On December 1, 2023, the stock market was buzzing with excitement as Nifty soared to an all-time high, and Sensex settled at an 11-week peak, leaping by an impressive 493 points. What fueled this financial frenzy? Let’s break it down.
Driven by favourable macroeconomic data and a continuous influx of foreign funds, the 30-share BSE Sensex made a remarkable jump of 493 points or 0.74%, closing at 67,481.19.
Meanwhile, Nifty climbed 134.75 points or 0.67% to hit an unprecedented high of 20,267.90. It wasn’t just a routine surge; it marked the highest closing levels since September 18, 2023.
You may also like: A closer look at India’s latest Q4 GDP data: Key takeaways
Impact on the stock market
Sectoral performance
| Sector/Index | Performance |
| Information Technology | + 0.9% |
| Healthcare | + 0.3% |
| Oil & Gas | + 0.51% |
| Real Estate | + 1.02% |
| Banks | + 0.74% |
Top gainers today
| Company | Price | Change (%age) |
| TV18 Broadcast Ltd. | 48.00 | 11.37% |
| Power Finance Corporation Ltd. | 365.15 | 9.03% |
| Amara Raja Energy & Mobility Ltd. | 769.20 | 8.33% |
| Dixon Technologies (India) Ltd. | 5951.65 | 8.00% |
| Shriram Properties Ltd. | 112.85 | 7.78% |
Top losers today
| Company | Price | Change (%age) |
| Whirlpool of India Ltd. | 1098.50 | – 9.88% |
| The New India Assurance Company Ltd. | 231.25 | – 9.38% |
| AB Cotspin India Ltd. | 113.55 | – 4.02% |
| General Insurance Corporation of India | 306.90 | – 3.96% |
| Ashok Leyland Ltd. | 176.30 | – 3.74% |
Market aftermath: Impact on stocks
Foreign Institutional Investors (FIIs) injected a hefty Rs 8,147.85 crore into Indian equities, adding to the optimism. And why not? India proudly retained its title as the world’s fastest-growing major economy, with GDP expanding by a robust 7.6% in the September quarter.
The stellar GDP growth was no accident, riding on the shoulders of government spending and manufacturing boosts. The manufacturing sector, in particular, showcased resilience in November, with the S&P Global India Manufacturing Purchasing Managers’ Index (PMI) reaching 56.
TCS launches share buyback at Rs 4,150 per share
TCS shares saw an uptick as the company’s Rs 17,000 crore share buyback program commenced on December 1.
Priced at Rs 4,150 per share, the buyback presents an opportunity for shareholders, especially those holding up to 57 shares by the record date of November 25, to capitalise on the market premium.
Flair writing shares skyrocket with 64.8% premium
Flair Writing shares debuted impressively, listing at ₹501 on NSE, a substantial 64.8% premium over the issue price of ₹304. The BSE listing mirrored this success, with Flair Writing shares opening at ₹503.
Market experts had anticipated this premium, citing positive secondary market sentiments and robust growth in the writing instruments sector.
Bharti Telecom bolsters holdings
Bharti Telecom, the major promoter of Bharti Airtel, has secured a 1.35% stake in Bharti Airtel through a substantial Rs 8,302 crore block deal. Bharti Telecom’s total stake in Bharti Airtel has reached 39.59% following this acquisition.
The transaction, executed via the National Stock Exchange of India Limited, reflects the company’s strategic moves in the telecom sector. Despite the significant deal, Bharti Airtel’s shares closed slightly lower at Rs 1,012 per share.
Also Read: The pharmaceutical industry in India and its contribution to the world
Lupin Limited’s medicinal move
Lupin Limited orchestrated its success with the launch of Turquoise (Norgestrel and Ethinyl Estradiol) Tablets USP, 0.3 mg/0.03 mg, securing USFDA approval and boosting its stock by 1.15%.
TVS motor’s roaring sales
TVS Motor Company, not to be left behind, recorded monthly sales of 364,231 units in November 2023, marking a 31% growth and propelling its stock by 2.44%.
Conclusion
Imagine the stock market as a high-flying eagle, breezing through challenges and reaching new heights. Here, The economy steals the spotlight with its chart-topping hit – a dazzling 7.6% GDP growth in the September quarter.
It’s a rollercoaster ride, but today, everyone’s on a high. The stock market – where numbers groove, and bulls and bears tango!
