NIFTY nears 24,500, SENSEX rallies 901 points: BEL, Adani Enterprises, TCS top movers; SBI Life major drag

3 min read | Updated on November 06, 2024, 16:55 IST

SUMMARY

Gains in IT, pharma and steel shares helped key stock indices closing in the green for the second day in a row. All the NIFTY sectoral indices closed with gains, led by NIFTY IT, which surged more than 4%. Bharat Electronics shares rose the most among NIFTY stocks by gaining 5.33%, after optimistic views by experts on the stock.

All the NIFTY sectoral indices closed with gains, shares of Adani Enterprises rose for the second day

Stock markets advanced for the second straight day on Wednesday, November 6, following gains in IT and pharma shares as Republican candidate Donald Trump claimed victory in the US presidential polls.

The 50-share NIFTY closed higher by 270.75 points, or 1.12%, at 24,484.05. As many as 41 constituents ended in the green while 9 closed in the negative territory. The index opened higher and moved in a range in early trade. The barometer broke the pattern in late morning deals as the US presidential poll results started to indicate Trump racing ahead against rival Kamala Harris. NIFTY hit a high of 24,537.6 during the day.

The 30-issue SENSEX rose by 901.5 points, or 1.13%, to settle at 80,378.13 with 25 constituents closing higher and five with losses.

Gains in IT, pharma and steel shares helped key stock indices closing in the green for the second day in a row. US poll results showed Donald Trump was close to victory which led to expectations of more spending in the country and these sectors are likely to benefit.

All the NIFTY sectoral indices closed with gains, led by NIFTY IT, which surged more than 4%. Oil & Gas, Consumer durables, Realty, Metal and PSU Banks were among the lead gainers.

Bharat Electronics and Adani Enterprises are lead gainers

Bharat Electronics shares rose the most among NIFTY stocks by gaining 5.33%, after optimistic views by experts on the stock. BEL shares hit a high of ₹304.3 apiece on the NSE in intraday trade.

Adani Enterprises shares rose for the second day, closing higher by 4.48% at ₹3,046.25 apiece on the NSE.

TCS rallied 4.32% as Donald Trump appeared to win the US presidential election. Other IT stocks like Wipro and HCL Tech gained 3.92% each, while Infosys rose by 3.81%. Tech Mahindra rallied 3.71%.

Among other NIFTY constituents, Adani Ports, BPCL Dr Reddy's and Larsen & Toubro also advanced.

SBI Life and Titan emerge as top losers

SBI Life emerged as the lead loser among NIFTY stocks. The stock declined 1.6% on profit taking after recent gains. SBI Life shares settled at ₹1,607 apiece on the NSE.

Titan dropped 1.45% after the jewellery and watchmaker firm reported a fall in September quarter net profit.

HDFC Life declined by 1.11%. The stock moved in a range of ₹718 to ₹704.35 during the day and finally settled at ₹709.3 apiece.

Among other NIFTY stocks, IndusInd Bank dropped 0.91% while Trent slipped 0.55% ahead of its second quarter financial results.

About The Author

Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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