Top Nifty losers & gainers at mid-day: Adani Enterprises, Adani Ports lead gainers, Britannia top laggard

The pre-election rally for May 2024 that began in November has accelerated after the state election results. At 12:51pm, the Sensex was up 997.69 points or 1.48 percent at 68,478.88, and the Nifty was up 312.40 points or 1.54 percent at 20,580.30. About 2,195 shares advanced, 1,086 declined, and 135 traded unchanged.

Adani Enterprises: The stock price of this Adani Group flagship surged 10 percent to the day’s high of Rs 2,598 per share on December 4 after overall markets cheered on Bharatiya Janata Party’s (BJP’s) sweeping victory in three out of four state elections.

Adani Ports & Special Economic Zone: Along with Adani Enterprises, the optimism spread to other Adani Group stocks as well. Adani Ports & SEZ jumped 6.7 percent to day’s high of Rs 883 per share on December 4.

BPCL: Shares of this oil refinery company surged 6 percent to hit a 52-week high of Rs 464 per share on December 4 as oil prices continued to retreat. Prices of Brent Crude slipped below $80 per barrel, whereas WTI crude was at $73 per barrel.

ONGC: The cooling crude oil prices also brought in cheer to this oil exploration company. Shares of ONGC gained 4.6 percent to hit a 52-week high of Rs 203.95 per share on December 4.

L&T: The uptrend in the stock of this capital goods major continued on December 4 after L&T incorporated a new wholly owned subsidiary – L&T Semiconductor Technologies. Shares of L&T surged 5 percent to hit a record high of Rs 3,347 per share on December 4.

Britannia Industries: Shares of this biscuit maker slipped 1 percent to the day’s low of Rs 4,914 per share on December 4 as the Nifty FMCG index was flat in trade, lacking popularity among investors versus other sectoral indices.

HDFC Life Insurance Company: Shares of this private life insurer declined 0.7 percent to the day’s low of Rs 675 per share on December 4 amid lower volumes. So far on December 4, around 2.1 million equity shares changed hands at both the NSE and the BSE, as against a one-week average of 2.7 million equity shares.

Sun Pharmaceutical Industries: Shares of this drug maker slipped 0.8 percent to the day’s low of Rs 1,220 per share on December 4 after the company initiated product recalls in the US markets due to labeling and manufacturing concerns, as reported by the US Food and Drug Administration.

Maruti Suzuki India: Shares of the auto major slipped over 1 percent to day’s low of Rs 10,423 on December 4 following the release of the company’s November sales data, which indicated a marginal increase of 3.3 percent.