Top Gainers & Losers on Nov 26: Reliance Power, GMDC, MCX, Paytm, JSW Steel, CDSL, Tata Power among top gainers

Indian stock market today: After three days of losses, bulls finally took back charge of Dalal Street in Wednesday's session, November 26, powering the frontline indices to their biggest intraday jump in five months, which also pushed them very close to breaching their record highs.

The Nifty 50 closed the trade with a solid 1.24% spike at 26,205, breaking its 3-day losing streak, while the S&P BSE Sensex also scaled up 1.21% to end the session at 85,609 points. Today’s rally put both indices just 0.30% away from hitting their September 2024 peaks.

The rebound was largely led by the metals pack, triggered by a cool-down in the US Dollar Index as a string of weaker-than-expected US data strengthened expectations of a Federal Reserve rate cut in December.

Mid- and small-cap stocks outperformed the frontline indices, with the Nifty Midcap 100 gaining 1.27% and the Nifty Smallcap 100 index zooming 1.36%.

Sector-wise, all major sectoral indices posted higher returns, with Nifty Metal standing out with a surge of 1.98%, followed by Nifty Consumer Durables, Nifty Oil & Gas, Nifty IT, Nifty Private Bank, Nifty Media, Nifty Pharma, Nifty Auto, and Nifty Realty, all ending with gains of over 1%.

Ponmudi R, CEO of Enrich Money, said, "Indian markets staged an impressive rally on Wednesday, with broad-based buying across sectors reflecting the sharp risk-on sentiment in global equities. The upmove was supported by growing expectations of a U.S. Federal Reserve rate cut in December, after the latest U.S. economic releases — including September retail sales and producer price data, signalled softening demand and cooling inflation."

Pharma, metals, power and EMS stocks shine

Natco Pharma emerged as the top performer among Nifty 500 stocks, rallying 11.20% to ₹927 apiece and ending its 3-day losing run. Gujarat Mineral Developers jumped 8.1% to ₹528 apiece after reports of a forthcoming incentive scheme for rare earth magnet manufacturing.

Both Reliance Power and Reliance Infrastructure recovered sharply from recent weakness, with each posting gains of 6.13% and 5%, respectively. Today’s sharp rally also improved sentiment toward EMS stocks such as PG Electroplast, Syrma SGS Technology and Dixon Technologies, which gained over 3%.

Metal stocks such as NMDC Steel, Lloyds Metals & Energy, Steel Authority of India (SAIL), JSW Steel and Jindal Saw also saw gains between 3% and 4.4%. As the bull run extended to a third session in a row, MCX shares surged past ₹10,000 for the first time and closed the session at ₹10,283, up 4.3% from Tuesday’s close.

Recovering from recent selling pressure, Varun Beverages shares bounced back sharply, with the stock surging 3.66% to ₹465.50 apiece, its biggest intraday jump in nearly a month. Breaking its six-day losing streak, Paytm shares rallied 3.7% to ₹1,286 apiece, while Tata Power Company also posted a 3% gain after a 4-day slide.

Other key stocks, including DCM Shriram, Siemens, Godrej Agrovet, HEG, JM Financial, CCL Products India and CESC, also closed higher in the range of 4% to 5%.

Chennai Petroleum leads market losers

In terms of top losers, Chennai Petroleum led the pack with a drop of 12% to ₹896.6 apiece, followed by Mangalore Refinery and Petrochemicals, which also skidded 3.1% to ₹160.6 apiece.

Mahindra & Mahindra Financial Services shares also came under pressure as investors appeared to book profits in the counter following the recent rally, resulting in a 3% drop to ₹349.85 apiece. Transformers & Rectifiers reversed its bull run as the stock tumbled 2.6% to ₹291 apiece.

New-age tech stock Nykaa fell 2.2% to ₹264.85 apiece, while shares of Sapphire Foods India, Bharti Airtel, Swan Corp and Aavas Financiers also declined between 1.5% and 2.2%.

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