The BSE Sensex jumped 357.59 points or 0.52 per cent to close at a new high of 69,653.73. The NSE Nifty50 also climbed 82.60 points or 0.40 per cent to hit its fresh peak of 20,937.70.
Indian equity benchmark indices rallied for the seventh consecutive session to hit new lifetime highs on Wednesday, driven by buying in index heavyweights Reliance Industries, ITC and L&T amid persistent foreign fund inflows. In addition, falling crude oil prices in international markets also boosted investor sentiment.
The BSE Sensex jumped 357.59 points or 0.52 per cent to close at a new high of 69,653.73. The NSE Nifty50 also climbed 82.60 points or 0.40 per cent to hit its fresh peak of 20,937.70.
“With RBI two day meeting commencing today investor will focus on governor’s commentary and clue for rate cut. Thus, rate sensitive sectors will remain in focus. Markets saw a smart rally of ~11 per cent since the low of October end. Despite this sharp up-move, Nifty is trading at a 12-month forward P/E ratio of 18.4x, which is at a 9 per cent discount vs. its long-period average (LPA). Hence, we expect focus to shift towards the large-cap stocks,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Top Stocks To Watch On 7 December:
One97 Communications (Paytm)
The fintech major will slowdown its small ticket postpaid loans as it is looking to expand its high ticket personal loans and merchant loans, the company said in an analyst meet on December 6. “The company has recalibrated the portfolio origination of less than ₹50,000, which is prominently the postpaid loan product and will now be a smaller part of its loan distribution business going forward,” the company said.
IRCON International
The government is planning to sell upto 8 per cent stake in the engineering and construction company through an offer for sale (OFS). The floor price was fixed at Rs 154 per share, the company said in an exchange filing. The government owns 73.18 per cent in the company, and the 8 per cent stake sale will help it raise around Rs 1,159 crore. The OFS will take place between 9:15 am and 3:30 pm on December 7, 2023 on a separate window of the stock exchanges under the T+1 period.
Adani Ports And Special Economic Zone
The company’s board of directors will meet on December 12 to consider the proposal for issuing non-convertible debentures and non-cumulative redeemable preference shares in one or more tranches, the company informed exchanges.
Mahindra & Mahindra
The automobile company will increase prices of its passenger and commercial vehicles from January 2024, in response to the rising costs and commodity prices. Price hikes will vary across models, the company said.
Brigade Enterprises
The real estate firm has entered a joint development agreement with the land owner to develop a premium a ‘A Grade’ office space in the central business district of Bengaluru. The project will cover a developed area of around 0.20 million square feet with gross development value of Rs 500 crore.