Market Wrap, November 25: Sensex jumps 530 pts; Nifty tops 12,050

Almost across-the-board buying and US-China trade talks optimism lifted benchmark indices nearly 1.50 per cent higher on Monday. The session witnessed some solid buying in blue-chips such as HDFC, Bharti Airtel, Axis Bank, Reliance Industries (RIL), and IndusInd Bank. On the global front, news reports that China and the United States were ‘very close’ to a phase one trade deal, boosted investor sentiment further. 

 

At close, the S&P BSE Sensex stood at 40,889, up 530 points or 1.31 per cent. During the day, the index hit an all-time high of 40,931.71 levels. Bharti Airtel (up 7 per cent) emerged as the top gainer on the index while ONGC (down over 2 per cent) was the biggest loser. 

 

Market breadth was in favour of buyers as out of 2,707 companies traded on the BSE, 1,418 advanced and 1,083 declined while 206 scrips remained unchanged.

 

NSE's Nifty50 index ended at 12,079, up 165 points or 1.38 per cent. 

 

Broader market, too, participated in Monday's rally. The Nifty Midcap 100 index ended over a per cent higher at 17,055 levels while the Nifty Smallcap 100 pack gained 0.70 per cent to close at 5,741 levels. 

 

Sectorally, all but media stocks ended in the green. Metal stocks rallied the most on renewed hopes of positive developments in US-China trade talks. The Nifty Metal index climbed over 3 per cent to 2,599 levels. Auto and Pharma stocks were next on the list. On the downside, Nifty Media index slipped over 1.50 per cent to 1,946 levels. 

 

Buzzing stocks of the day:

 

Shares of State Bank of India (SBI) hit an over three-month high of Rs 336, up over 2 per cent on the BSE. In the past nine trading days, SBI has outperformed the market by gaining 9 per cent after the Supreme Court judgement on Essar Steel resolution came in favor of financial creditors on November 15, 2019. 

 

Shares of Ashoka Buildcon zoomed 11.5 per cent to Rs 104.05 apiece during the day on the BSEc after the company's subsidiary bagged a project worth Rs 1,000 crore in the state of Telangana. Shares ened at Rs 96.45, up nearly 3.50 per cent. 

 

Shares of Adani Green Energy (AGEL) hit a new high of Rs 115, up 7 per cent on the BSE on the back of heavy volumes. The stock had rallied 10 per cent on Friday.

 

Global markets:   

 

World shares staged a cautious rally on Monday as investors held out for some progress in US-China trade talks, while the dollar dipped after its latest rally on the back of strong US economic data. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.7 per cent, after losing 0.4 per cent last week. Japan’s Nikkei firmed 0.7 per cent, while Australian stocks rose 0.5 per cent and Shanghai blue chips 0.3 per cent.

 

European shares rose for the second straight session. The pan-European index was up 0.7 per cent till the time of writing of this report, led by trade-sensitive miners. E-Mini futures for the S&P 500 added 0.2 per cent. 

 

In commodities, oil prices gained on US-China trade talks optimism.