On Thursday (November 20), a tremendous rise was seen in the domestic stock markets. The market jumped rapidly and reached its highest level in 13 months. Nifty also appeared to be nearing its lifetime high. At around 2 pm, the Sensex was trading 550 points higher. Nifty gained about 180 points and was trading around 26,230. Bank Nifty had reached an intraday high of 59,421 earlier in the day.
At the time of opening, the Sensex was trading at 85,366, up 180 points. Nifty also opened with a gain of 55 points around 26,106. Bank Nifty was trading flat around 59,229. Nifty Midcap 100 was also trading in the green. Buying was seen in metal and auto indices. IT and pharmaceutical stocks declined slightly. Adani Enterprises, Adani Ports, Reliance, TMPV, Axis Bank and Jio Financial were among the top gainers on Nifty. HCL Tech, HDFC Life, Max Healthcare, Dr Reddy, ICICI Bank, and ONGC were among the top losers.
Tech stocks finally brought green back to the US market, ending a four-day losing streak. After a massive swing of 400 points, the Dow Jones Industrial Average closed slightly higher, up about 50 points, while the Nasdaq performed strongly, gaining 125 points. Nvidia’s strong results released after market hours further boosted sentiment. Immediately after the results, Nasdaq futures saw a sharp rally of 400 points, while Dow futures also rose 200 points. Its effect was visible on domestic indicators, GIFT Nifty increased by 80 points and closed near 26,150.
Precious metals rise, crude oil prices weak
In the domestic market, gold rose by ₹400 to ₹1,23,000, while silver jumped by ₹500 to close at ₹1,55,100. A bullish trend was also seen in the international market, after four consecutive days of decline, gold rose by ₹35 and silver gained by about 2%. In contrast, crude oil continued to weaken, falling 2% to below ₹64, providing a sign of relief for India on the inflation and import cost front.
Domestic funds continued buying
Domestic institutional investors have been buying the Indian market for 58 consecutive days, the longest so far, and surpassing the 57-day record set in 2022. On Wednesday, DIIs made net purchases of about ₹1,360 crore in the market. Additionally, FIIs also made net purchases of ₹3,000 crore in cash, index and stock futures, further boosting market sentiment.
Infosys’ ₹18,000 crore buyback begins
IT giant Infosys’s biggest ever share buyback of ₹18,000 crore began today. This buyback will remain open till 26 November. Amidst the weak global environment, this buyback is being considered a positive sign for Infosys shareholders and may have an impact on the stock.
IPO Market Movement: Fujiyama Listing and Excelsoft’s Strong Start
Fujiyama Power Systems to list today. The company’s IPO was oversubscribed only twice, whose issue price was ₹228. On the other hand, Excelsoft Technologies got a good response from investors on the first day, being subscribed almost one and a half times. The company’s price band has been set between ₹114 and ₹120.
NBC gets big order from Nagpur Development Authority
Government construction company NBCC has bagged a major order worth around ₹3,000 crore from Nagpur Development Authority. The company will develop Naveen Nagpur Phase 1. This order is considered to be a strong boost to NBCC’s order book and revenue visibility in the coming quarters.
Cleanliness of Samman Capital
Amidst the questions being raised on the Supreme Court order, Samman Capital has clarified that the court has not directed to register an FIR against the company. The company said that even in the regulatory investigation, the allegations made in the public interest litigation have not been confirmed. This may provide some relief from pressure on the company.
SEBI warned investors
SEBI has issued a warning to investors investing in bonds. The market regulator has advised investors to invest only through SEBI approved bond platforms and avoid unregistered or unregulated bond platforms. This advice is considered important in view of the increasing complaints and risks on such platforms in recent times.