Sensex surges 597 points, Adani Ports top gainer

Mumbai, Dec 3 The Indian benchmark equity indices, Sensex and Nifty closed in the green on Tuesday as heavy buying was seen in PSU Bank and media sectors at the end of trading.

At closing, Adani Ports emerged as the top gainer in the BSE's benchmark, settling at Rs 1,288.80 after surging by Rs 73.20 or 6.02 per cent.

Sensex ended at 80,845.75, higher by 597.67 points, or 0.74 per cent, while the Nifty 50 ended at 24,457.15, up by 181.10 points, or 0.75 per cent.

PL Capital's Head, Advisory, Vikram Kasat, said: "Indian benchmark equity indices edged higher on Tuesday, extending their winning streak to a third consecutive session, as positive cues from Asian markets lifted investor sentiment."

"Gains were primarily driven by metal and financial stocks, fueled by expectations of a 25 basis-point rate cut by the U.S. Federal Reserve later this month, following dovish remarks from key officials. Market breadth remained robust, with advancing stocks significantly outpacing decliners," he added.

On the broader market front, the Nifty Midcap 100 was at 57,509, higher by 508.15 points, or 0.89 per cent, while the Nifty SmallCap 100 ended at 19,003.55, higher by 132.15 points, or 0.83 per cent.

Rupak De of Senior Technical Analyst, LKP Securities said: "Nifty witnessed another day of bullishness as the index moved above the 38.20 per cent Fibonacci retracement level of the previous decline from 26,277 to 23,263."

"Additionally, the index has broken out of the recent consolidation phase on the daily chart, indicating a rise in bullish sentiment," he said.

On the sectoral front, Nifty PSU Bank, media, metal, energy, infra, PSE, commodities, auto, IT and financial services ended in green, while Nifty Pharma and FMCG ended in red.

In the Sensex pack, Adani Ports, NTPC, Axis Bank, SBI, L&T, UltraTech Cement, Tata Motors, and HDFC Bank were the top gainers. Bharti Airtel, ITC, Asian Paints, Sun Pharma and Kotak Mahindra Bank were the top losers.