NIFTY50: 19,889 ▲ 95 (+0.4%)
SENSEX: 66,174 ▲ 204 (+0.3%)
- Benchmark indices edged higher after two days of range bound trading
- In all, 39 of the NIFTY50 stocks closed in the green
- Brent crude oil prices rose today, up 1.2% at $80.8 per barrel, supported by a weak dollar and expectation of an oil supply cut by OPEC+ producers group amid concerns over subdued oil demand
Among the NIFTY sectoral indices, Oil & Gas (+2.2%) and Metal (+1.8%) were the top gainers, while Pharma (-0.3%) and FMCG (-0.1%) were the top losers.
What's Up
| Top gainers | Today's change |
| Adani Enterprises |
2,250 ▲ 74 (+3.4%) |
| Adani Ports | 1,196 ▲ 25 (+2.1%) |
| Tata Motors |
698 ▲ 24 (+3.6%) |
What's Down
| Top losers | Today's change |
| Cipla |
1,191 ▼ 7.1 (-0.6%) |
| Apollo Hospitals | 5,370 ▼ 31 (-0.5%) |
| HUL |
2,502 ▼ 12 (-0.5%) |
Market Sentiment
| USD-INR | 83.34 ▼ 0.02 (-0.03%) |
| NIFTY MIDCAP 100 | 42,278 ▲ 227 (+0.5%) |
| NIFTY SMALLCAP 100 | 13,868 ▲ 41 (+0.30%) |
| India VIX |
12.18 ▲ 0.85 (+7.4%) |
Stock Buzz
⭐ Adani Group stocks on the rise
Adani Group stocks gained over ₹1 lakh crore in market cap today, with Adani Total Gas and Adani Energy Solutions zooming 20%, while the flagship Adani Enterprises rose by 9%. Shares of other Adani Group companies gained in the range of 3 to 13%. This came after the Supreme Court (SC) concluded hearings in the Adani-Hindenburg case. Market regulator SEBI has assured the SC that no extra time is required for the probe, and 22 out of 24 cases have already been resolved. In January this year, US-based short-seller Hindenburg had published a report, accusing Adani Group of fraudulent activities including stock price manipulation.
⭐ TCS buyback opening on 1 Dec
The ₹17,000 crore share buyback of Tata Consultancy Services will be open between 1 to 7 December 2023. The IT service provider intends to buy back over four crore equity shares at a price of ₹4,150 per share, which is nearly 20% higher compared to today’s close. As per experts, there could be a large number of applications for the TCS buyback, especially from short-term investors because of the 20% premium. However, investor returns will depend on the acceptance ratio, which is the proportion of shares accepted in relation to those tendered.
⭐ Spencer’s Retail to pare subsidiary’s debt
Shares of the retail chain operator rose over 7% today. This comes after the company said its subsidiary Nature’s Basket is expected to cut its debt by ₹100 crore. This will be done through a mix of loan restructuring and repayments. Further, Spencer Retail expects to be EBITDA positive (profitable at operating level) in the current year.
⭐ KPI Green Energy hits 52-week high
Shares of the renewable energy company hit a new 52-week high. This comes after the company’s subsidiary Sun Drops Energia Private Limited secured a new order of 4.66 MW solar power projects from GVM Woven and Radhika Silk Mills. With this order, the company's cumulative orderbook stands at 143+ MW of solar power projects.
⭐ PB Fintech gains on investment plans
Shares of the online insurance and lending platform operator gained nearly 1.8% in early trade but closed 0.7% lower today. The company announced an investment of ₹350 crore in its wholly owned subsidiary Policybazaar Insurance Brokers. As per the company, this new investment will help its subsidiary strengthen its financials, meet its general operating expenses as well as enhance brand awareness and office presence.
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