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Varun Beverages Drops on GST Hike, Adani Ports Upgraded, Swiggy Soars Before Earnings
Varun Beverages Drops on GST Hike, Adani Ports Upgraded, Swiggy Soars Before Earnings
Written by - Fisdom Research
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December 3, 2024
2 minutes
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Market Snapshot
Benchmark indices Nifty and Sensex extended their gains for a third consecutive session on December 3.
Strong performances by public sector banks and heavyweight stocks, including HDFC Bank, State Bank of India, and Reliance Industries, drove the rally.
Optimism around the government’s capital expenditure and expectations of favorable moves by the RBI’s monetary policy committee fueled market sentiment.
Small- and mid-cap stocks also added to the positive momentum, rising by 1% each.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY PSU BANK
2.6
NIFTY BANK
1.1
NIFTY MEDIA
2.5
NIFTY FINANCIAL SERVICES
0.9
NIFTY METAL
1.2
NIFTY PRIVATE BANK
0.9
NIFTY OIL & GAS
1.2
NIFTY AUTO
0.7
Top News
Varun Beverages Drops: Varun Beverages fell 5% after reports suggested a potential GST hike on aerated beverages from 28% to 35%, as part of broader recommendations to increase taxes on ‘sin’ products.
Adani Ports Soars: Adani Ports surged over 7% to ₹1,310 after a strong business update and CARE Ratings’ upgrade of Gopalpur Ports to AA/Stable.
Swiggy Rallies: Swiggy jumped nearly 10%, extending its gains ahead of its first quarterly earnings as a listed company following its ₹11,327-crore IPO last month.
IPO frenzy cools down in November as subscription levels take a hit
Kalpataru gets SEBI’s approval for Rs. 1590 crore IPO
Suraksha Diagnostic IPO fully subscribed on day 2.
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