Sensex Rises by 597 Points, Adani Ports Leads Gains
Click to start listening
Mumbai, Dec 3 (NationPress) The Indian benchmark equity indices, Sensex and Nifty, concluded the trading session positively on Tuesday, bolstered by significant purchasing in the PSU Bank and media sectors.
At the close, Adani Ports stood out as the leading gainer in the BSE's benchmark, finishing at Rs 1,288.80 after a remarkable increase of Rs 73.20 or 6.02 percent.
Sensex wrapped up at 80,845.75, an increase of 597.67 points or 0.74 percent, while the Nifty 50 concluded at 24,457.15, rising by 181.10 points or 0.75 percent.
Vikram Kasat, Head of Advisory at PL Capital, stated: "Indian benchmark equity indices continued their upward trend on Tuesday, marking the third consecutive session of gains, supported by positive signals from Asian markets that boosted investor confidence."
“The advances were primarily propelled by metal and financial stocks, driven by anticipations of a 25 basis-point rate cut by the U.S. Federal Reserve later this month, following dovish comments from key officials. The market breadth remained strong, with advancing stocks significantly outnumbering decliners,” he added.
On the broader market scale, the Nifty Midcap 100 was recorded at 57,509, up by 508.15 points or 0.89 percent, while the Nifty SmallCap 100 finished at 19,003.55, an increase of 132.15 points or 0.83 percent.
Rupak De, Senior Technical Analyst at LKP Securities, mentioned: "Nifty experienced another day of bullish activity, as the index surpassed the 38.20 percent Fibonacci retracement level of the previous decline from 26,277 to 23,263."
“Furthermore, the index has broken out of its recent consolidation phase on the daily chart, signaling a rise in bullish sentiment,” he noted.
Sector-wise, Nifty PSU Bank, media, metal, energy, infra, PSE, commodities, auto, IT, and financial services concluded in positive territory, while Nifty Pharma and FMCG ended in the negative.
Within the Sensex pack, the top performers included Adani Ports, NTPC, Axis Bank, SBI, L&T, UltraTech Cement, Tata Motors, and HDFC Bank. The biggest losers were Bharti Airtel, ITC, Asian Paints, Sun Pharma, and Kotak Mahindra Bank.
