The Indian equity markets resumed their upward trajectory on December 8, with both the Nifty and Sensex reaching new milestones, fueled by the Reserve Bank of India’s (RBI) decision to keep interest rates steady for the fifth consecutive time. The Nifty breached the 21,000 mark for the first time, reaching 21,006.10, while the Sensex set a new record at 69,893.80 during the morning session. 

Closing the day, the Sensex concluded 303.91 points higher at 69,825.60, marking a 0.44 percent increase, while the Nifty stood at 20,969.40, up by 68.20 points or 0.33 percent. The week saw the market achieving its most significant weekly gain since July 2022, with both benchmarks recording a 3.5 percent increase. 

The RBI’s decision to maintain the repo rate at 6.5 percent was attributed to concerns about a potential resurgence in inflation, emphasizing its commitment to prioritizing price stability. Additionally, the central bank revised its GDP growth forecast for 2023-24 by 50 basis points, anticipating a 7 percent growth following the positive trends observed in the July-September economic data. 

Top gainers on the Nifty included HCL Technologies, JSW Steel, LTIMindtree, Apollo Hospitals, and Infosys, while Adani Enterprises, ITC, Adani Ports, Hero MotoCorp, and Britannia Industries registered losses. Sector-wise, FMCG, oil & gas, and power indices experienced a 1 percent decline each, while healthcare and auto dipped by 0.5 percent each. On the other hand, bank, information technology, and realty sectors recorded gains ranging from 0.5 to 1 percent. 

The BSE midcap index saw a marginal dip, and the smallcap index closed 0.4 percent lower. The Nifty Bank index reached a new record high of 47,303.65 before settling at 47,262, registering a 1 percent gain. 

Market activity revealed a long build-up in GMR Airports Infrastructure, RBL Bank, and REC, while a short build-up was observed in Multi Commodity Exchange of India, BHEL, and Escorts. Notable volume spikes of over 300 percent were recorded in GMR Airports Infrastructure, JSW Steel, and Coforge. 

Over 350 stocks touched their 52-week high on the BSE, featuring names like Alok Industries, Spencer Retail, GMR Airports, Puravankara, Sobha, NOCIL, Zee Media, Prestige Estate, Patel Engineering, RBL Bank, IRB Infra, Dhanuka Agritec, India Cements, REC, HCL Technologies, and SpiceJet.