Sensex soars 728 pts, Nifty ends above 20K after over 2 mths in broad rally

Closing Bell on Wednesday, November 29, 2023: Among sectors, the Nifty bank, Auto, Financial Services, IT, PSU bank, and Private Bank indices ended higher in the range of 1 per cent to 1.5 per cent

Stock market highlights: Benchmark indices staged a smart rally on Wednesday led by shares of Reliance Industries, IT, auto, and select private banks. The S&P BSE Sensex rallied 728 points, or 1.1 per cent, to end at 66,902 levels.

The Nifty50, meanwhile, closed above the 20,000-mark for the first time after more than two months at 20,097, up 207 points or 1 per cent.

In the broader markets, the BSE MidCap and SmallCap indices added 0.78 per cent and 0.4 per cent, respectively. 

With this, the m-cap of all BSE listed companies touched the historic feat of $4 trillion for the first time. READ MORE

Among sectors, the Nifty bank, Auto, Financial Services, IT, PSU bank, and Private Bank indices ended higher in the range of 1 per cent to 1.5 per cent.

3:46 PM

Comment :: 'Do not see any immediate short term risks to the markets'

>> The markerts are in a very healthy with broader markets also participating.

>> In fact, the mid and small caps stocks have outperformed their larger peers in current rebound.

>> On the flows front, we have seen FIIs coming back strongly in past weeks and have now turned positive for the month.

>> Domestic flows continues to remain strong which adds much needed cushion to global volatility.

>> In terms of outlook, we do not see any immediate short term risks to the markets. If the recent fall in crude oil prices sustain, it would be positive for the markets.

>> In long term, Indian economy and markets are in a sweet spot currently and are set to achieve more new milestones ahead.

Views by: Narendra Solanki, Head - Fundamental Research, Anand Rathi Shares and Stock Brokers

3:44 PM

Currency check :: Rupee ends flat at 83.33/$ against Tuesday’s close

3:43 PM

SmallCap Heatmap :: Index ends 0.4% higher; check top gainers and losers

3:41 PM

MidCap Heatmap :: Index up 0.8%; check top gainers and losers

3:40 PM

Heatmap :: 41 of 50 Nifty stocks vault in trade; Axis Bank, Hero Moto march ahead

3:37 PM

CLOSING BELL :: Nifty ends near 20,100

3:36 PM

CLOSING BELL :: Sensex zooms over 700 pts

3:23 PM

Gold near 7-mth peak as dollar, yields dip on Fed rate-cut speculations

Gold prices touched a nearly seven-month high on Wednesday, propelled by a decline in the U.S. dollar and bond yields as investors grew confident that the Federal Reserve would likely cut interest rates by the first half of next year. READ MORE

 

3:13 PM

Global check:: US stock futures advance up to 0.7%

Source: Investing.com

3:03 PM

ALERT:: Infosys inks deal with Bank of Commerce; stock up 1%

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC) group in the Philippines, today announced the bank's decision to select Infosys Finacle Suite for its core banking transformation.

2:49 PM

ALERT:: Bannari Amman board to consider fund raise; stock down 1%

Bannari Amman Spinning Mills in an exchange filing said that the board of directors of the company are scheduled to meet on December 04 to consider and approve Various proposals for fund raising by the company.

2:38 PM

Sequoia-backed mobile wallet Mobikwik selects banks for $84 million IPO

The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd. and SBI Capital Markets Ltd. for preparations of its listing, the people said, asking not to be identified as the information is private. The company is aiming to file an initial prospectus as soon as next month and a share sale could happen in 2024, they said. READ MORE

2:27 PM

Income Tax Department conducts survey at some entities of Hinduja Group

The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. READ MORE

2:15 PM

BHEL hits highest level since May 2017; stock zooms 135% in last 8 months

Defence ministry has signed a Rs 2,956 crore contract with BHEL to procure 16 upgraded SRGM and accessories for Indian Navy. The SRGM is a medium caliber anti-missile and anti-aircraft defence weapon system that provides a sustained rate of fire and high accuracy. These upgraded SRGMs will be installed onboard Indian Navy's in-service and newly built ships. READ MORE

2:02 PM

With retail demand and investor interest up, India set to get bigger malls

Another factor for the increase in demand for mall space is the jump in consumption in tier 2 cities. According to the release, these cities are garnering around 25 per cent of the total upcoming mall area.
 

The expansion in the mall area has also been attributed to an increasing interest by investors such as private equity, global pension funds and sovereign wealth funds. Crisil said that 15-20 per cent of the investment in new supply will be led by these investors. READ MORE