Sensex, Nifty close with modest gains in a volatile session amid rebound in Adani stocks; autos in action led by Ola

Titan Company, Apollo Hospitals, Shriram Finance, Wipro and Hindalco were the major laggards.

After a muted start, benchmark indices Nifty and Sensex rallied on November 27 led by energy, auto, metal and bank stocks. Adani Group stocks also staged a sharp recovery, gaining as much as 12 percent.

At close, the Sensex was up 230.02 points or 0.29 percent at 80,234.08, and the Nifty was up 82.20 points or 0.34 percent at 24,276.70. About 2470 shares advanced, 1302 shares declined, and 105 shares unchanged.

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"We've seen a decent pullback in the last couple of sessions. We saw an uptick in today's session as there is a feeling that FIIs are turning net buyers" Ruchit Jain, Vice President of Technical Research at Motilal Oswal said in a conversation with Moneycontrol. "Technical indicators also suggest that markets have been in the oversold territory and I believe it is a good opportunity to slowly enter," Jain added.

Today's blockbuster stock was Ola Electric, rising as much as 20 percent after the company unveiled its most affordable electric scooters — the S1 Z and Gig range — with prices starting at Rs 39,000. Furthermore, Citi initiated coverage on Ola Electric with a 'Buy' rating and a target price of Rs 90. This implies an upside potential of 23 percent from the last close of Rs 73.

Adani Group stocks surged up to 12 percent on November 27 following a clarification from Adani Green Energy Ltd that refuted bribery and corruption charges under the US Foreign Corrupt Practices Act (FCPA) against founder Gautam Adani and other executives. Today's rise added Rs 1.2 lakh crore in market value.

NTPC Green Energy rallied nearly 13 percent following a muted debut on November 27. NTPC Green Energy has joined the Rs 1 trillion market cap club, and its IPO was the third-largest after Hyundai Motor India and Life Insurance Corporation.

Heavyweights from the Nifty mainly Reliance, ICICI Bank, and SBI traded in the negative while India's largest private lender HDFC Bank edged over a percent higher.

Nifty Bank, Auto and Energy lifted the markets. Experts believe that the banking and financial sector is trading at attractive valuations and can perform well in the short-to-medium term. From the auto space, M&M gained ground following the launch of new SUV models, while Hyundai Motor India rose nearly 2 percent after JPMorgan initiated coverage with an 'overweight' call. Energy stocks rallied led by NTPC, Adani Power, Adani Green and Tata Power.

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Nifty Pharma and Realty sectors were the top losers, each sliding 0.5 percent. Nifty Realty faced profit-taking following a nearly 8 percent surge last week.

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The broader market, comprising mid and small-cap indices, showcased a strong performance with gains of 0.3 and 1.2 percent, respectively. The two have outperformed the frontline indices posting gains of 21 percent since the start of the year. The NSE Nifty has gained just over 11 percent over the same period. "Given the lack of negative news and markets performing well, we could see outperformance in the coming weeks," Jain said.

"The bias is maintained with a cautiously positive approach with the 50EMA zone of 24,000 level maintained as the crucial near-term support zone which needs to be sustained," says Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher. "Sensex has been hovering near the important 50EMA zone of 80,200 levels finding resistance near the 80,500 zone since the last 2 sessions and would need a decisive breakout above this level to confirm a fresh upward move in the coming days with 79,500-79,600 band maintained as the near-term support zone," she added.

Adani Enterprises, Adani Ports, Trent, Bharat Electronics, and NTPC were the top gainers on the Nifty. Titan Company, Apollo Hospitals, Shriram Finance, Wipro and Hindalco were the major laggards.

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