Sat Nov 30 11:52:23 UTC 2024: **Indian Markets Surge: Nifty Hits New Highs, Adani Green Soars**
MUMBAI, INDIA – November 29, 2024 – Indian stock markets experienced a significant surge today, with the Sensex rising 759 points to close at 79,803 and the Nifty gaining 217 points to reach 24,131. Broader markets also outperformed, with the Midcap index climbing 2%, exceeding the Nifty’s 1% gain.
Several sectors contributed to the positive momentum. Public Sector Banks led the way, while the Nifty Bank index gained nearly 2% this week, boosted by strong performances from State Bank of India, HDFC Bank, and ICICI Bank. Adani Enterprises, Bharat Electronics, and several other Adani group stocks featured among the top Nifty gainers. Adani Green Energy saw its best single-day gain in over a year, jumping 20% on its debut in the Futures & Options segment.
The pharmaceutical sector also witnessed buying interest, with Cipla, Sun Pharma, and Divi’s Laboratories among the top performers. Auto stocks, excluding Hero, also saw gains ahead of monthly sales data. Reliance Industries ended near its day’s high, gaining almost 2%, and Bharti Airtel rose 4% following an upgrade from ICICI Securities.
However, not all sectors performed equally well. The Midcap index ended flat against the Nifty’s gains later in the day, and some stocks experienced declines. CreditAccess slipped 9% after a downgrade from Goldman Sachs, while Ola Electric snapped a five-day winning streak, ending nearly 6% lower.
Several significant corporate developments influenced market activity. Zee Entertainment surged 4% after shareholders rejected a proposal, while CAMS and Paytm hit 52-week highs following their entry into the futures and options segment. Several companies also announced large orders, leading to price increases in their stocks. The IPO of Suraksha Diagnostic Ltd. saw strong initial demand, while Easy Trip Planners announced a 1:1 bonus issue.
Gold prices also rose globally due to geopolitical tensions and a weaker US dollar, although the precious metal remains on track for its largest monthly decline in over a year.
Analysts offered mixed forecasts. Some predicted a potential correction in the market, while others highlighted positive growth prospects in certain sectors. Several brokerage firms issued buy recommendations on various stocks, offering further insights for investors. The addition of 45 stocks, including Yes Bank, to the futures and options segment also impacted trading. The article concludes with several stock recommendations from various analysts.
First Piper 