Indian markets scale new peak, Adani Ports rises on robust cargo volume & more

NIFTY50: 20,686 ▲ 418 (+2.0%)
SENSEX: 68,865 ▲ 1,383 (+2.0%)

• Benchmark indices close at fresh record highs
• In all, 44 of the NIFTY50 stocks closed in the green
• MCX Gold futures scaled to a new peak today, touching a lifetime high of ₹64,063 per 10 gram.  

Among the NIFTY sectoral indices, PSU Bank (+3.8%) and Nifty Bank (+3.6%) were the top gainers, while Media (-0.7%) and Pharma (-0.1%) were among the top losers.

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⭐ Indian markets rally to record high. Here’s why?

On Monday, bullish momentum gripped the Indian stock market, driving key indices to new highs. NIFTY50 rose more than 400 points, reaching record levels. This comes after the BJP won three out of four elections.  Also, US bond yields (4.2%) continued to decline as US Fed officials hinted at rate cuts in the future. In November 2023, foreign investors became net buyers. Additionally, Brent crude oil is trading below $80 per barrel amid oversupply concerns. 

⭐ Adani Ports’ cargo volume jumps in November

Adani Ports was up 6% today after it reported that its cargo volumes rose 42% year-on-year (YoY) in November 2023. The company handled 36 million metric tonnes (MMT) of cargo as growth was witnessed  across all three segments – dry bulk (over 60% YoY), containers (over 26% YoY) and liquids and gas (over 23% YoY). In the first eight months of FY24, Adani Port handled 275 MMT of cargo, accounting for over 70% of its full-year guidance range of 370-390 MMT. 

⭐ Tata Power acquires Bikaner Transmission project for ₹1,544 crore

Tata Power shares rose 2% today, after the company acquired the Bikaner-III Neemrana-II transmission renewable energy project for ₹1,544 crore. The project includes a 340-kilometre transmission corridor from Bikaner-III to Neemrana II. Tata Power will manage the project for 35 years. The project is expected to be commissioned within 24 months from the SPV transfer date.

⭐ Brigade Enterprises rises on new project launch

Shares of the Brigade Enterprises closed 1% higher following the launch of the new residential project in Bengaluru. This project spans across 14 acres with gross revenue potential estimated at ₹2,000 crore. The total development area for the project is approximately 2 million sq. ft.

⭐ J Kumar Infra bags new flyover order 

Shares of the infrastructure construction company closed 3% higher today. This was after the company received a new order worth ₹378 crore from MMRDA. The project work comprises design and construction of a flyover in Mumbai and has to be executed in 30 months. 

In other news

⭐ Lemon Tree Hotels surged by 2% today after unveiling two new hotels in Maharashtra and Karnataka. 

⭐ L&T Finance Holdings gained 1.9% today after it successfully completed the merger of its subsidiaries —L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee. The merger consolidates all lending businesses under one entity –  L&T Finance Holdings.

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