After opening the day higher, the Indian benchmark remained volatile as the session progressed and ended the day on a positive note.Benchmark equity indices BSE Sensex and NSE Nifty50 ended Wednesday’s choppy session in positive territory, extending their winning streak for the fourth consecutive session.At the closing bell, the BSE Sensex stood higher by 110 points (up 0.1%).Meanwhile, the NSE Nifty closed higher by 10 points.HDFC Bank, NTPC, and Apollo Hospital are among the top gainers today.Bajaj Auto, Cipla, and Tata Motors on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,545 up by 11 points at the time of writing.The BSE MidCap index ended 0.8% higher and the BSE SmallCap index ended 0.7% higher.Sectoral indices were trading mixed today with stocks in the realty sector and finance sector witnessing buying. Meanwhile, stocks inthe FMCG sector and auto sector witnessing selling pressure.Dixon Tech, Coforge, and Info Edge hit their respective 52-week highs today.The rupee is trading at 84.73 against the US$.Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 76,772 per 10 grams.Meanwhile, silver prices were trading 0.4% lower at Rs 91,853 per 1 kg.
Bank Nifty Surges Over 1%The Bank Nifty index rallied on Wednesday, 4 December, gaining more than 1% as optimism built around potential liquidity measures in the Reserve Bank of India’s (RBI) upcoming monetary policy meeting.Expectations of a potential Cash Reserve Ratio (CRR) cut drove gains across banking stocks. PSU banking index outshone the private banking index in gains today.The Bank Nifty’s rally was supported by strong performances from key banking stocks. HDFC Bank surged 2.1% to Rs 1,865, contributing 154.28 points to the Nifty, while ICICI Bank gained 0.9% to Rs 1,320.Investor sentiment has been buoyed by expectations that the RBI may announce measures to boost liquidity in its monetary policy review later this week.A cut in the CRR would infuse liquidity into the banking system, freeing up funds that banks would otherwise need to maintain with the RBI.
Star Cement Shares Surge Up to 14%. Here’s Why.Moving on to news from the cement sector, Star Cement’s share price jumped up to 14% in the 4 December trade amid plans of Adani Group-owned Ambuja Cement to acquire the company.Star Cement is a major player in the North East cement market, and the acquisition bid by the Adani Group could be part of its expansion strategy.At the time of publishing, the stock was trading at Rs 211.3 apiece, up 8.06%.The acquisition buzz brings Ambuja closer to its target of achieving over 100 MTPA of cement capacity by FY25, with a longer-term goal of reaching 140 MTPA by 2028.Star Cement has the highest market share in the north eastern region. The company’s total installed capacity stands at 7.7 million tonnes per annum (MTPA) with a 1.67-MTPA integrated cement plant in Meghalaya and four grinding units.
Bajaj Auto Stock Slips 2%Moving on the news from the auto sector, shares of Bajaj Auto reversed marginal early gains to fall over 2% on 4 December following reports that the company has cut prices of its Freedom 125, the world’s first CNG motorcycle, just five months after its launch.The move to cut prices, possibly to offload inventory did not go down well with investors, triggering a fall in the stock.The company has been struggling with sluggish demand as domestic sales slipped 7% on year in November despite the festive season.The company sold 2.40 lakh units in November, domestic sales of 2.40 lakh units, down from 2.57 lakh units sold in the same month last fiscal.Bajaj Auto is an Indian multinational automotive manufacturing company based in Pune. It manufactures motorcycles, scooters, and auto rickshaws. Bajaj Auto is a part of the Bajaj Group.It was founded by Jamnalal Bajaj (1889-1942) in Rajasthan in the 1940s.Bajaj Auto is the world’s third-largest manufacturer of motorcycles and the second-largest in India. It is the world’s largest three-wheeler manufacturer.
Why Swan Energy’s Share Price is Rising?
Moving on to news from the textile sector, shares of Swan Energy have tested highs last seen in August, rising over 13% in trade on 4 December, a day after the company said its shipyard has resumed operations and repaired a Coast Guard vessel.Swan Energy is a diversified business group that began as a textile company and then ventured into LNG storage projects as well as real estate.The company recently ventured into defense and shipyard businesses through the acquisition of Reliance Naval and Veritas India.With the resumption of its shipyard operations, Swan said it has completed its first repair project of a Coast Guard patrol vessel ahead of schedule, providing end-to-end services.Going forward, Swan’s shipyard said it will also take up shipbuilding operations at the facility.Swan Energy’s shipyard claims to be the largest dry dock in India, and one of the largest in the world.More By This Author:Sensex Today Trades Higher; Nifty Above 24,500
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