Closing Bell: Nifty above 23,900, Sensex gains 1,961 pts; IT, realty, PSU Bank rally

Market Close | Nifty above 23900, Sensex gains 1961 points

Indian benchmark indices rose 2.5 percent on November 22 with Nifty closing above 23,900. At close, the Sensex was up 1,961.32 points or 2.54 percent at 79,117.11, and the Nifty was up 557.40 points or 2.39 percent at 23,907.30.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates

Nifty opened on a bullish tone, experienced strong buying interest throughout the day, and closed on a positive note near 23,907 levels. The volatility index India Vix rose by 0.67% to 16.10, indicating an increase in market volatility.

Technically, index on a daily scale has formed a large green candle, indicating strength. Furthermore, the index crossed the 23,800 barrier and closed above it, confirming strength. However, the index is still placed below 21-Days exponential moving average (DEMA), which is placed near 24,040. Thus, 24,040-24,050 will act as immediate resistance for the index, while 23,800 will act as immediate support for the index. If index manages to sustain above 24,050 then rally could extend towards 24,200-24,300 levels. Thus, in the short-term, buy on dips approach should be adopted.

Bank Nifty opened on a positive note, witnessed strong buying interest, and settled the day on a positive note at 51,135 levels. Technically, the index on a daily scale sustained above hammer candle high of 50,652, and formed a big green candle. Moreover, the index has broken the resistance of 50,984 and sustained above it. If index managed to hold 50,980, then rally could extend towards 51,500-52,000 levels. Thus, in the short-term, buy on dips approach should be utilized.

Ajit Mishra – SVP, Research, Religare Broking

Markets rebounded strongly this week, gaining over 2% after a recent decline. While Nifty saw early volatility, strength in banking and IT stocks propelled the index higher, later supported by other sectors. IT and realty outperformed, rising over 3% each, while broader indices participated but lagged the benchmark.

State election results, on Monday could influence the market’s direction, especially in the early hours. Nifty is nearing its immediate resistance at the 20 DEMA around 24,050. A decisive breakout could push it toward 24,350, but failure may trigger profit booking. Traders should maintain a stock-specific approach, focusing on IT and banking, which exhibit stronger momentum, while being selective in other sectors.

Market This Week

#1 Market snaps 2-week losing streak, regains half of last week’s losses

#2 All sectoral indices except Media & Energy give positive returns

#3 All frontline indices (Sensex, Nifty, Midcap & Nifty Bank) up nearly 2 percent

IPO Check | NTPC Green Energy IPO subscribed 2.38 times at 15:55 PM (Day 3)

QIB – 3.32 times

NII - 0.80 times

Retail – 3.29 times

Employee Reserved - 0.76 times

Shareholder Portion - 1.52

Overall – 2.38 times

BSE Midcap index added 1.3 percent and Smallcap index rose nearly 1 percent...Read More

Prashanth Tapse, Senior VP (Research), Mehta Equities

Markets witnessed a major relief rally on across-the-board buying as benchmark indices surged over 2% ahead of the poll results in two states on Saturday. The exit polls hinting at BJP winning in both the states seemed to have boosted investors' sentiment in a big way and shrugged off the alleged bribery charges against the Adani group. Also, many of the stocks are now looking relatively attractive, especially after the relentless selloff over past few weeks due to dismal Q2 earnings and unabated FII fund outflows, and hence the reversal of trend.

IPO Check | Enviro Infra Engineers IPO subscribed 1.74 times at 15.50 PM (Day 1)

QIB – 1.78 times

NII - 2.20 times

Retail – 1.50 times

Employee Reserved - 2.88 times

Overall – 1.74 times

Vinod Nair, Head of Research, Geojit Financial Services

The market witnessed a significant broad based rally, from the oversold territory, predominantly led by large-cap stocks, as their valuations appeared appealing with expectations of improvement in corporate earnings in the second half of the fiscal year. Positive momentum was also observed in global markets, due to modest decline in Japan's October inflation and 39 trillion yen stimulus package. Moderation in global & domestic political drama provided a relief to the domestic market.

