Broad Rally Lifts India Indexes

Arjun Pandit
05 Dec, 2023
Mumbai

Stocks in India extended gains for the second day in a row this week following the results of state elections.

The Sensex index and the Nifty index advanced more than 0.4% on the hopes that the success of the BJP in state elections may help the ruling party in national elections in 2024.

In a broad-based rally, stocks advanced in financial, real estate, manufacturing, pharmaceutical, and government-controlled companies, which were among the leading gainers.

In overseas trading, market indexes rested in overnight trading in New York after rallying for five consecutive weeks, but indexes in Europe advanced.

Gold drifted lower from its record high reached in Friday's trading, and crude oil traded down on the uncertainties related to the implementation of the latest production quota agreed by the OPEC+ members.

Closer to home, investors are anticipating the Reserve Bank of India to hold interest rates and drain financial liquidity on Friday after the last policy meeting of 2023.

 

India Indexes and Yields

The Sensex index increased 121.96 points to 68,992.24, and the Nifty index rose 40.10 points to 20,731.45.

On the Mumbai stock exchange, 179 stocks traded at their 52-week highs and 14 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds edged up to 7.27%, and the Indian rupee weakened to ₹83.38 against the U.S. dollar.

The gold price increased by 0.4% to ₹62,615 per ten grams, and silver advanced by 0.09% to ₹76,235 per kilo.

Crude oil decreased by 0.6% to ₹6,120 per barrel, and natural gas rose by 0.7% to ₹225.50 per thermal unit.

 

India Stock Movers

JSW Infrastructure soared 4.7% to ₹227.85 after the company's unit signed a deal with Shapoorji Pallonji Group Company to acquire 50% plus one share of PNP Maritime for ₹270 crore.

Brigade Enterprises increased 3.5% to ₹873.0 after the company signed a deal with land owners to develop a residential project in Kurubarahalli, Mysuru.

The company plans to build 400,000 square feet of residential space spread over four acres.

Gulshan Polyols gained 4.8% to ₹233.40 after the company won a ₹572 crore order to supply ethanol.

Shriram Properties rose 1.5% to ₹120.80, and the stock rebounded from morning losses after multiple block transactions.