Sensex Today Rallies 1,371 Points | Nifty Closes Above 20,650 | 5 Reasons Why Indian Share Market is Rising

Mon, 4 Dec Closing

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After opening the day on the positive note, Indian share markets continued the momentum as the session progressed and ended the day on firm footing.

Equity benchmark indices scaled fresh lifetime highs on open as the Bhartiya Janata Party's (BJP) decisive win in assembly elections fuelled a sharp rally.

At the closing bell, the BSE Sensex stood lower by 1371 points (up 2%).

Meanwhile, the NSE Nifty closed higher by 417 points (up 2.1%).

L&T and Eicher Motors were among the top gainers today.

Sun Pharma and Titan, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 20,800, up by 448 points, at the time of writing.

The BSE MidCap index and BSE SmallCap index ended 1.2% higher.

Sectoral indices ended higher with stocks in the banking sector, oil & gas sector and financial sector witnessing most buying.

Shares of Bosch and Shree Cement hit their respective 52-week highs 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...

Asian share markets ended on mixed note. The Shanghai Composite ended flat while the Nikkei ended 0.6% lower.

The rupee is trading at 83.35 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 63,587 per 10 grams.

Meanwhile, silver prices were trading 0.6% lower at Rs 77,613 per 1 kg.

Here are five reasons why Indian Markets are rising today.

#1 State election results

Dalal Street gained momentum and reached a record high after the Bharatiya Janata Party got a clear mandate in the three major northern states of India.

BJP has retained Madhya Pradesh (MP) with a strong majority and regained Rajasthan and Chhattisgarh from the Congress with a comfortable majority.

#2 Strong FII inflow

FIIs bought Indian shares worth Rs 15.9 billion (bn) on Friday on a net basis. Domestic institutional investors sold shares worth Rs 14.5 bn. FIIs also snapped a two-month selling streak in November, adding stocks worth Rs 90 bn.

#3 US Bond yield

Treasury yields hit multi-month lows last week after a US Federal Reserve official made fresh hints of interest rate cuts. The two-year yield hit its lowest since mid-July at 4.6% and the benchmark 10-year yield fell to its lowest since September at 4.23%

#4 Falling crude oil prices

Oil futures fell on Monday amid geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector's outlook.

Brent crude futures fell 52 cents, or 0.5%, to US$ 78.4 a barrel, while US West Texas Intermediate crude futures were at US$ 73.6 a barrel, down 0.6%.

#5 The rupee factor

The Indian rupee rose 6 paise to US$ 83.27 against the US dollar in early trade, aided by a drop in US Treasury yields following comments from Federal Reserve Chair Jerome Powell and on the back of state election victories for India's ruling party.

The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.03% to 103.29 level.

Speaking of stock markets, when it comes to famous turnarounds of the last one year, no discussion can be complete without Suzlon Energy.

The stock was arguably on the top of the list of every market pundit.

For perspective, the stock is up a whopping 312% in the last one year, far outperforming the close to 40% returns earned by the BSE Small Cap index.

By the way, it is up a huge 20x from its March 2020 lows. Talk of life changing investments!

However, there is a risk to investing in a stock like Suzlon Energy and ignoring this risk could prove fatal over the long run.

Co-head of research, Rahul Shah, in his latest video talks about what exactly is this risk and how should one minimise it.

L&T Surges 5% And Hits Fresh High. Here's Why

In news from the engineering sector, Shares of Larsen & Toubro (L&T) surged 5% to hit a new high of Rs 3,347.25 on the BSE in Monday's intra-day trade amid heavy volumes led by a strong business outlook.

This can be further attributed to its incorporation of a new wholly-owned subsidiary L&T Semiconductor Technologies.

The stock of engineering, procurement and construction (EPC) major topped its share buyback price of Rs 3,200 per share today.

L&T had bought back 31.25 million equity shares of the company via a tender offer, which opened on 18 September 2023 and closed on 25 September 2023.

In the past three decades, the company's shares grew at a CAGR of 26.4%, whereas the benchmark index BSE Sensex saw a growth (CAGR) of 16.5% during the same time.

L&T has been an investor's favourite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. For more details, check out L&T's next big leap in the green hydrogen space.

Som Distilleries Expands Beer Reach to Tamil Nadu

Moving on to news from the food & tobacco sector, Som Distilleries announced receiving the Karnataka Excise Department's approval to supply premium beer brands in Tamil Nadu. The stock gained nearly 5% after the announcement.

In QFY24, the company's beer volume increased 40.5 YoY to 40.3 lakh cases. Brands like Hunter and Blackfort recorded volume growth of 24.1% and 36.7%, respectively, compared to the previous quarter.

Hunter and Blackfort are among the key millionaire brands that have sales of more than 1 million cases per annum for the company.

In July, Som Distilleries received approval to supply beer in Rajasthan. The company said Rajasthan is one of the top five states in consumption nationwide.

Shares of Som Distilleries have surged 153% in the year-to-date period. Meanwhile, FIIs have reduced their stake in the company from 1.1% in the June quarter to 0.9% in the September 2023 quarter.

At the same time, DIIs have increased from 0.2% in the June quarter to 0.5% in the September quarter.

Som Distilleries and Breweries manufactures and sells spirits, beer, and alcopop in India and internationally. The company offers beer, whisky, rum, vodka, brandy, etc.

The shareholding pattern of Som Distilleries and Breweries shows that the insiders or promoters have increased their stake in this beverage company for five consecutive quarters.

Consistent promoter buying indicates the promoter's confidence in the company.

No Wonder Dolly Khanna bought a stake in this liquor company.

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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