Nifty scales above 20,800; Adani Ports, Adani Ent soars over 11%

The key equity barometers traded with strong gains in afternoon trade. The Nifty marched above the 20,800 level. Metal, banking and financial services shares advanced while media, IT and realty stocks corrected.

At 13:30 AM IST, the barometer index, the S&P BSE Sensex, was up 371.13 points or 0.54% to 69,236.25. The Nifty 50 index added 131.55 points or 0.64% to 20,818.35.

The Sensex clocked an all-time high of 69,381.31 while the Nifty hit record high of 20,849.60 in mid-morning trade. Further, the Nifty Bank index also registered its fresh record high of 47,230.55.

The broader market underperformed the headline indice. The S&P BSE Mid-Cap index declined 0.01% while the S&P BSE Small-Cap index added 0.08%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,216.47 and 41,317.67.

The market breadth was positive. On the BSE, 1,760 shares rose, and 1,926 shares fell. A total of 140 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Services Business Activity Index fell to 56.9 in November, one year low from 58.4 in October. Despite falling from October index pointed to a sharp increase in output across the sector.

The increase in Indian services activity extended into November, with cooling price pressures and demand resilience inducing sales growth, latest PMI survey data from S&P Global showed.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said, �India�s service sector has lost further growth momentum midway through the third fiscal quarter, but we continue to see robust demand for services fuelling new business intakes and output. The current rates of expansion look very healthy when considering their respective long-run averages and the outlook for business activity remains bright in spite of optimism fading due to rising inflation expectations.�

Meanwhile, the S&P Global India Composite PMI Output Index fell to 57.4 in November as compared with 58.4 in October, indicating substantial pace of expansion.

Gainers & Losers:

Adani Ports and Special Economic Zone (APSEZ) (up 11.64%), Adani Enterprises (up 11.27%), Power Grid Corporation of India (up 3.22%), NTPC (up 2.71%) and ICICI Bank (up 2.30%) were major Nifty gainers.

HCL Technologies (down 1.78%), Divi�s Laboratories (down 1.63%), LTIMindtree (down 1.41%), Oil & Natural Gas Corporation (ONGC) (down 1.31%) and Infosys (down 1.25%) were major Nifty losers.

HCL Technologies declined 1.78%. HCL Investments UK Limited, (HCL UK) a step-down wholly owned subsidiary of the company has entered into a Memorandum of Understanding with its Joint Venture (JV) partner, State Street International Holdings, a US corporation (State Street), pursuant to which HCL UK is entering into discussions to finalize modalities for State Street to exercise its right of Call Option in the JV and acquire HCL UK�s entire 49% equity stake in the JV that was formed in the year 2012 to provide business operations services.

Stocks in Spotlight:

Adani Green Energy (AGEL) was locked in an upper circuit of 20% after the power generation company raised $1.36 billion from a consortium of eight international banks to boost its construction financing pool to $3 billion.

JSW Infrastructure jumped 4.64% after the JSW Dharamtar Port (wholly owned subsidiary of company) has entered into share purchase and other relevant transaction documents for acquisition of 50% plus 1 shares of PNP Maritime Services from SP Port Maintenance (A Shapoorji Pallonji Group Company).

Mahindra & Mahindra Financial Services declined 2.05% after the company recorded an overall disbursement of approximately Rs 5,300 crore in November 2023, delivering 16% year on year (YoY) growth.

MOIL rose 0.96% after the company`s production increased 35% YoY to 1.62 lakh tonne in November 2023. During November 2023, the production grew 45.95% from 1.11 lakh tonne recorded in October 2023.

Global Markets:

Markets in Europe and Asia declined on Tuesday as investors assessed a slew of economic data from across the region. The Caixin China services purchasing managers� index for November climbed to its highest in three months. This private survey reading came in at 51.5 in November, rising from 50.4 in October and 50.2 in September.

US stocks ended lower on Monday as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.

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