Indian equity benchmark indices continued their rally for the sixth consecutive quarter surging to new lifetime highs on Tuesday, driven by robust buying in power, banking and utility stocks.
The BSE Sensex jumped 431.02 points or 0.63 per cent to close at a new record high of 69,296.14. The NSE Nifty50 surged 168.50 points or 0.81 per cent to hit its lifetime high of 20,855.30.
Indian equity benchmark indices continued their rally for the sixth consecutive quarter surging to new lifetime highs on Tuesday, driven by robust buying in power, banking and utility stocks.
The BSE Sensex jumped 431.02 points or 0.63 per cent to close at a new record high of 69,296.14. The NSE Nifty50 surged 168.50 points or 0.81 per cent to hit its lifetime high of 20,855.30.
The market capitalisation of BSE-listed firms grew by more than Rs 2.5 lakh crore to cross Rs 350 lakh crore on Tuesday.
"The domestic market extended the gains and hit fresh highs despite cautiousness among global peers ahead of key US job data this week. The aura of the state election results and other positive factors like above-expected earnings and GDP growth data are supporting the return of FII flows to the Indian market. The RBI’s monetary policy meeting is expected to be status quo however, the commentary on economy growth, foodgrain prices and inflation trajectory will be closely watched," said Vinod Nair, Head of Research at Geojit Financial Services.
Top Stocks To Watch On 6 December:
State Bank of India
The State Bank of India is planning to acquire 20 per cent stake in SBI Pension Funds, which is held by SBI Capital Markets. Through this transaction company is set to increase its stake to 80 per cent from current 60 per cent, acquiring the additional shares for a sum of ₹229.52 crore.
Bank of India
The public sector bank announced the launch of a qualified institutional placement (QIP), set at a floor price of Rs 105.42 per equity share. "...Approved the floor price of the Issue, being Rs. 105.42 per equity share ("Floor Price") based on the pricing formula as prescribed under Regulation 176 of the SEBI ICDR Regulations," said Bank of India in an exchange filing. With an issue size of Rs 4,500 crore, the BoI QIP includes a base issue size of Rs 2,250 crore, with a greenshoe option of Rs 2,250 crore.
Power Grid Corporation
Power Grid Corporation of India announced that it has been declared a successful bidder to establish an Inter-State Transmission System Project. The transmission system is for the evacuation of an additional 7 GW of RE Power from Khavda RE Park under Phase III Part B.
Adani Green Energy
The company announced a follow-on funding of $1.36 million for construction financing firm from a consortium of international banks. The funding will take its construction financing framework to $3 billion. The green loan facility will play a significant role in enabling the development of renewable energy park at Khavda in Gujrat, which the company call the world’s largest renewable energy park.
HDFC Bank
The private sector bank has received shareholders’ approval for the reappointment of MD Ranganath as an Independent Director of the Bank. The shareholders also approved the re-appointment of Sandeep Parekh as an Independent Director of the Bank and Sashidhar Jagdishan as the Managing Director & Chief Executive Officer of the Bank.