Stock Market Today: Nifty 50, Sensex jump 5% each in November; investors earn over ₹24 lakh crore in a month
Nifty 50 closed at 20,133.15, up 37 points, or 0.18 per cent while the Sensex closed at 66,988.44, up 87 points, or 0.13 per cent.
Domestic market benchmarks the Sensex and the Nifty 50 closed November with strong gains. This surge was fueled by an uplift in sentiment, driven by mounting anticipation of a peak in interest rates in the US, coupled with the continuing strength in India's economic growth prospects.
Sensex rose 4.9 per cent while the Nifty 50 jumped 5.5 per cent in November. This was Nifty's best month since July 2022. For the Sensex, it was the best month since October 2022.
The overall market capitalisation of the firms listed on the BSE jumped to nearly ₹335.6 lakh crore from nearly ₹311.5 lakh crore on October 31, making investors richer by about ₹24.1 lakh crore in a month.
Positive global cues underpinned domestic market sentiment. According to a Reuters report, Asian stocks rose to clock their strongest performance in 10 months on Thursday on a relatively benign global interest rates outlook and signs of economic recovery.
Moreover, India's Q2 GDP print is expected today. Economists expect some moderation in the GDP numbers but still, it could be on the stronger side.
Also Read: India Q2 GDP data LIVE Updates: Here's what to expect from macro-economic data to be out today
On Thursday, November 30, Nifty 50 closed at 20,133.15, up 37 points, or 0.18 per cent while the Sensex closed at 66,988.44, up 87 points, or 0.13 per cent.
Mid and smallcap indices outperformed the benchmarks. The BSE Midcap index closed 0.83 per cent higher at 34,256.42 after hitting its fresh record high of 34293.56 during the session.
The BSE Smallcap index closed with a gain of 0.96 per cent at 40,371.61 after hitting a record high of 40,407.85 in intraday trade.
Nearly 350 stocks, including Axis Bank, Bajaj Finserv, Bharti Airtel, HCL Tech, Larsen & Toubro, NTPC, Sun Pharma, Titan and UltraTech Cement, hit their fresh 52-week highs in intraday trade on BSE.
Meanwhile, crude oil prices rose further ahead of OPEC+ meeting outcome.
"The OPEC+ group, which includes the Organization of Petroleum Exporting Countries and allies including Russia, is expected to hold virtual meetings on Thursday to discuss additional production cuts that could range between 1 million to 2 million barrels per day (bpd) in early 2024," reported Reuters.
Brent crude traded 1.22 per cent higher at $84.11 per barrel around 4 pm.
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Top Nifty 50 gainers today
Shares of UltraTech Cement (up 3.11 per cent), HDFC Life (up 2.42 per cent) and Apollo Hospitals (up 2.34 per cent) ended as the top gainers in the Nifty 50 index.
Top Nifty 50 losers today
Shares of Adani Enterprises (down 1.30 per cent), IndusInd Bank (down 1.05 per cent) and Adani Ports (down 1 per cent) closed as the top losers in the Nifty 50 index.
Some 32 stocks closed higher in the Nifty 50 pack while 17 suffered losses. One stock - Bajaj Finance - settled flat.
Sectoral indices today
Most sectoral indices closed higher today, with Nifty Healthcare (up 1.78 per cent), Pharma (up 1.56 per cent), Realty (up 1.44 per cent) and Consumer Durables (up 1.41 per cent) clocking significant gains.
Among the losers, Nifty PSU Bank dropped 1.10 per cent while Nifty Bank ended with a loss of 0.19 per cent.
Experts' views on markets
"India’s GDP growth upgrade to 6.4 per cent from 6 per cent for FY24 by S&P Global Rating has brought optimism to the broad market. The Nifty 50 could cross the psychological level of 20,000 and be able to sustain the gains by providing long-term support. The bold performance of the global markets and IPO listing are adding glitters to mid and small-caps. The state exit poll and the final result slated to be announced on Sunday may bring some cautiousness," said Vinod Nair, Head of Research at Geojit Financial Services.
"We have almost reached the record high now after three days of advance and may take a breather now. However, rotational buying across sectors would keep the tone positive. We thus suggest utilizing an intermediate pause or a dip to add quality names," said Ajit Mishra, SVP - Technical Research, Religare Broking.
Technical views on Nifty 50
Rupak De, Senior Technical analyst at LKP Securities underscored the sentiment remains strong as long as Nifty stays above 20,000 since the Put writers at the 20,000 strike will defend this level moving forward.
On the other hand, the sentiment might weaken only if there's a drop below 20,000. Until then, the buy-on-dips strategy is likely to stay prevalent.
According to De, on the higher side, 20,200-20,230 acts as a resistance zone. If breached, the index could potentially move towards 20,450-20,500.
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