After opening the day higher, Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.Benchmark equity indices, the BSE Sensex and NSE Nifty50, extended gains for the third consecutive day to settle in the green on Tuesday.At the closing bell, the BSE Sensex stood higher by 597 points (up 0.7%).Meanwhile, the NSE Nifty closed higher by 169 points (up 0.7%).SBI, NTPC, and Adani Ports are among the top gainers today.Bharti Airtel, ITC, and Sun Pharma on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,525 up by 103 points at the time of writing.The BSE MidCap index and BSE SmallCap index ended 1% higher.Barring the FMCG sector and telecom sector, all other sectoral indices were trading positive with socks in the oil & gas sector, banking sector, and power sector witnessing the most buying speer.Info Edge, Dixon Tech, and Oberoi Realty hit their respective 52-week highs today.The rupee is trading at 84.69 against the US$.Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 76,875 per 10 grams.Meanwhile, silver prices were trading 1.4% higher at Rs 92,120 per 1 kg.Here are the three key factors that drive the market’s momentum.#1 Sectoral GainsTuesday’s rally found strength in banking, financial services, metals, and oil & gas stocks. The Bank Nifty index gained 1%, with Nifty Financial Services, Nifty Metal, and Nifty Oil & Gas indices also rising nearly 1% each.#2 RBI MeetingThe market’s recent gains may be due to the expectations of policy clarity from the RBI later this week. Further, reduced Foreign Institutional Investor (FII) selling has provided some relief, but broader economic factors remain at the forefront.#3 Consumption Growth BoostNotably, private consumption growth emerged as a highlight in last week’s GDP data, expanding by 6 percent. This robust growth, significantly outpacing overall GDP growth, counters concerns about a slowdown in consumer demand.
Granules India Shares Crack 10%. Here’s WhyIn news from the pharma sector, Granules India shares slipped sharply in trade, down nearly 10% after the company informed that US FDA has classified the inspection at the Gagillapur facility in Hyderabad, Telangana as an ‘Official Action Indicated’ (OAI).The exchanges were informed about an inspection at the facility on September 7, which resulted in a Form 483 issuance with six observations. Now, Granules India has said that it has responded to ‘all the observations’ issued by the USFDA.The company has voluntarily undertaken a comprehensive evaluation of the facility for furtherenhancements that lead to improvement of the facility. This activity is undertaken inconsultation with external subject matter experts.Granules India is a pharmaceutical company that manufactures and distributes active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediaries (PFIs), and finished dosages (FDs).The company is headquartered in Hyderabad, India, and has manufacturing facilities in India and the United States.
Vakrangee shares locked in 5% Upper Circuit
Moving on to news from the IT sector, shares of Vakrangee Ltd were locked in at a 5% upper circuit on 3 December after the firm announced its partnership with the Central Bank of India for offering banking services on a pan-India basis.This partnership will expedite the expansion of Vakrangee’s network, reinforcing our presence across both rural and urban landscapes of the nation. Moreover, it will significantly enhance access to banking and financial services in unserved and underserved regions, driving financial inclusion across the country.Vakrangee Limited incorporated in 28 May 1990 as a Private Limited company under the name Vakrangee Investment & Consultancy Limited.In April 3 1992 name of the company was changed to Vakrangee Investment and then to Vakrangee in year 1995.
C2C Advanced Systems IPO turns multibagger on debutMoving on, after a robust debut on the NSE SME platform, C2C Advanced Systems shares further rallied 5% to take the total return on the first day to 99.49%, delivering near multibagger returns to investors.Earlier today, the stock was listed at Rs 429.4 as against an issue price of Rs 226, which is a premium of 90% over the issue price. The GMP of the company prior to the listing was above 100%, but the NSE price cap of 90% on SME IPO debuts meant that the returns were curtailed.However, there was strong demand for the shares even after the listing as the stock is locked in 5% upper circuit currently.The IPO, which was completely a fresh equity sale of 43.8 lakh shares, received a robust response from investors with a subscription of over 100 times.The listing date was deferred to December 3 after a Sebi directive raised concerns over the auditing system of the company. Post the IPO closure, investors have also been given the option to withdraw their applications.More By This Author:Sensex Today Trades Marginally Higher; Nifty Above 24,250
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