Informist, Tuesday, Dec 5, 2023

By Anjana Therese Antony

MUMBAI – Shrugging off the weakness in global equity markets, Indian benchmark indices ended a cheery session at record closing highs led by gains in shares of the financial services pack and Adani Group companies. Some analysts said the state assembly election results had encouraged foreign investors too.

Adani Group stocks continued to zoom upwards. According to a Bloomberg report, a senior US official said a US government agency had deemed Hindenburg Research's accusations of corporate fraud against Indian billionaire Gautam Adani 'irrelevant' while extending a loan of up to $553 mln for the conglomerate's container terminal project in Sri Lanka. "This development caused shares of Adani Group to surge in value," said Avdhut Bagkar, technical and derivatives analyst at StoxBox, in a note.

Today, the Nifty 50 and the BSE Sensex hit fresh all-time highs of 20864.05 points and 69381.31 points, respectively. The 50-stock index closed 0.8% higher at 20855.10 points and the 30-stock index ended 0.6% up at 69296.14 points. The immediate support for the Nifty 50 is pegged at 20600-20550 points and resistance at 21000 points.

"The narrative of political continuity in the 2024 general elections has boosted market confidence," Axis Securities said in a research report. "It has also bolstered visibility on policy continuity, which will help the domestic economy to continue its growth momentum moving ahead." 

As long as the Nifty 50 index is trading above 20700, the positive sentiment is likely to continue, said Shrikant Chouhan, head of equity research at Kotak Securities, in a post-market note. However, below this level, an intraday correction is likely till the level of 20620-20600 points, he added.

Of the 50 constituents of the Nifty 50 index, 11 hit their all-time highs. Also, at least 14 sectoral indices hit their lifetime highs. Nifty Oil & Gas and Nifty Metal were the top gainers.

Some analysts are of the view that the market is in an overbought situation and a policy change or any unfavourable commentary could ignite a sharp reaction. Two technical analysts said the market is likely to take a breather in the near term and focus on the outcome of the Monetary Policy Committee's outcome, due on Friday.

Meanwhile, gains in Adani Enterprises and Adani Ports and Special Economic Zone together contributed to almost 0.3% gains in the Nifty 50 index. Other companies under the conglomerate--Adani Wilmar, Adani Power, Adani Total Gas, Adani Energy Solutions, and Adani Green Energy--closed 10-20% higher. 

Adani Green Energy zoomed 20% after the company said it got $1.36 bln in financing from a consortium of international banks. The deal from banks including DBS, BNP Paribas, Standard Chartered and Societe Generale will help fund the development of a renewable energy complex in Gujarat, a Dow Jones report said. 

The financial pack also gained today. Shares of Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India closed higher by 0.6-2.3%. Gains in these stocks led to 0.3% gains on the 50-stock index. Also, Nifty Financial Service, Nifty Bank, and Nifty PSU Bank hit their all-time highs during the day and closed 0.9-1.4% higher. 

On the other hand, shares of most information technology companies, except Tata Consultancy Services, traded lower. Losses in the tech peers made Nifty IT the worst hit among other sectoral peers, closing 0.6% lower. 

Among specific stocks, Shyam Metalics and Energy turned positive and closed 2.6% higher after the company reported an on-year growth in its sales volume of steel and sponge iron.

On the initial public offering front, INOX India got approval from the Securities and Exchange Board of India for its initial public offer for sale of up to 22.11 mln shares.

On Wednesday, indices are expected to inch higher and hit new highs.

* Of the Nifty 50 stocks, 33 rose, 16 fell, and 1 was unchanged 

* Of the Sensex stocks, 20 rose and 10 fell

* On the BSE, 1,731 stocks rose, 2,031 fell, and 113 were unchanged

* Nifty Energy: Up 3.24%; Nifty Metal: Up 3.07%; Nifty IT: Down 0.57%

BSE                                                NSE
Sensex: 69296.14, up 431.02 pts, or 0.6%           Nifty 50: 20855.10, up 168.30 pts, or 0.8%

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 69381.31 (Dec 5, 2023)           :  Lifetime High: 20864.05 (Dec 5, 2023)
Record Close High: 69296.14 (Dec 5, 2023)       :  Record Close High: 20855.10 (Dec 5, 2023)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 69296.14 (Dec 5)             :  2023 Closing High: 20855.10 (Dec 5)

2023 Closing Low: 59288.35 (Feb 27)             :  2023 Closing Low: 17311.80 (Oct 17)

2023 High (intraday): 69381.31 (Dec 5)          :  2023 High (intraday): 20864.05 (Dec 5)

2023 Low (intraday): 58699.20 (Jan 30)          :  2023 Low (intraday): 17098.55 (Jan 17)

2022 1st day close: 59183.22 (Jan 3)            :  2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1)             :  2022 Closing High: 18812.50 (Dec 1) 
2022 Closing Low: 51360.42 (Jun 17)             :  2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1)          :  2022 High (intraday): 18887.60 (Dec 1)

2022 Low (intraday): 50921.22 (Jun 17)          :  2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14)            :  2021 Closing High: 18338.55 (Oct 14) 
2021 Closing Low: 46285.77 (Jan 29)             :  2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14)         :  2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29)          :  2021 Low (intraday): 13596.75 (Jan 29)-

2020 Closing High: 47751.33 (Dec 31)            :  2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23)             :  2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31)         :  2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24)          :  2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20)         :  2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19)          :  2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28))         :  2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23)           :  2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26)         :  2017 High(intraday): 10515.10 (Dec 26)

End

Edited by Maheswaran Parameswaran

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.