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Business News/ Markets / Stock Markets/  Coal India, ICICI Bank amongst key Nifty gainers as Banks, Financials, Metals, Oil & Gas index lead the market rally
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Coal India, ICICI Bank amongst key Nifty gainers as Banks, Financials, Metals, Oil & Gas index lead the market rally

Stock Market Today- As Nifty scaled new highs, the key index gainers included Banks, Financial services, Oil & Gas, Metals and realty. ICICI Bank, Coal India, ONGC, BPCL stood among top 10 Nifty Gainers.

Nifty and Sensex scaled new highs led by Banks Financial Services, Oil& Gas, metals and Realty index. (MINT_PRINT)Premium
Nifty and Sensex scaled new highs led by Banks Financial Services, Oil& Gas, metals and Realty index. (MINT_PRINT)

A strong post state election results rally led Sensex and Nifty with gains of more  than 1.5% scale new all-time highs 

The gains for the indices were led by Banks, Financials, metals, Oil and gas and auto stocks though all the indices were trading in green. As Bank Nifty and Nifty financial Services saw handsome gains of more than 2%, Nifty metals and Nifty oil& Gas with gains of close to 2% too were not far behind.

For metals the domestic demand remains strong, being helped by strong economic growth in the country. The steel demand is being led by governments infrastructure push. Post favorable election results for the ruling party , the expectations remain high that government’s emphasis on infrastructure activities will continue lifting outlook for metal demand in the country despite global softness in metal demand and prices. Amongst the Nifty 50 companeis as Tata Steel and JSW steel saw gains of more than 1% , Hindalco Industries  with gains of close to 1%, were trading firm. Coal India however with strong gains of more than 2% was amongst top 5 Nifty gainers.

Also Read- Adani Ent share price, other group stocks surge up to 15%

Crude oil prices have fallen substantially and Brent crude from highs of close to $100 a barrel in September is down and trading close to $80 a barrel now. This has improved outlook for Oil marketing companies as HPCL, BPCL, IOCL. The upstream Oil producers are also likely to keep reporting firm net realizations with reduction in windfall taxes as Brent crude prices decline. BPCL with gains of more than 3% and ONGC with gains of more than 2% were amongst key Nifty gainers.

Nifty realty index with gains of more than 1% remained another key contributor to gains in the indices.

Also Read- Adani Power, REC, ACC, Cyient, others lead midcap, smallcap indices at record high

The Auto stocks were favorable contributors to the rally with Mahindra and Mahindra, Eicher Motors gaining more than 2% and Hero MotoCorp and Bajaj Auto gaining more than 1%. Though a mixed bag November auto numbers with muted growth in Commercial vehicles and weak entry level passenger vehicle growth meant that Tata Motors was trading with some gains while Maruti Suzuki India Ltd was amongst losers.

 

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 04 Dec 2023, 10:33 AM IST
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