDF, and related products, resumed operations on December 6, 2023. Given this optimistic development, consider adding the stock to your watchlist.
Madhya Bharat Agro Products Ltd concluded the day at Rs 284.10, announcing its receipt of the Best Production Award 2023 for the SSP Fertilizer Plant. The accolade was presented at the Fertilizer Association of India (FAI) annual seminar in Delhi on December 6, 2023. Advised to be included in your watchlist for potential gains tomorrow.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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