Nifty scales above 20,600; Adani Enterprises spurts 7.51%

The key equity indices extended gains and hit fresh record high in afternoon trade. The Nifty marched above the 20,600 level. PSU bank, oil & gas and financial services stocks advanced while pharma, media and healthcare shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 1,103.57 points or 1.64% to 68,584.76. The Nifty 50 index added 343.30 points or 1.69% to 20,611.20.

The benchmarks, Nifty50 and Sensex index hit a fresh all-time high of 20,613.85 and 68,634.93 respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.95% while the S&P BSE Small-Cap index advanced 1.11%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,124.23 and 41,221.91 respectively.

The market breadth was strong. On the BSE, 2,474 shares rose and 1,281 shares fell. A total of 198 shares were unchanged.

Politics:

The BJP is set to form the government in Chhattisgarh, Rajasthan and Madhya Pradesh. The counting of votes in Rajasthan concluded with the BJP securing a landslide victory with 115 seats. Meanwhile, the ruling Congress won 69 seats out of the 199 which had gone to the polls on November 25. In Chhattisgarh, the BJP won 54 seats, the ruling Congress won 35 and the Gondvana Gantantra Party managed to win one seat.

In Telangana, Congress won 64 seats, the ruling Bharat Rashtra Samithi won 39, the BJP got eight seats, and AIMIM won seven. The Communist Party of India won one seat. The BJP has won 163 of the total 230 seats in the Madhya Pradesh Assembly. On the other hand, the Congress has won 66 seats.

Gainers & Losers:

Adani Enterprises (up 7.51%), Adani Ports and Special Economic Zone (APSEZ) (up 5.97%), Bharat Petroleum Corporation (BPCL) (up 5.38%), Eicher Motors (up 5.21%) and Oil & Natural Gas Corporation (ONGC) (up 4.91%) were major Nifty gainers.

HDFC Life Insurance Company (down 0.96%), Britannia Industries (down 0.90%), Maruti Suzuki (down 0.38%), Nestle India (down 0.30%) and Sun Pharmaceutical Industries (down 0.29%) were major Nifty losers.

APSEZ jumped 5.97% after the company recorded strong cargo volumes of around 36 million metric tons (MMT) in November 2023, implying a YoY growth of 42%.

Eicher Motors rallied 5.21% after the company�s total motorcycles (Royal Enfield) sales grew 13% to 80,251 units in November 2023 as against 70,766 units sold in November 2022.

Stocks in Spotlight:

Kalpataru Projects International gained 3.91% after the company and its international subsidiaries received new orders of Rs 2,263 crore.

J Kumar Infraprojects rose 2.78% after the company received letter of acceptance (LoA) from Mumbai Metropolitan Region Development Authority (MMRDA) amounting to Rs 378.70 crore.

Hero MotoCorp added 1.08% after the two-wheeler major`s total sales jumped 25.61% to 491,050 units in November 2023 as compared with 390,932 units sold in November 2022.

Tata Power advanced 1.76% after the company has secured the bid to acquire Bikaner-III Neemrana-II Transmission, a project special purpose vehicle (SPV) established by PFC Consulting. The project`s estimated cost is Rs 1,544 crore and will be developed on Build-Own-Operate-Transfer (BOOT) basis.

Global Markets:

European shares declined while Asian stocks traded mixed on Monday, with investors awaiting a slew of key economic data Tuesday and inflation readings later this week.

US stocks ended higher on Friday with the S&P registering its highest close of the year after remarks from US Federal Reserve Chair Jerome Powell boosted the view that key policy rates have peaked.

US Federal Reserve Chair Jerome Powell on Friday reaffirmed the central bank�s intent to remain cautious on interest rates but also said that the hoped-for �soft landing" of the US economy seemed to be falling into place.

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