Sensex and Nifty Hit Record Highs on Election Optimism, Banking and Adani Stocks Lead Gains

5 Dec 2023 , 01:16 PM

Sensex and Nifty reach consecutive record highs, driven by state election victories for India’s ruling BJP. BSE Sensex trades 335 points higher at 69,199.72, while Nifty crosses the 20,800 mark with a 150-point climb.

Banks show gains of 0.7%, and public sector banks rise by 1.3% following BJP’s success in key state assembly elections.

HDFC Bank and ICICI Bank each gain 1%, while Axis Bank and State Bank of India add 1.75% each. Oil & gas stocks rise by 0.9% as Brent Crude stabilizes near $78 per barrel; Bharat Petroleum Corp surges 3%.

Small- and mid-cap stocks hit fresh record highs, with domestic-focused companies adding 0.4% and 0.6%, respectively. Adani Group stocks experience a 2% to 6% surge for the second consecutive session, with Adani Enterprises and Adani Ports leading the Nifty 50 gainers.

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