The Indian stock market rebounded strongly on Friday, November 29, 2024, with the Nifty 50 rising 0.91% to close at 24,131 and the Sensex gaining 0.96% to settle at 79,802. Major contributors to the rally included Reliance Industries, Bharti Airtel, and pharma stocks, though broader markets underperformed.

Market Overview

The Nifty Midcap 100 rose marginally by 0.16%, closing at 56,392, while the Nifty SmallCap 100 saw a 0.75% gain, ending at 18,650. Despite Friday’s recovery, both Nifty and Sensex posted a 0.5% decline for November, reflecting a softer decline compared to October's 6% loss. Volatility reached its peak, with Nifty and Sensex witnessing swings of 1,274 points and 3,767 points, respectively, the highest since June.

Sectoral Highlights

The Nifty Pharma Index emerged as the top performer, climbing 2.35% and breaking a three-day losing streak. Leaders like Torrent Pharma surged by 4%, followed by Cipla, Divi’s Laboratories, and Natco Pharma, each rising between 3-4%. Cipla’s rally was fueled by a domestic brokerage upgrade to ‘buy,’ citing strong U.S. sales potential and upcoming launches.

Other sectors like Nifty Energy, Nifty Oil & Gas, and Nifty Consumer Durables also showed strength, gaining over 1%, supported by a demand recovery and gains in Reliance Industries. However, sectors such as Nifty Realty and Nifty PSU Bank underperformed, declining by 0.59% and 0.56%, respectively, amid profit-booking.

Adani Group Stocks

Adani Group stocks extended their rally for the third consecutive session. Adani Green Energy surged 21.8%, while Adani Energy Solutions and Adani Total Gas gained 15.6% and started trading in the Futures & Options (F&O) segment. The rally followed a clarification from Adani Green, denying charges under the U.S. Foreign Corrupt Practices Act, which eased investor concerns.

Key Corporate Updates

• Nazara Technologies: Its subsidiary, NODWIN Gaming, acquired Trinity Gaming for ₹24 crore, strengthening its gaming portfolio.
• ITC: Russell Credit, its wholly-owned subsidiary, acquired Greenacre Holdings for ₹42.1 crore.
• Adani Ports: Signed a deal with the Kerala government to develop the Vizhinjam Seaport, with the first phase expected to launch next month.
• Reliance Industries: Acquired a 21% stake in Wavetech Helium for ₹101.4 crore, further diversifying its portfolio.
• Dixon Technologies: Projected FY25 revenue at ₹35,000-40,000 crore, with EBITDA margins expected to improve by 100-120 basis points.
• Ajmera Realty: Repaid ₹100 crore in corporate debt, reducing its total debt to ₹693 crore.

Institutional Activity

Foreign Institutional Investors (FIIs) were net buyers, adding ₹13,454.4 crore in equity during the week, while mutual funds sold ₹1,528.1 crore.

Active IPOs

The ongoing IPOs include Ganesh Infraworld, Suraksha Diagnostic, Agarwal Toughened, Apex Ecotech, and Abha Power and Steel.

Broader Updates

• Zomato: Raised ₹8,500 crore through a QIP at ₹252.6 per share, with plans to expand Blinkit and marketing initiatives.
• PC Jeweller: Announced a stock split, converting one ₹10 face value share into ten ₹1 shares.
• Enviro Infra Engineers: Listed at a 48.7% premium to its issue price, closing at ₹220 per share.

Conclusion

The Indian stock market’s performance on November 29 highlighted resilience amid global volatility. Gains in heavyweight stocks, especially in pharma and energy, underscored market strength. However, broader markets’ underperformance and profit-booking in specific sectors like realty and PSU banks indicate mixed investor sentiment. Going forward, market focus will shift to December’s key economic events, including the upcoming RBI policy review and global cues.

The Upcoming IPOs in this week and coming weeks are Property Share REIT, Rosmerta Digital, Avanse Financial and Nisus Finance.The Current active IPO is Ganesh Infraworld, Suraksha Diagnostic, Agarwal Toughened, Apex Ecotech, Abha Power and Steel.For more insights into financial trends , visit our Top News Headlines. You can also explore investment opportunities in the market and apply for upcoming IPOs through our Best IPO to Apply Now section.Join our Trading with CA Abhay Telegram Channel for regular stock market trading and investment calls by CA Abhay Varn, a SEBI Registered Research Analyst. Stay updated with the latest in share market news and IPO updates by joining the Finance Saathi Telegram Channel. Start your stock market journey today by opening a free demat account with Choice Broking FinX.