“Indian Stock Markets Rally Over 2%: IT and PSU Banks Lead the Charge”

Stock Market Highlights: A Bullish Day with Strong Gains

The stock market witnessed a robust session yesterday, as key indices climbed significantly. Positive trends in global markets, strong performances in IT and PSU banking sectors, and upbeat news on major companies contributed to the bullish momentum. Here’s a detailed summary of the day’s market activities and news highlights.

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Market Performance

Nifty 50 Ends with a Strong Surge

The Nifty 50 index displayed remarkable strength throughout the session, gaining over 2% by the close. Most of the constituent stocks ended in the green, reflecting widespread optimism among investors. Notably, there was only one stock in the ‘Top Losers’ section, underscoring the broad-based rally.

Sectoral Performance

• Top Performers:
  IT and PSU bank stocks led the rally, supported by strong demand and positive investor sentiment. Oil & gas and FMCG sectors also posted gains of over 2%, further contributing to the market’s overall rise.
• Global Market Impact:
  The bullish momentum in the US and European markets bolstered investor confidence. However, Chinese markets faced a sharp decline of over 3%, while most other Asian markets ended higher.

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Top Gainers and Losers

Top Gainers on Nifty 50

1. SBI: ₹816.05 ▲ 4.52%
   The public sector banking giant emerged as the top gainer, driven by robust investor interest.
2. TCS: ₹4,244.60 ▲ 4.22%
   A strong performance in IT boosted Tata Consultancy Services’ stock.
3. Titan: ₹3,308.70 ▲ 4.10%
   Positive outlook and festive season demand pushed Titan’s stock higher.
4. UltraTech Cement: ₹11,375.30 ▲ 3.84%
   The stock gained on the back of improved infrastructure spending prospects.
5. ITC: ₹474.65 ▲ 3.83%
   FMCG heavyweight ITC benefitted from the overall market optimism and sectoral strength.

Top Loser on Nifty 50

• Bajaj Auto: ₹9,481.65 ▼ 0.25%
  Bajaj Auto was the sole laggard on the Nifty 50, with a marginal decline.

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Major Market News

Index Changes

• BSE announced that Zomato would replace JSW Steel in its Sensex 30 index starting December 23.

Fundraising Activity

• Zepto, a quick commerce company, raised ₹350 crore in its third funding round this year, taking its total fundraising in 2024 to over $1 billion.

Forex Reserves

• India’s forex reserves fell by $17.7 billion, reaching $657.89 billion as of November 15.

Global Inflation

• Japan reported an annual inflation rate of 2.3% for October, the lowest since January.

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IPO Updates

1. Zinka Logistics: Listed at a 2.89% premium over its issue price.
2. NTPC Green Energy: IPO was subscribed 2.42 times, with retail subscription at 3.44 times.
3. Enviro Infra Engineers: The IPO was subscribed 2.08 times. It remains open for subscription until November 26.

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Stocks in Focus

NTPC

• Its subsidiary, NTPC Green Energy, formed a joint venture with NREDCAP to develop renewable energy projects worth ₹2 lakh crore in Andhra Pradesh. This includes solar, wind, and green hydrogen projects.

JSW Energy

• SEBI issued a warning letter to JSW Energy for insider trading violations. The company has taken necessary actions against those involved.

RVNL

• RVNL secured an ₹837.67 crore order from Eastern Railway for various infrastructure projects in Jharkhand.

Central Bank

• The bank received RBI approval to venture into the insurance business through a joint venture with the Indian arm of Generali Group.

SJVN

• SJVN signed an MoU with the Rajasthan government to develop large-scale renewable energy projects, including pumped storage and floating solar initiatives.

Cochin Shipyard

• The company partnered with a US-based firm to develop drilling units for oil and gas extraction.

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Commodity and Currency Updates

• Gold: ₹77,490 (▲ 1.04%)
• Silver: ₹90,820 (▲ 0.40%)
• USD-INR: ₹84.50/USD (▲ 0.05%)

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Global Indices

• Dow Jones: 43,870.35 (▲ 1.06%)
• Nasdaq: 18,972.42 (▲ 0.03%)

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Long-Term Returns

Over the past two decades:

• Sensex: 13.80% annualized growth
• Nifty: 13.58% annualized growth
• Dow Jones: 7.38% annualized growth
• Nasdaq: 11.71% annualized growth

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The day marked a strong performance for Indian markets, with optimism fueled by global cues, strong sectoral gains, and positive company developments. As market dynamics continue to evolve, investors remain optimistic about sustained growth in the coming sessions.

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