Sensex zooms 727 points, Nifty ends above 20k; IREDA stock closes 87% higher on market debut
Sensex rose 727 points to 66,902 and Nifty gained 207 points to 20,096. Market cap of BSE-listed firms rose to Rs 333.26 lakh crore
- Nov 29, 2023,
- Updated Nov 29, 2023 4:34 PM IST
Benchmark indices ended higher on Wednesday led by gains in banking, auto and IT stocks. Sensex rose 727 points to 66,902 and Nifty gained 207 points to 20,096. Market cap of BSE-listed firms rose to Rs 333.26 lakh crore. Axis Bank, M&M, Wipro, Tata Motors and HDFC Bank were the top Sensex gainers, rising up to 3.92 per cent. Of 30 Sensex stocks, 26 ended in the green.
Shares of Nestle India, Titan Company, Bajaj Finserv and UltraTech Cement were the top Sensex losers, falling up to 0.57% on Wednesday.
Vinod Nair, Head of Research at Geojit Financial Services said, "The market saw incredible upward momentum today with Nifty surpassing the 20,000 mark, driven by strong listing gains of ongoing IPOs and dovish statements from US Fed officials, intensifying expectations for early rate cuts. This was demonstrated by the rise in Mid & Small caps and drop in US bond yields and Dollar index. Ease in yield is attracting foreign funds to emerging markets."
BSE midcap and smallcap indices zoomed 264 points and 158 points, respectively. Banking, IT and auto shares were the top sectoral gainers with their BSE indices gaining 824 points, 434 pts and 614 pts , respectively.
Ajit Mishra, SVP - Technical Research, Religare Broking said, "The strength in the banking index has helped Nifty to regain momentum and we expect the prevailing tone to continue. Nifty may take a breather around the previous record high i.e. 20,222.45 levels and then gradually inch toward the 20,500 level. We thus suggest focusing on quality large cap names from across sectors and picking selectively from the broader indices."
Market breadth was positive with 1916 stocks ending higher against 1786 stocks falling on BSE. 139 shares were unchanged.
Meanwhile, shares of Indian Renewable Energy Development Agency (IREDA) zoomed over 87% on their market debut, extending gains from their stellar listing earlier in the day. IREDA stock zoomed 87.5% intraday to Rs 60 against the IPO price of Rs 32 on NSE. Later, it closed at the high point of the day. Market cap of the firm stood at Rs 16,126 crore on NSE. The stock gained 20% on NSE against the listing price of Rs 50.
Foreign institutional investors were net buyers on Tuesday as they lapped up shares worth Rs 784 crore, as per exchange data. On the other hand, DIIs bought equities worth Rs 1325 crore.
Previous session
The domestic equity market closed higher on Tuesday. Sensex climbed 204 points to end the session at 66,174 and Nifty gained 95 points to settle at 19,889.
Also read: Texmaco Rail shares slip 14% from one-year high level; analysts suggest 'bearish' trend
Also read: Stock recommendations for November 29, 2023: HCL Tech, Max Financial Services and Praj Industries
Benchmark indices ended higher on Wednesday led by gains in banking, auto and IT stocks. Sensex rose 727 points to 66,902 and Nifty gained 207 points to 20,096. Market cap of BSE-listed firms rose to Rs 333.26 lakh crore. Axis Bank, M&M, Wipro, Tata Motors and HDFC Bank were the top Sensex gainers, rising up to 3.92 per cent. Of 30 Sensex stocks, 26 ended in the green.
Shares of Nestle India, Titan Company, Bajaj Finserv and UltraTech Cement were the top Sensex losers, falling up to 0.57% on Wednesday.
Vinod Nair, Head of Research at Geojit Financial Services said, "The market saw incredible upward momentum today with Nifty surpassing the 20,000 mark, driven by strong listing gains of ongoing IPOs and dovish statements from US Fed officials, intensifying expectations for early rate cuts. This was demonstrated by the rise in Mid & Small caps and drop in US bond yields and Dollar index. Ease in yield is attracting foreign funds to emerging markets."
BSE midcap and smallcap indices zoomed 264 points and 158 points, respectively. Banking, IT and auto shares were the top sectoral gainers with their BSE indices gaining 824 points, 434 pts and 614 pts , respectively.
Ajit Mishra, SVP - Technical Research, Religare Broking said, "The strength in the banking index has helped Nifty to regain momentum and we expect the prevailing tone to continue. Nifty may take a breather around the previous record high i.e. 20,222.45 levels and then gradually inch toward the 20,500 level. We thus suggest focusing on quality large cap names from across sectors and picking selectively from the broader indices."
Market breadth was positive with 1916 stocks ending higher against 1786 stocks falling on BSE. 139 shares were unchanged.
Meanwhile, shares of Indian Renewable Energy Development Agency (IREDA) zoomed over 87% on their market debut, extending gains from their stellar listing earlier in the day. IREDA stock zoomed 87.5% intraday to Rs 60 against the IPO price of Rs 32 on NSE. Later, it closed at the high point of the day. Market cap of the firm stood at Rs 16,126 crore on NSE. The stock gained 20% on NSE against the listing price of Rs 50.
Foreign institutional investors were net buyers on Tuesday as they lapped up shares worth Rs 784 crore, as per exchange data. On the other hand, DIIs bought equities worth Rs 1325 crore.
Previous session
The domestic equity market closed higher on Tuesday. Sensex climbed 204 points to end the session at 66,174 and Nifty gained 95 points to settle at 19,889.
Also read: Texmaco Rail shares slip 14% from one-year high level; analysts suggest 'bearish' trend
Also read: Stock recommendations for November 29, 2023: HCL Tech, Max Financial Services and Praj Industries