Sensex, Nifty End On Firm Note; Oil, Adani Group Shares Post Strong Gains

RTTNews | vor 639 Tagen

(RTTNews) - After moving along the unchanged line, with stocks swinging between gains and losses till well past noon on Tuesday, the benchmark indices Sensex and the Nifty50 climbed higher in the final ninety minutes of the session to eventually end on a firm note.

The BSE benchmark Sensex, which climbed to 66,256.20 in the final hour, ended with a gain of 204.16 points or 0.31% at 66,174.20. The broader Nifty50 of the National Stock Exchange settled at 19,889.70, gaining 95 points or 0.48%.

Oil stocks were in demand, buoyed by weak crude oil prices. Automobile, metal and PSU bank stocks also closed on a strong note.

Tata Motors rallied more than 3.5% after the company said that it plans to hike prices of its vehciles in January 2024. Bajaj Finserv and UltraTech Cement gained about 2.4% and 2.1%, respectively.

Bajaj Finance, Bharti Airtel, NTPC, Titan and Axis Bank ended higherby 1.2 to 1.5%.

BPCL, Coal India and ONGC climbed 2.7 to 3%. Hero Motocorp, Grasim Industries, Britannia Industries, Bajaj Auto and Bharti Airtel also ended notably higher. Maruti Suzuki edged up marginally. The carmaker announced it is planning to hike the prices of all its variants in January 2024.

SAIL gained 2%. The state-run steel producer seeks to increase the provisional price of rails to the Indian Railways, citing higher costs.

ITC, Sun Pharmaceutical Industries, ICICI Bank, Apollo Hospitals Enterprises, Cipla, Hind Unilever and Eicher Motors closed weak.

Adani group shares had a pretty good session following the Supreme Court concluding hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter, and SEBI informing the court that it does not need additional time to complete its investigation into the Adani Group.

Adani Enterprises climbed 9.2%, Adani Ports gained about 5.7%, Adani Total Gas and Adani Energy Solutions both soared 20%, Adani Green Energy zoomed 13.6%, Adani Power surged 12.8% and Adani Wilmar rallied 10%.

Newgen Software Technologies Limited hit the 5% upper circuit after the company announced that its board has approved the proposal to issue bonus shares in the ratio of 1:1. The company has set the record date as Friday, 12 January 2024 for the purpose.

On the economic front, S&P Global Ratings has raised India's GDP growth rate forecast for 2023-24 to 6.4% from 6% earlier. However, it has slashed the GDP growth projection for financial year 2024-25 by 50 basis points to 6.4%.

India's Q2 GDP data and the infrastructure output data for October will be released on Thursday while the manufacturing PMI numbers will be out on Friday.

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