The pre-election rally for May 2024 that began in November has accelerated after the state election results. On December 4, the Sensex shut shop 2 percent higher or up 1,383 points at 68,865 levels, while the Nifty was up 418 points, or 2.07 percent at 20,686. The Sensex scaled a lifetime high of 68,918.22, while the Nifty hit a new all-time high of 20,702.65 during intra-day deals. Both the benchmarks logged biggest single-day gains in over a year.
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Eicher Motors: Shares of this two-wheeler maker soared 7.4 percent to close at Rs 4,181 per share on December 4 after its motorcycle sales rose 13 percent in November compared to corresponding month last year
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Adani Enterprises: The stock price of this Adani Group flagship surged 10 percent to the day's high of Rs 2,598 per share on December 4 after overall markets cheered on Bharatiya Janata Party's (BJP's) sweeping victory in three out of four state elections.
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Adani Ports & Special Economic Zone: Along with Adani Enterprises, the optimism spread to other Adani Group stocks as well. Adani Ports & SEZ jumped 6.7 percent to day's high of Rs 883 per share on December 4.
BPCL: Shares of this oil refinery company surged 6 percent to hit a 52-week high of Rs 464 per share on December 4 as oil prices continued to retreat. Prices of Brent Crude slipped below $80 per barrel, whereas WTI crude was at $73 per barrel.
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ICICI Bank: Shares of this private lender rallied 4 percent to Rs 991 per share on December 4 as Bank Nifty index hit a record high level of 46,484 levels after 91 trading sessions
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HDFC Life Insurance Company: Shares of this private life insurer declined 0.7 percent to the day's low of Rs 675 per share on December 4.
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Britannia Industries: Shares of this biscuit maker dropped 0.7 percent to Rs 4,934 per share on December 4 amid marginal gains clocked in the Nifty FMCG index.
HCL Technologies: Shares of IT major declined marginally to Rs 1,230 per share on December 4 in an otherwise optimistic market. This comes on the back of marginal increase in the Nifty IT index.
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Sun Pharmaceutical Industries: Shares of this drug maker slipped 0.8 percent to the day's low of Rs 1,220 per share on December 4 after the company initiated product recalls in the US markets due to labeling and manufacturing concerns, as reported by the US Food and Drug Administration.
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Wipro: Shares of this IT company were flat at Rs 407 per share on December 4 after a report by credit ratings agency ICRA pointed out that they have IT companies hiring is expected to remain muted in the next 3-4 quarters due to demand slowdown
Lovisha Darad Lovisha is passionate about domestic and global equity market development. She writes stories exclusively on equities from a fundamental perspective, gathering insights from niche market gurus.
