Indian stock market posted strong gains on November 22 with benchmark indices recording their biggest single-day gains in more than five months amid buying across sectors and recovery in Adani group stocks.
At close, the Sensex was up 1,961.32 points or 2.54 percent at 79,117.11, and the Nifty was up 557.35 points or 2.39 percent at 23,907.25.
For the week, BSE Sensex and Nifty50 added 2 percent and 1.6 percent, respectively.
Amid positive global cues, the Indian indices opened higher with Nifty above 23,400 and extending the gains as the day progressed.
Also Read - Bulls roar on D-St: Sensex jumps 2,000 points, Nifty up 2%; Global equity trends, other factors behind rally
Biggest Nifty gainers were State Bank of India, TCS, ITC, UltraTech Cement, and 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.
Index | Prices | Change | Change% |
---|---|---|---|
Sensex | 83,952.19 | 0.00 | +0.00% |
Nifty 50 | 25,709.85 | 0.00 | +0.00% |
Nifty Bank | 57,713.35 | 0.00 | +0.00% |
Biggest Gainer | Prices | Change | Change% |
---|---|---|---|
No Biggest Gainer details available. |
Biggest Loser | Prices | Change | Change% |
---|---|---|---|
Wipro | 240.90 | -12.91 | -5.09% |
Best Sector | Prices | Change | Change% |
---|---|---|---|
Nifty FMCG | 56616.40 | 0.00 | +0.00% |
Worst Sector | Prices | Change | Change% |
---|---|---|---|
Nifty Infra | 9338.55 | 0.00 | +0.00% |
More than 160 stocks touched their 52-week high on the BSE, including, NALCO, Aditya Birla Sun Life AMC, Coforge, Coromandel International, CRISIL, Federal Bank, Fortis Healthcare, HCL Technologies, Indian Hotels, Krishna Institute of Medical Sciences, Mastek, Persistent Systems, among others. Click To View More
On the other hand, more than 100 stocks touched their 52-week low on the BSE, including, Aarti Industries, Adani Energy, Adani Enterprises, Adani Wilmar, Asian Paints, Avenue Supermarts, Birla Corp, C. E. Info Systems, Happiest Minds, PNC Infratech, Prince Pipes, RHI Magnesita, Tanla Platforms, Tata Technologies, Trident, Ujjivan Small Finance Bank, among others. Click To View More
Outlook for November 25
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.
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.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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