NIFTY50 and Sensex close at record highs for the third consecutive day; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 6 December 2023. We’ll be back with our live coverage at 8:00 am on Thursday.

The NIFTY Smallcap 100 index closed 0.3% higher. The NIFTY Midcap 100 Index also closed in green, up 0.2%.

The NIFTY Financial Services index was down 0.1% today. IEX (+2.4%), REC Ltd (+2.4%) were the top gainers, whereas ICICI Lombard (-1.2%) and Axis Bank (-1.1%) were the top losers.

The BANK NIFTY (-0.3%) index declined marginally today after the record close in the previous session. Fall in large banks such as ICICI Bank (-1.0%), Axis Bank (-1.1%) dragged down the index.

The NIFTY50 (+0.4%) index closed above the 20,900 mark, while Sensex (+0.5%) was up around 350 points. Indian markets continued their upward march for the seventh consecutive session. On the sectoral front, Media (+2.1%) and IT (+1.6%) are the top gainers, while Bank (-0.3%) and Pharma (-0.3%) are the top losers.

Long build up: Tata Steel, BPCL, Tech Mahindra, L&T, and LTI Mindtree

Short build up: Coal India, Adani Enterprises, Ultratech, ICICI Bank and Cipla

Shares of the pharmaceutical company rose nearly 5% intraday after the company received tentative approval from the US FDA for Canagliflozin Tablets. These tablets improve glycemic control in adults with type 2 diabetes mellitus. Indoco Remedies will manufacture this product at its Goa plant.

Cyclone Michaung has severely impacted the southern state of India. Andhra Pradesh and Chennai state government have issued a red alert across several districts. This cyclone has led to operation shutdowns at various listed companies due to heavy rains and power disruptions. Here are the complete details

• Greenpanel Industries said operations at its Chittoor plant in Andhra Pradesh were disrupted due to Cyclone Michaung. Shares of the company traded lower today.

• Manali Petrochemicals has shut down its manufacturing facilities in Chennai since 4 December 2023 due to flooding . The company said it is taking steps to resume operations in a phased manner.

MCX Gold Futures rose 0.5% today, trading around ₹62,300 level, mirroring the gains in the international markets. Meanwhile, spot gold prices traded around $2,042 per ounce, up 0.43% in the global market amid ease in the US dollar.

India’s leading power sector stocks have seen strong traction this year. Shares of Adani Power, Tata Power, JSW Energy, NHPC and several others have gained between 42% to 87% so far this year. Here are the key factors behind this rally in power stocks

• Domestic power demand is expected to remain higher, driven by industrial and household demand. Also, the domestic economy is seeing capex-driven GDP growth, leading to increased power demand.

• As per experts, there was broad consensus that peak power shortages are here to stay for 18-24 months at least. This will be beneficial for the power stocks.