Indian equity benchmark indices Sensex and Nifty jumped over 2 per cent to hit record high levels on Monday, recording the first straight session of gains after BJP won assembly elections in three states boosted investor sentiment.
The BSE Sensex jumped 1,383.93 points or 2.05 per cent to settle at a lifetime high of 68,865.12. The index touched an intra-day record high of 68,918.22. The total market capitalisation of BSE-listed companies increased by Rs 5.81 lakh crore to Rs 343.48 lakh crore.
The NSE Nifty also surged 418.90 points, or 2.07 per cent, to hit its all-time closing high of 20,686.80.
“The outcome overwhelmingly in favour of the incumbent BJP, strong macroeconomic data and easing global interest rate expectations boosted the market momentum. Nifty has rallied by 1865 points or 10% from its low of 18837 made in October 23. We expect market sentiment to strengthen further as the ongoing pre-election rally is quite strong now. Given the government’s focus approach towards long-term capex across key areas, we expect BFSI, Industrials, Real Estate, Auto and Consumer Discretionary to do well going forward,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd.
Top Stocks To Watch On 5 December:
HCL Technologies
HCL Investments UK, the step-down subsidiary of HCL Technologies, has signed a Memorandum of Understanding (MoU) with its joint venture partner, State Street International Holdings, for selling the entire 49 per cent equity stake in the JV to State Street for $170 million or Rs1,417 crore. The amount will be in addition to the JV’s net book value.
JSW Infrastructure
The company’s subsidiary, JSW Dharamtar, has entered into a share purchase agreement to acquire 50 per cent plus 1 share of PNP Maritime Services held by SP Port Maintenance, a Shapoorji Pallonji group company, for Rs 270 crore. PNP Port is operating multi-purpose jetties at Shahabad in Raigad, Maharashtra.
Mahindra & Mahindra Financial Services
M&M Financial Services Ltd estimated the overall disbursement at approximately Rs 5,300 crore in November 2023, posting a 16 per cent growth over previous year, the company informed exchanges on Monday The year-to-date November 2023 disbursements grew 16 per cent year-on-year to around Rs 36,000 crore.
Hindustan Construction Company
The company will sell its Swiss construction unit to a French company for Rs 928 crore. The HCC-owned Steiner AG, Switzerland, has entered into a share purchase agreement with Demathieu Bard to sell its entire stake in Steiner Construction SA, Switzerland – a step down material subsidiary of the company, the company said in an exchange filing on Monday. The transaction will be concluded by the end of this month or the beginning of next year.
Bajaj Group
The market capitalization of Bajaj Group surpassed the Rs 10 lakh crore mark on Monday, on the back of gains in Bajaj Auto and Maharashtra Scooters Limited.
