Sensex Today Soars 2,000 Points, Hits Record High | Nifty Above 23,300 Level | Adani Power Surges 12%

Mon, 3 Jun 10:30 am

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Asian stocks gained in early trading, as a softer reading of the Federal Reserve's preferred measure for inflation bolstered rate-cut hopes.

Equities in Australia and Japan opened higher on Monday, with futures also pointing to gains in Hong Kong.

The US stock market ended higher on Friday with the Dow registering its biggest daily percentage gain since November 2023.

Here's a table showing how US stocks performed on Friday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	173.93	0.37	0.21%	174.42	170.97	179.95	115.83
Apple	192.33	1.04	0.54%	192.57	189.91	199.62	164.08
Meta	467.29	0.24	0.05%	469.12	454.46	531.49	258.88
Tesla	178.1	-0.69	-0.39%	180.32	173.82	299.29	138.8
Netflix	642.03	-5.63	-0.87%	648.58	628.3	664.25	344.73
Amazon	176.45	-2.87	-1.60%	179.21	173.87	191.7	118.35
Microsoft	415.61	0.93	0.23%	416.75	404.51	433.6	309.45
Dow Jones	38686.32	574.84	1.51%	38719.43	38092.27	40077.4	32327.2
Nasdaq	18536.65	-2.01	-0.01%	18574.56	18189.78	18907.54	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 1,870 points higher and NSE Nifty is trading 594 points lower.

Adani Ports, NTPC and Adani Enterprises are among the top gainers today.

Infosys, Nestle and Dr Reddy's Lab the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on negative note. The BSE Midcap index ended flat and the BSE Smallcap index is trading 2% higher.

Sectoral indices are trading on positive note, with socks in finance sector, oil & gas sector and power sector witnessed buying.

The rupee is trading at Rs 83.05 against the US dollar.

In commodity markets, gold prices are trading 0.6% lower at Rs 71,389 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of stock market, have you ever heard of Occam's Razor? It basically says the simplest explanation is usually the right one. Simplicity over complexity.

Can we apply this to investing, especially penny stocks that are trading below Rs 100?

Yes, we can.

Rahul Shah, Co-head of research at Equitymaster, talks about 3 penny stocks for your watchlist, chosen using Occam's Razor principles.

Tune in for more.

Adani Ports Signs 30-Year Concession Pact

Adani Ports and Special Economic Zone on Friday said its wholly owned subsidiary Adani International Ports Holdings Pte Ltd (AIPH) has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania.

The Dar es Salaam Port is a gateway port with a well-connected network of roadways and railways.

East Africa Gateway Ltd (EAGL) has been incorporated as a joint venture of AIPH, AD Ports Group, and East Harbour Terminals.

APSEZ will be the controlling shareholder and will consolidate EAGL on its books.

EAGL has signed a share purchase agreement for the acquisition of a 95% stake in Tanzania International Container Terminal Services Ltd (TICTS) from Hutchison Port Holdings Ltd (and its affiliate Hutchison Port Investments Ltd) and Harbours Investment Ltd for a purchase consideration of US$ 39.5 million.

Container Terminal 2, with four berths, has an annual cargo handling capacity of 1 million twenty-foot equivalent units (TEUs) and managed 0.82 million TEUs of containers in 2023 -- about 83% of Tanzania's total container volumes.

Cochin Shipyard's New Order Win

Udupi Cochin Shipyard Limited (UCSL), a wholly-owned subsidiary of India's leading shipyard, Cochin Shipyard Limited (CSL), has secured a major order from Ocean Sparkle Limited, a prominent Indian tug operator under Adani Harbour Services Limited.

The contract for the construction of three ASD (Azimuth Stern Drive) Tugs of 70 T bollard pull power was signed.

UCSL had earlier contracted the construction of two 62 T bollard pull ASD tugs for OSL.

Both these tugs were delivered by UCSL before contractual delivery dates and have been deployed by OSL at Paradeep Port and New Mangalore Port.

These new 70-tonne bollard pull tugs will have a length of 33 metres, a Beam of 12.2 metres and a draft of 4.2 metres.

They will be propelled by two main engines of 1838 kW, thrusters of 2.7-metre diameter, diesel generators of 150 kW, forward towing winch, aft winch, deck crane (3T) and external fire fighting system.

These tugs, designed by Robert Allan Limited, the world's leading design house for harbour tugs, will be built under the Indian Flag and classed with the Indian Register of Shipping (IRS).

They will confirm the ASTDS (Approved Standard Tug Design and Specifications), promulgated by the Government of India, in line with the Aatmanirbhar Bharat and Make in India initiatives.

UCSL is the first shipyard to contract and construct tugs confirming to ASTDS.

UCSL had earlier signed contracts with Polestar Maritime Limited for the construction of 2 ASD tugs of 70 T bollard pull.

The first vessel has been handed over to the owners ahead of its contractual delivery date.

Maruti Suzuki India Reduces Prices

Maruti Suzuki India announced a reduction in prices of its AGS (Auto Gear Shift) variants across its models.

The prices of AGS variants across models (Alto K10, S-Presso, Celerio, Wagon-R, Swift, Dzire, Baleno, Fronx & Ignis) have been reduced by Rs 5,000. The prices will come into effect from today i.e. 1 June 2024.

The company revealed the price reduction in an official statement but did not disclose the exact reason behind this decision. However, it emphasised its intention of making its AGS variants more affordable.

The components are mounted in the car's transmission unit, ensuring synchronised clutch control and smoother gear shifts. This helps AGS deliver improved performance and enhanced fuel efficiency.

Auto Gear Shift (AGS) is an automatic transmission technology that combines the benefits of manual and automatic transmissions. Introduced by MSI in India in 2014, AGS automates gear shifts and clutch control electronically without driver intervention.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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