FIRST TRADE: Sensex, Nifty hit record highs on BJP's thumping win in three states

Stock market today: The stock market on Monday, December 4, opened on a strong note, aided by strong domestic macroeconomic data and elevated bets of a US rate cut in March. Besides, analysts saw momentum picking up in the ongoing equity rally after the ruling Bharatiya Janata Party's (BJP) victory in key state elections. The Nifty 50 and Sensex scripted historic highs. Nifty made a fresh high for the second consecutive session.

Last seen, the S&P BSE Sensex was up 897.88 points, or 1.33 per cent, at 68,379.07, and the NSE Nifty was up 283.45 points, or 1.4 per cent, at 10,551.35. Sensex made a new high at 68,587.82.

"The results of the state elections have turned out to be a big event, which can trigger renewed optimism and further rally in the market. The market likes political stability and a reform-oriented, market-friendly government. From a market perspective, the results were better than expected. The market has already partly discounted a BJP victory with a 500-point rally during the last four sessions. But the mood is so exuberant that the rally will continue. The global backdrop is also favourable, with the US 10-year bond yield declining to 4.23 per cent. An across-the-board rally in stocks is in the offing," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Nifty Mid Cap 100 and Small Cap 100 were up over 1 per cent.

High-beta Nifty Bank was up 1.81 per cent at 45,623.1.

BUZZING STOCKS

HUL shares were up over 1 per cent after its board approved the proposal to acquire up to a 27.73 per cent stake in Transition Sustainable Energy Services One Private Limited (SPV).

Auriopro Solutions shares were up over 3 per cent on BSE after the company secured a new order worth more than Rs 30 crore from a large public sector bank in India.

Hero MotoCorp and Eicher Motors shares were up over 1 per cent after the auto companies released their sales numbers post-market on December 1.

CAMS shares were up over 1 per cent after reports suggested promoter Great Terrain Investment (affiliate of Warburg Pincus) may offload an 8 per cent or more stake in the firm.

Siemens shares were up over 2 per cent after the company announced that Germany would buy an 18 per cent stake in Siemens Energy Holding BV at Rs 2952.86 per share.

Tata Power shares were up over 2 per cent after the utility company of the Tata Group won the bid for the Bikaner-Neemrana transmission project.

Conversely, Alkem Laboratories shares traded marginally lower after the US Food and Drug Administration (U.S. FDA) inspected the company's Mandwa facility manufacturing API.

GLOBAL MARKETS 

Shares started firmer on Monday, while gold hit another record high in a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.

MSCI's broadest index of Asia-Pacific shares outside Japan was still up 0.6 per cent, led by gains in South Korea and Australia. Japan's Nikkei dipped 0.4 per cent as the yen extended recent gains.

(with agency inputs)

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