Currency Check | Rupee closes higher 84.45

Indian rupee ended 5 paise higher at 84.45 per dollar on Friday versus Thursday's close of 84.50.

Market Close | Nifty above 23,900, Sensex gains 1,961 pts; IT, realty, PSU Bank rally

Indian benchmark indices rose 2.5 percent on November 22 with Nifty closing above 23,900.

At close, the Sensex was up 1,961.32 points or 2.54 percent at 79,117.11, and the Nifty was up 557.40 points or 2.39 percent at 23,907.30. About 2340 shares advanced, 1418 shares declined, and 118 shares unchanged.

Biggest Nifty gainers were State Bank of India, TCS, ITC, UltraTech Cement, Titan Company, however, Bajaj Auto was the only loser.

BSE Midcap index added 1.3 percent and Smallcap index rose nearly 1 percent.

All the sectoral indices ended in the green with PSU Bank, IT, FMCG, energy, realty up 2-3 percent.

By noon on November 22, Adani Enterprises, Adani Ports and SEZ, Adani Green Energy and other group stocks were up as much as 3-4 percent. The gains come Gautam Adani group firms losing Rs 2.2 lakh crore in market capitalisation the previous day....Read More

Stock Market LIVE Updates | Hardik S. Shah resigns as Chief Financial Officer of Aksharchem

Stock Market LIVE Updates | BSE, NSE levy fine of Rs 5,42,800 on MOIL

Stock Market LIVE Updates | National Fertilizers to produce HiTech nano urea at its Nangal Plant

National Fertilizers  shall be making forays in nano urea by launching its latest and ultra effective variant using cutting edge nano technology at its Nangal plant. The company shall be manufacturing 1.5 lakh bottles of 500 ml per day at its nangaI plant with the new variant.

Sensex Today | 1.12 million shares of Power Grid traded in another block: Bloomberg

Stock Market LIVE Updates | JSW Energy receives administrative warning letter from SEBI

Sensex Today | Insolation Energy arm signs MoU worth Rs 10,000 crore for solar power, EPC projects

BofA said that the residential real estate cycle remains robust and Godrej Properties is well-positioned with ample inventory....Read More

IPO Check | NTPC Green Energy IPO subscribed 2.28 times at 15.05 PM (Day 3)

QIB – 3.25 times

NII - 0.67 times

Retail – 3.15 times

Employee Reserved - 0.73 times

Shareholder Portion - 1.43

Overall – 2.28 times

Brokerage Call | Jefferies maintains ‘buy’ rating on SBI, target at Rs 1,030

Value buying was seen in Friday's trade at lower levels leading to a rally in the blue-chip bank stocks. ...Read More

Stock Market LIVE Updates | Mphasis in multi-year partnership with MoneyGram Haas F1 Team

The company has been named the ‘Official Digital Partner’ of MoneyGram Haas F1 Team, announcing a multi-year, technology-driven partnership. It will collaborate closely with the MoneyGram Haas F1 Team to develop solutions for enhancing the team's performance on the track and driving operational efficiency off the track.

Stock Market LIVE Updates | NLC India bags third commercial coal mine

NLC India has emerged as highest quoted (H1) bidder for New Patrapara South Coal Mine in Angul District of Odisha subsequent to the commercial coal block E-auction held on 21.11.2024 by Ministry of Coal.

Mohammed Imran – Research Analyst, Sharekhan by BNP Paribas

As the war between Ukraine and Russia intensified the oil prices made a sharp recovery to rally 4% through the week. West Texas Intermediate crude futures firmed up 0.3%, to $70.30 per barrel in the Mid European trading session following a 2% rally on Thursday. The conflict renewed after UK and US allowed Ukraine to strike Russia with their weapons, meanwhile Russia had fired ICBM and warned of global conflict. The economic data remains subdued from Eurozone China and US to keep demand low while market is well supplied with rising production from Non-OPEC+ nations.

Outlook: If not for geo-political risk we expect crude oil prices to average under $70-$67 in coming days, while escalation of war could send prices to trade in between $72-$75 in short term. For the day we advise buying the correction as WTI may test the resistance of $72.

