- By Ashita Singh
- Tue, 05 Dec 2023 09:30 AM (IST)
- Source:JND
Sensex on Tuesday opened at fresh record highs for a second session in a row as it crossed the 69,000 mark registering a rise of 137 points in early trade, after a stellar start on the previous day. The NSE Nifty 50 index rose 0.59% to 20,808.90 points, while the S and P BSE Sensex was up 0.44 per cent to an all-time high of 69,168.53 as of 9:15 a.m. IST. Sensex and NSE Nifty were at an all-time today just 24 hours after setting the highest-ever spike, the result of the Bharatiya Janata Party (BJP) winning the elections in three important states - Madhya Pradesh, Rajasthan and Chhattisgarh.
Banks gained 0.7 per cent while public sector banks added 1.3 per cent. Several brokerages picked financials and large-caps among their most preferred sectors as they anticipated a rally in domestic equities ahead of the 2024 general elections.
HDFC Bank and ICICI Bank gained about 1 per cent while Axis Bank and State Bank of India added 1.75 per cent each. Oil and gas stocks extended gains, rising 0.9 per cent, as Brent Crude futures stabilised near USD78 per barrel, on demand concerns and uncertainty over supply cuts.
Meanwhile, the Bharat Petroleum Corp jumped 3 per cent and was among the top Nifty 50 gainers. The more domestic-focussed small- and mid-caps added 0.4 per cent and 0.6 per cent, respectively, to hit fresh record highs.
Adani Group stocks jumped between 2 per cent and 6 per cent, extending their rally for the second session. Adani Enterprises and Adani Ports and Special Economic Zone were the top Nifty 50 gainers.
Despite this positive trend, the GIFT Nifty on the NSE IX experienced a decline of 43.5 points, closing at 20,817, signalling a potential negative start for Dalal Street.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Oil prices remained stable on Tuesday amidst uncertainty surrounding OPEC+ voluntary output cuts and ongoing tensions in the Middle East, causing concerns about supply. Brent crude futures saw a modest increase of 13 cents, reaching USD 78.16 per barrel, while U.S. West Texas Intermediate crude futures rose by 18 cents to USD 73.22 per barrel".
(With Agency Inputs)