Sensex spurts 995 pts, Adani Ports surges 5.91%, bank stocks advance

The frontline indices traded in a narrow range with steep gains in early afternoon trade. The Nifty hovered above the 20,550 mark. Bank shares extended gains for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 995.40 points or 1.48% to 68,476.59. The Nifty 50 index added 310.25 points or 1.53% to 20,578.15.

The benchmarks, Nifty50 and Sensex index hit a fresh all-time high of 20,602.50 and 68,587.82 respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.94% while the S&P BSE Small-Cap index advanced 1.05%. 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, 2,462 shares rose and 1,260 shares fell. A total of 199 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.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 1.61% to 12.18. The Nifty 28 December 2023 futures were trading at 20,704.60, at a premium of 126.45 points as compared with the spot at 20,578.15.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 34.3 lakh contracts at the 21,000 strike price. Maximum Put OI of 42.7 lakh contracts were seen at 20,000 strike price.

Buzzing Index:

The Nifty Bank index advanced 2.34% to 45,860.95. The index jumped 3.1% in two trading sessions.

Punjab National Bank (up 3.28%), Bank of Baroda (up 3.15%), State Bank of India (up 3.1%), ICICI Bank (up 2.82%) and Bandhan Bank (up 2.74%) were the top gainers. Among the other gainers were Federal Bank (up 2.69%), Kotak Mahindra Bank (up 2.53%), HDFC Bank (up 2.21%), IndusInd Bank (up 1.95%) and AU Small Finance Bank (up 1.17%).

Stocks in Spotlight:

Adani Ports and Special Economic Zone (APSEZ) rallied 5.91% after the company recorded strong cargo volumes of around 36 million metric tons (MMT) in November 2023, implying a YoY growth of 42%.

L&T Finance Holdings (LTFH) rose 1.52% after the company announced successful completion of the merger of its subsidiaries, L&T Finance (LTF), L&T Infra Credit (LTICL) and L&T Mutual Fund Trustee with itself.

Meanwhile, the company�s board has approved the appointment of Amresh Kumar as the Chief Risk Officer of the company for a period of two years in place of Vinay Chhawchharia, effective from 4 December 2023.

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