Photo by Maxim Hopman on Unsplash
 

After opening the day on a positive note, Indian share markets continued the momentum as the session progressed and ended the day higher.

Equity benchmark indices ended higher, while Nifty 50 hit a fresh record high on Friday, as faster-than-expected economic growth in the September quarter added to optimism over the global interest rate outlook.

The Indian economy expanded 7.6% in the September quarter. Further, India's Nifty and Sensex posted their best month in 2023 in November, aided by the return on foreign portfolio investor (FPI) inflows.

At the closing bell, the BSE Sensex stood up by 492 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 116 points (up 0.6%).

ITC and NTPC were among the top gainers today.

M&M and Wipro on the other hand, were among the top losers today.

The GIFT Nifty was trading at 20,378 up by 119 points, at the time of writing.

Broader markets ended on a positive note. The BSE MidCap index ended 0.9% higher and the BSE SmallCap index ended 0.5% higher.

Barring the auto sector, all other sectoral indices ended the day on a positive note with stocks in the power sector, the realty sector, and the FMCG sector witnessing the most buying.

Shares of Apollo Hospitals, Titan, and JK Cement hit their respective 52-week highs today.

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

Asian share markets ended in positive territory. The Shanghai Composite ended flat, while the Nikkei index ended 0.2% lower. Meanwhile, Hang Seng ended flat.

The rupee is trading at 83.30 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 62,889 per 10 grams.

Meanwhile, silver prices are trading 0.4% higher at Rs 77,838 per 1 kg.
 

Why PFC Share Price Is Rising

In news from the finance sector, Power Finance Corporation Ltd (PFC) shares surged more than 9% on 1 December 2023 following the announcement that its wholly-owned subsidiary, PFC Consulting, has established a special purpose vehicle (SPV) named Paradeep Transmission.

The move comes after PFC Consulting Limited was designated as the bid process coordinator (BPC) for the selection of developers through tariff-based competitive bidding for Independent Transmission Projects (ITPs) by the power ministry.

The preparatory activities of the transmission projects include the survey and preparation of reports, initialization of the process of land acquisition, and initiating the process of seeking forest clearance if required. This SPV will be transferred to the successful bidder after the completion of the bidding process.

The successful bidder selected through the bidding process would develop the project.

Power Finance Corporation Limited (PFC) is a leading non-banking financial institution (NBFI) in India, engaged in financing power projects.

The stock has zoomed around 205% this year, outperforming the Nifty, which has risen 11% during this period.

PVR-Inox Shares Gain 2%. Here's Why

Moving on to news from the media sector, shares of PVR-Inox gained 2% to the day's high of Rs 1,755 per share on December 1 after the company opened its new 6-screen property at Jio World Plaza in Mumbai.

With another Imax screen, the multiplex operator has taken the total tally of Imax screens to 4 in Mumbai and 22 in India.

Apart from movie offerings, PVR-Inox has also opened a bar and lounge at Mumbai's Jio World Plaza.

In the past month, the stock of PVR-Inox has surged 8% against a 6% rise in the benchmark Sensex.

PVR Ltd is an Indian movie theatre chain in India with its headquarters located in Gurgaon, Haryana, India.

PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Saket, New Delhi, India.
 

Zydus Lifescience Gets USFDA Nod

Moving on to news from the pharma sector, Zydus Lifesciences jumped 2% on 1 December after the pharma player received the final nod from the US Food and Drug Administration for a heart drug.

Ivabradine reduces the risk of hospitalization for worsening heart failure in adult patients with stable, symptomatic chronic heart failure with reduced left ventricular ejection fraction.

Ivabradine is also used in children aged 6 months and older for the treatment of stable symptomatic heart failure due to cardiomyopathy. The drug will be manufactured at the company's formulation facility in Ahmedabad.

Zydus was one of the first abbreviated new drug application (ANDA) applicants to submit a substantially complete ANDA with a paragraph IV certification for Ivabradine Tablets.

Zydus Lifesciences, formerly known as Cadila Healthcare, is an Indian multinational pharma company headquartered in Ahmedabad, which is primarily engaged in the manufacture of generic drugs.

In 2023 between 1 January 2023 and 10 March 2023, the stock has gained 13%, making it among the top-performing large-scale stock of 2023 so far.

More By This Author:

Sensex Today Trades Higher; L&T, NTPC Top Gainers
Sensex Today Ends Near 67,000; Nifty Closes Above 20,100
Sensex Today Trades Lower; Tata Steel & NTPC Top Losers