After a gap-up opening, Indian share markets extended gains as the session progressed and ended firmly in the green, closing at the day’s high.The rally was contributed to the hopes of rate cuts as early as March 2024, rising gold prices, and the falling dollar index.Meanwhile, broader markets witnessed a sharp rally with several midcaps and smallcaps spiking over 10%. This positive sentiment further supported overall sentiment.At the closing bell, the BSE Sensex closed 1% higher at 66,901, rising by 728 points.Meanwhile, the NSE Nifty closed higher by 207 points at 20,097.Axis Bank and M&M were among the top gainers today.Nestle and Titan, on the other hand, were among the top losers today.Check out the NSE Nifty heatmap to get the complete list of gainers and losers.The Gift Nifty was trading at 20,268, up by 140 points, at the time of writing.Broader markets ended positively. The BSE MidCap index closed 0.8% higher and the BSE SmallCap index ended 0.4% higher.Sectoral indices ended in green with stocks in the banking sector, auto sector, and IT sector witnessing most of the buying.Meanwhile, stocks in the realty sector witnessed selling.Shares of Bajaj Auto, Bosch and Titan hit their 52-week highs today.Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments…Asian share markets ended on a negative note. The Hang Seng ended lower by 2%, the Nikkei ended down by 0.3% and the Shanghai Composite fell 0.5%.The rupee is trading at 83.31 against the US$.Gold prices for the latest contract on MCX are trading at Rs 62,650 per 10 grams, down by 0.1%.Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 77,000 per kg.
Why BHEL Share Price is RisingLet’s begin with news from the engineering sector.Amid bullish market sentiment, the stock price of Bharat Heavy Electricals Limited (BHEL) saw a rise of over 5% in today’s trading session. This marks the fifth consecutive day of gain for BHEL.The rise in share price today came after the defense ministry signed a contract with BHEL for the procurement of 16 upgraded super rapid gun mounts (SRGM) and associated accessories for the Indian Navy.The defense ministry stated that the upgraded SRGMs will be installed on both existing and newly constructed ships of the Indian Navy.All the SRGMs will be manufactured at BHEL’s Haridwar plant. These weapon systems have a proven record of excellent performance against missiles and fast attack crafts.In addition to this defense contract, BHEL also signed a memorandum of cooperation with Electricite de France S.A. (EDF), a French state-owned company. This company is also the largest nuclear operator globally.This collaboration aims to explore opportunities to maximize local content for the Jaitapur Nuclear Power Plant Project in India, established by the Nuclear Power Corporation of India Ltd. (NPCIL).BHEL shares have seen a sharp spike in recent months.
IREDA Makes Bumper Debut
India Renewable Energy Development Agency (IREDA), a government-owned enterprise focused on renewable energy, had an impressive debut on the stock market on 29 November 2023.The stock opened at Rs 50, which is a 56% premium over its issue price of Rs 32. Prior to the listing, there was a 37% premium in the grey market, an unofficial platform where shares traded before the official listing.IREDA raised Rs 21.5 billion (bn) through its initial public offering, which included a fresh issue of shares worth Rs 13 bn and an offer for sale of shares worth Rs 8.6 bn.The strong debut can be attributed to the positive sentiment of the markets and IREDA’s strong financial performance.In the recent quarter gone by, the company’s net profit rose by 54% compared to the same period last year. This growth has been driven by consistent growth in the loan book and a significant reduction in net nonperforming assets (NPAs) from 2.72% to 1.65% year on year.As a government enterprise under the Ministry of New and Renewable Energy, IREDA plays a crucial role in providing financial products and services for renewable energy projects.
Indian Gold Prices at an All-Time High. Here’s Why…Gold prices in MCX Gold futures touched a historic high on Wednesday, 29 November 2023 reaching an intraday peak of Rs 62,934 in the February contract.This surge was attributed to a weaker dollar in the international markets, with the dollar index (DXY) trading at three-month lows and slipping below the 103 mark.On the Comex, Gold futures traded at US$ 2,045 per troy ounce, marking a gain of 0.24%.The international Gold price touched an all-time high of US$ 2,048.29 per ounce. This uptrend was driven by comments from Federal Reserve officials hinting at potential future interest rate cuts supported the rise in Gold prices.The key question now on investors’ minds is whether they should buy gold now.We at Equitymaster have always had a very simple answer to this question.Yes, you should invest in gold. However, it ideally shouldn’t form more than 10-15% of your overall portfolio. This will be sufficient to tide over bad times in the market and economy.We’re not too fond of trading gold. However, if you are willing to put in the time and effort to study the gold market globally (gold is an international asset), and also study trading tools like technical analysis, then you can give trading a shot.If you choose to trade gold in the futures market, you will also need to learn money management, and trading psychology, and keep a close eye on the latest gold market trends on an ongoing basis.We believe good old-fashioned long-term investing in gold would be preferable.More By This Author:Sensex Today Zooms 400 Points, Nifty Above 20,000Sensex Today Ends 204 Points Higher; Power Stocks ShineSensex Today Trades Flat; BPCL & Hindalco Top Gainers
Sensex Today Ends 700 Points Higher; Nifty Hits 20,100
