The benchmark stock indices Sensex and the Nifty50 have hit new all-time highs Tuesday morning with several frontline counters seeing strong buying in early trades.
The BSE Sensex zoomed to 69,381.31, gaining 516.19 points or 0.74%. The broader Nifty50 index of the National Stock Exchange is up 155.45 points or 0.75% at 20,842.25, slightly off a new high of 20,845.00.
State Bank of India is gaining about 2.7%. ICICI Bank is up 2% and Mahindra & Mahindra is rising nearly 2%. Axis Bank, HDFC Bank, Bharti Airtel and Maruti Suzuki are up 1 to 1.3%.
Adani Group shares are in demand after reports citing a senior US official said that the U.S. government concluded Hindenburg Research’s allegations of corporate fraud against Gautam Adani weren’t relevant before extending his business empire as much as $553 million for a container terminal in Sri Lanka.
According to a report, the International Development Finance Corp., was satisfied that the accusations in the short-seller’s report, which said Adani was pulling off “the largest con in corporate history,” weren’t applicable to Adani Ports & Special Economic Zone Ltd., the subsidiary spearheading the Sri Lankan project.
Adani Ports & Special Economic Zone shares are up 7.2%. Adani Enterprises is climbing nearly 8.5%. Adani Total Gas is up 4.8%. Adani Green Energy is soaring nearly 14%, Adani Power is advancing 5%, Adani Wilmar is rising 3.5%, and Adani Energy Solutions is up 4.5%.
BPCL is up 2.1%. Tata Motors, UPL, Cipla, ONGC, UltraTech Cement and Dr Reddy’s Laboratories are gaining 0.6 to 0.8%.
HCL Technologies is lower by about 1.3%. Infosys is down nearly 1%, while Bajaj Finserv, Tech Mahindra and Bajaj Finance are down 0.6 to 0.9%.
Divi’s Laboratories, HDFC Life, MindTree and Apollo Hospitals Enterprises are also weak.
The market breadth is strong. On BSE, 2,078 stocks are up in positive territory. 1,414 stocks are weak, while 162 stocks are little changed from their previous closing levels.
Market Analysis
Sensex, Nifty Post New All-time High; Adani Group Shares Sparkle
2023-12-05 05:24:04
