The equity benchmark NSE Nifty 50 index touched its all-time high while Sensex rallied 493 points to settle at an 11-week high, on the back of favorable macroeconomic data and continuous foreign fund outflows.
The BSE Sensex jumped 492.75 points or 0.74 per cent to settle at 67,481.19, the highest closing level since September 18. The Nifty 50 climbed 134.75 points or 0.67 per cent to settle at an all-time high of 20,267.90.
In the state election results, the BJP has comfortable won the three out of four states that went under the polls The BJP has retained Madhya Pradesh (MP) and regained Rajasthan and Chhattisgarh from the Congress with a comfortable majority.
“Equity markets were justifiably anxious about the outcome of state polls and what it portends for the 2024 general elections. With the outcome overwhelmingly in favor of the incumbent BJP, the confidence of the market in the current dispensation and political continuity post 2024 Loksabha elections will get a boost. This augurs well for macro and policy momentum for India, which, at the moment, is seeing the highest growth among major economies,” according to a note by Motilal Oswal Financial Services.
Top Stocks To Watch On 4 December:
Hindustan Unilever
The FMCG major has decided to split its beauty and personal care business in to two separate divisions in an effort to increase focus on these high-growth segments amid rising competition from new age brands. With the transition, effective 1 April, HUL’s beauty and personal care business structure will follow that of parent Unilever, which also has beauty and wellbeing (B&W), and personal care (PC), as separate divisions.
Tata Power
The company has won the bid to acquire Bikaner-III Neemrana-II Tranmission renewable energy project for around Rs 1,544 crore. The energy project is of a special purpose vehicle (SPV) set up by PFC Consulting Limited, a subsidiary of Power Finance Corporations. The project is poised to facilitate the evacuation of 7.7 gigawatts (GW) of renewable energy from the Bikaner Complex in Rajasthan.
GAIL
Gas Authority of India Limited filed claim over non-supply of LNG cargoes by SEFE Marketing and Trading Singapore worth $1.817 billion in the London Court of International arbitration. "SEFE Marketing & Trading Singapore Pte Ltd (erstwhile Gazprom Marketing and Trading Singapore Pte Ltd)" and has sought "up to USD 1.817 billion and alternative relief including non-monetary reliefs," said the PSU in its stock exchange filing on Friday.
Hero MotoCorp
The world’s largest manufacturer of motocycles and scooters reported total sales growth of 25.6 per cent at 4.91 lakh units from 3.9 lakh units last year. Domestic sales increased 25.4 per cent, while exports jumped 33.1 per cent from last year at 14,764 units.
Suzlon Energy
Investment firm BlackRock Inc’s equity holding has surpassed the 5 per cent level in renewable energy solution provider with the acquisition of around 24.73 lakh shares. “The aggregate holdings of BlackRock Inc (on behalf of discretionary management clients) in Suzlon Energy Limited has moved above 5 per cent,” the company said in a regulatory filing.
