Market Updates
Movers: Alkem Labs, Adani Ports, Indian Oil, Reliance Industries, Salasar Techno, Tata Power
Arun Goswami
04 Dec, 2023
Mumbai
Stocks surged following the state election results, which solidified the ruling party's prospects of winning the national election in 2024.
The Sensex index increased 982.45 points to 68,463.64, and the Nifty index rose 297.0 points to 20,566.30.
On the Mumbai stock exchange, 253 stocks traded at their 52-week highs and 15 stocks traded at their 52-week lows.
Reliance Industries advanced 0.9% to ₹2,416.40 and Indian Oil Corporation added 3.7% to ₹115.35 on a report that Venezuela has resumed shipments to India following the easing of the U.S. sanctions.
India is the second-largest export destination for Venezuelan crude oil after China, but shipments from the OPEC member have been inconsistent because of a lack of production stability.
Adani Ports & Special Economic Zone jumped 5.5% to ₹873.90 after the cargo volume jumped 42% in November from a year ago, according to filings with exchanges.
Alkem Laboratories decreased 0.4% to ₹4,629.05 after the company received three observations from the U.S. Food and Drug Administration after its latest inspection at the facility located in Mandva, Maharashtra.
Tata Power Company added 1.9% to ₹281.15 after the company won a bidding auction to acquire Bikaner-III Neemrana-II Transmission Ltd., a transmission project special purpose vehicle set up by PFC Consulting Ltd.
Salasar Techno Engineering added 3.2% to ₹52.90 after the company won a contract of ₹364 crore from Tamil Nadu Generation and Distribution Corp.
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