Nymex WTI Jan: Support $69, Resistance: $71.5

MCX Crude Dec: Support Rs 5850, Resistance Rs 6100

Stock Market LIVE Updates | Bata India appoints Durgesh Singh as Chief Financial Officer

Stock Market LIVE Updates | Swan Energy breaks two-day fall

Stock Market LIVE Updates | Nippon Life India Asset Management executes agreement with One Place Commercials

The company has executed a definitive agreement with One Place Commercials for the purchase of commercial office space in Lower Parel, Mumbai, for Rs 486 crore.

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas

The USDINR pair, after hitting a fresh record high of Rs 84.52 today, is trading steady at Rs 84.50 currently.

The Indian PMIs data released today were mixed as the manufacturing PMI eased a bit in November to 57.30 from 57.50 in October, whereas the services PMI improved to 59.20 in November from 58.50 in October.

Geopolitical tensions, portfolio outflows, and rallying US Dollar Index are likely to keep the domestic currency under pressure, though the RBI's intervention is leading to a gradual and orderly decline. The India's central bank defends its forex market policy.

The pair is expected to rise to Rs 85 eventually. Support is at Rs 84.25.

Sensex Today| Vodafone Idea falls for 10th day, longest losing streak in nine years

Sensex Today| Redtape falls for 9th day

Sensex Today| Hind Rectifiers Anil Mehta resigns as CFO of the company w.e.f. November 29

Sensex Today: Adani Group's strong assets ease debt concerns for state lenders: Bernstein

Adani Group's green energy, transmission, and power generation units have loans backed by strong assets, alleviating major concerns for India’s state-run lenders, according to Bernstein.

The combined gross debt of Adani Green, Adani Energy, and Adani Power stands at Rs1.2 trillion, with Rs400 billion sourced from financial institutions, likely including Power Finance Corp, REC Ltd., and IREDA. Despite the debt levels, the financial performance of these entities remains robust, with a combined EBITDA of Rs363 billion over the past 12 months.

Adani Power’s Bangladesh plant, which owes Rs71 billion to financial institutions, is facing payment delays from the new government in Bangladesh. However, the plant’s strategic location in India’s coal belt and the potential to connect to a new grid for domestic power sales provide a safety net, with the company remaining profitable at the entity level.

On November 21, shares of GQG Partners, which holds a combined stake of nearly 20% in four Adani firms, fell more than 19% after Gautam Adani was charged with bribery and fraud in New York...Read More

Global News | Bitcoin at record highs, sets sights on $100,000

Bitcoin touched a fresh record high on Friday, with its sights set firmly on the $100,000 barrier, in a stellar rally for the cryptocurrency sparked by expectations of a more friendly regulatory environment under a Donald Trump administration.

It has more than doubled in value this year and is up about 45% in the two weeks since Trump's sweeping election victory, which has also seen a slew of pro-crypto lawmakers being elected to Congress.

Brokerage Call | HSBC maintains ‘buy’ rating on Sobha, target at Rs 2,150

#1 Q2 bookings disappoint on launches

#2 Margin disappoint on contractual business to catch up, launch pipeline robust

#3 Post its recent rights issue & improved OCF performance, business is poised for strong growth

Stock Market LIVE Updates | Geojit Financial Services shares erase previous day losses, locked at upper circuit

A stronger labour market in the US bodes well for Indian IT firms, which derive a significant portion of their revenue from the region....Read More

IPO Check | NTPC Green Energy IPO subscribed 1.29 times at 13.15 PM (Day 3)

QIB – 1.21 times

NII - 0.50 times

Retail – 2.91 times

Employee Reserved - 0.59 times

Shareholder Portion - 1.27

Overall – 1.29 times

Stock Market LIVE Updates | Bharti Airtel shares gain most in 10 weeks

IPO Check | Grand Continent Hotels files DRHP

Stock Market LIVE Updates | EKI Energy Services shares break 3-day losing streak

Global Markets | Asian indices end mostly higher; Taiwan Weighted up 1%, Shanghai Composite down 3%