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Sensex Today Ends 204 Points Higher | Power Stocks Shine | Why Adani Group Stocks Are Rising
Tue, 28 Nov Closing

Sensex Today Ends 204 Points Higher | Power Stocks Shine | Why Adani Group Stocks Are Rising

After starting the day on a positive note, Indian share markets consolidated in a narrow range and closed firmly in green.

At the closing bell, the BSE Sensex stood higher by 204 points (up 0.3%).

Meanwhile, the NSE Nifty higher by 95 points (up 0.5%).

Adani Power and New India Assurance Limited were among the top gainers today.

Suzlon Energy and Raymonds 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 19,964, down by 107 points, at the time of writing.

Broader markets ended positively. The BSE MidCap index closed 0.3% higher and BSE SmallCap index, ended marginally higher.

Sectoral indices ended mixed with stocks in the power sector and oil & gas sector witnessing buying. Meanwhile, the stocks in the FMCG sector and capital goods sector witnessed selling pressure.

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He also showed how this leap could potentially generate wealth at a scale we have probably never seen before.

Plus, he also shared details of his latest special report covering his top 3 stocks to ride this giant leap with all the viewers.

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Shares of Angel Broking, Alkem Labs and JK Cement hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a mixed note. The Hang Seng ended 1% in red, while Nikkei ended 0.1% lower. Meanwhile, the Shanghai Composite closed 0.2% high.

The rupee is trading at 83.34 against the US$.

Gold prices for the latest contract on MCX is trading flat Rs 61,538 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.3% in red at Rs 74,600 per kg.

Speaking of stock markets, Co-head of Research at Equitymaster, Rahul Shah talks about a little-known Tata Company which has more than doubled in the last few months. Is it a trap for retail investors?

Tune in for more.

Must Read: India's Lithium Megatrend is an Emerging Opportunity for Investors

Why Adani Group Stocks are Rising

In news, all the listed Adani Group companies experienced a positive uptrend in their stock prices in today's trading session. The limelight was on, Adani Enterprises which reported its highest increase since May 2023.

The stocks experienced a surge as the supreme court announced its decision to reserve its order on the investigation into Adani Group companies based on allegations of accounting fraud and stock manipulation by a US short-seller, Hindenburg.

The supreme court emphasised that it cannot order a thorough investigation solely based on reports and without giving the affected entities an opportunity to present their case. Hence, the court directed the Securities and Exchange Board of India (SEBI) to conduct an investigation.

Other stocks that rose after this announcement were, Adani Wilmar with a gain of 10%, Adani Enterprises and Adani Ports also experienced a surge of 10% and around 6%, respectively.

Other Adani Group listed firms, including NDTV, Ambuja Cements, and ACC, also saw positive gains in their share prices.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

MCX Share Price Surges. Here's Why...

Moving on with news, on Tuesday, 28 November 2023, the Multi Commodity Exchange of India (MCX) stock surged around 6%, reaching a new 52-week high of Rs 3,169.

This rise was because of two reasons.

First, the stock had been removed from the NSE F&O ban list.

Second, the company's management decision to recover technology costs for the old platform from its subsidiary, Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL).

According to the board's decision, MCX will recover technology costs for the old platform from MCXCCL until 15 October 2023, on a pay-for-use basis.

MCX will bear the remaining expenditure of approximately Rs 350 million (m) on the old platform between 16 October 2023 and 31 December 2023.

MCX clarified that technology costs have been shared between the parent company (MCX) and the subsidiary (MCXCCL) since the beginning of MCXCCL's operations.

For the quarter ending September 30, MCX reported a narrowed net loss of Rs 190 m, compared to Rs 633 m in the same period the previous year. The revenue for the quarter increased by 30% to Rs 1.6 billion (bn).

The shares of MCX has gained over 36% in a month and 113% in this year.

Why IRB Infra Share Price Tanked

Moving on to news from the realty and construction sector, today, on 28 November 2023, the shares of IRB Infrastructure Developers plunged around 3%.

The decline in share price can be attributed to the company's special purpose vehicle (SPV), IRB Lalitpur Tollway, signing a concession agreement with the National Highways Authority of India (NHAI).

Basically, under this agreement, IRB Lalitpur Tollway will be responsible for tolling, operation, maintenance, and transfer of the four-lane Lalitpur-Sagar-Lakhnadon section on NH-44 in Uttar Pradesh and Madhya Pradesh.

The concession is based on the toll-operate-transfer (TOT) model. For tolling and operating the 316 km stretch, IRB Lalitpur Tollway will pay an upfront concession fee of Rs 44.3 bn to NHAI.

The concession period is set at 20 years, with an annual tariff revision involving a fixed raise of 3% per annum and 40% of the wholesale price index.

In the last one month, the share price has rallied 11% and 21% in 2023 till date.

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For more, check out why IRB infra share price is rallying in 2023 and what's next.

The Nifty realty index is on a rise in this year. To know who is driving the rally in realty and construction stocks, check out the top realty companies in India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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