After opening the day on a strong note, the Indian share markets experienced a volatile trading session. But, the six days of bullish momentum continued and the markets ended on a firm note.
Equity benchmark indices hit new all-time highs boosted by strong macroeconomic data and the country's ruling party winning key state elections.
At the closing bell, the BSE Sensex stood higher by 431 points (up 0.6%).
Meanwhile, the NSE Nifty closed higher by 168 points (up 0.8%).
Adani Ports and Adani Enterprises were among the top gainers today.
Infosys, HCL Tech, on the other hand, were among the top losers today.
The GIFT Nifty was trading at 20,965, up by 105 points, at the time of writing.
Broader markets ended on a positive note with BSE MidCap index up by 0.2% and BSE SmallCap index up by 0.1%.
Sectoral indices ended mixed with stocks in the power sector, oil & gas sector, banking sector, and energy witnessing most buying. Meanwhile stocks in FMCG sector and realty sector witnessed selling pressure.
Shares of MRF 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 a negative note. The Shanghai Composite ended 1.7% in red while the Nikkei ended 1.4 % lower.
The rupee is trading at 83.38 against the US$.
Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 62,476 per 10 grams.
Meanwhile, silver prices were trading 0.3% lower at Rs 75,966 per 1 kg.
Speaking of stock markets, when it comes to famous turnarounds of the last one year, no discussion can be complete without Suzlon Energy.
For perspective, the stock is up a whopping 312% in the last one year, far outperforming the close to 40% returns earned by the BSE Small Cap index.
By the way, it is up a huge 20x from its March 2020 lows. Talk of life changing investments!
However, there is a risk to investing in a stock like Suzlon Energy and ignoring this risk could prove fatal over the long run.
Co-head of research, Rahul Shah, in his latest video talks about what exactly is this risk and how should one minimise it.
In the news from the renewable energy space, Adani Green was in news today.
Today, on 5 December 2023, the shares of Adani Green surged 14% in early trade and got locked at 20% circuit in the later part of the trading session.
The reason behind today's rally is because the company announced securing an additional US$ 1.4 billion (bn) funding through a senior debt facility. This funding increases the company's total construction financing framework to US$ 3 bn.
This huge inflow of fund is a crucial step for the development of the world's largest renewable energy park at Khavda in Gujarat, with a planned initial stage capacity of 2,167 megawatt (MW).
Adani Green Energy aims to achieve 45 gigawatt (GW) of operating renewable capacity by 2030 and this Khavda project plays a significant role in this vision.
The management of the company aims to accelerate development activities at the Khavda project, which is poised to become the world's largest Renewable Energy Park with a planned generation capacity of 17 GW.
In a month, the share has rallied over 45% and eroded investors wealth by 34% in a year.
If we have a look at other Adani group stocks, they were trading in green after the news broke out that the US agency declared the accusations made by Hindenburg Research as irrelevant.
A similar outcome was seen after the supreme court hearing on 28 November 2023, here's why.
Moving on to the news from the defence space, today, on 5 December 2023, the share price of Bharat Forge hit its 52 week high.
This surge in share price can be attributed to the increase in Class 8 truck orders in North America, which reached its highest level in 13 months.
In November, Class 8 truck orders in North America saw a significant rise of 32% from the previous month, totalling 36,750 units.
On a year-on-year (YoY) basis, the increase was 3%.
Bharat Forge, with a presence in North America's Class 8 truck business, stands to benefit from this surge in orders, indicating positive growth prospects for the company.
The company had also reported positive results in its September quarter, including record-high shipments and a significant increase in sales, contributing to a strong growth in net profit.
In the last one year, the share has rallied 38%.
For more, check out this article on top defence stocks to watch out.
Moving on to the news from the reality sector, Brigade Enterprises was in focus today.
The prominent real estate brand in Mysuru, Brigade Enterprises continued its upward momentum and rose 5% in the morning trade.
This surge was followed by the news that the company signed a joint development agreement (JDA) for a luxury residential project spanning 4 acres in Mysuru, Karnataka.
The project's developable area is around 0.40 million sq ft, with a gross development value (GDV) of Rs 3 bn.
This agreement adds to Brigade Group's residential portfolio in Mysuru, which includes over 25 projects.
The management of the company stated that the luxury project reaffirms their commitment to the growing city of Mysuru.
The company has recorded a robust pipeline for the next year, with around 13 million square feet in Bengaluru, Hyderabad, and Chennai, primarily from residential projects.
The shares of Brigade Enterprises have rallied over 85% in 2023 so far.
For more, check out the top 5 realty stocks under 100 to add to your watchlist.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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