India Markets Rally Extends to Third Day Post Election Results

Arjun Pandit
06 Dec, 2023
Mumbai

Stocks advanced for the third day in a row this week amid lingering optimism following the state election results.

The Sensex and the Nifty indexes jumped 0.3% and stretched weekly gains over 1.3%, and stocks in power, real estate, chemicals, and manufacturing sectors were among the leading gainers.

In overnight trading, benchmark indexes in New York closed mixed after a job openings report showed a cooling trend in the labor market.

Crude oil prices dropped to a five-month low after U.S. crude exports were estimated at a record 5.7 million barrels per day to Europe and Asia, according to a report by ship-tracking firms Kpler and Votrexa.

Just a month ago, U.S. crude oil exports were running at 4 million barrels per day, surpassing exports from any of the OPEC cartel, except Saudi Arabia. 

The additional supply in global markets is putting more pressure on doubts about the impact of OPEC+'s decision to cut production by one million barrels a day.

 

India Indexes and Yields

The Sensex index increased 275.08 points to 69,571.22, and the Nifty index rose 77.55 points to 20,932.65.

On the Mumbai stock exchange, 198 stocks traded at their 52-week highs and 15 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds edged up to 7.25%, and the Indian rupee weakened to ₹83.32 against the U.S. dollar.

The gold price increased by 0.2% to ₹62,283 per ten grams, and silver advanced by 0.3% to ₹75,515 per kilo.

Crude oil decreased by 0.6% to ₹6,045 per barrel, and natural gas fell by 1.2% to ₹225.30 per thermal unit.

 

India Stock Movers

Adani Group stocks advanced and led gainers in the 3-day market rally after the Supreme Court's decision last week to conclude a hearing related to allegations of financial misconduct.

Adani Power jumped 8% to ₹582.50, Adani Ports and Special Economic Zone advanced 4% to ₹1,053.75, Adani Enterprises increased 2.3% to ₹3,029.0, and Adani Wilmar soared 6.5% to ₹405.75.

SBC Exports increased 1.1% to ₹32.15 after the company board approved the bonus issue ratio of 1 to 2.

Somany Ceramics jumped 3.5% to ₹720.30, and the company set December 15 as the stock buyback record date.

Zee Learn decreased 1.5% to ₹6.90, and Axis Bank initiated a corporate insolvency proceeding against the company's wholly owned subsidiary, Digital Ventures Private Limited.