The Indian stock market clocked stellar gains on Wednesday, November 26, on strong buying across segments amid positive global cues.
Snapping their three-day losing streak, the Sensex closed with a solid gain of 1023 points, or 1.21%, at 85,609.51, while the Nifty 50 settled at 26,205.30, up 321 points, or 1.24%. The BSE Midcap index jumped 1.32%, while the Smallcap index ended 1.23% higher.
Stellar gains across segments shot up the overall market capitalisation of BSE-listed firms to nearly ₹475 lakh crore from ₹469 lakh crore on Tuesday, November 25, making investors richer by about ₹6 lakh crore in a single session.
“The move beyond 26,000 reflects broad-based participation and not a narrow rally, reflecting an improving risk appetite across key sectors like banking, realty, metals, and energy,” Ravi Singh, Chief Research Officer from Master Capital Services, observed.
“The overall sentiment remains positive till the Nifty 50 is trading above the 25,800-26,000 level, even as some caution is visible at higher levels due to intermittent profit booking near 25,250. The market is likely to stay volatile with an upward bias. Short-term corrections should be viewed as healthy and could present opportunities, provided the index continues to hold above crucial support zones,” Singh said.
Indian stock market: 10 key highlights from the day
1. Why did the Sensex, Nifty 50 rise today?
Perhaps the biggest reason behind the market’s stellar rally was short covering after the recent correction. The prospects of another rate cut by the US Federal Reserve in December, hopes of the Russia-Ukraine war nearing its end, and healthy domestic macro prompted investors to buy stocks across segments.
“The rally was supported by a mix of domestic and global cues. Renewed optimism over a potential rate cut by the US Federal Reserve in December, along with expectations of a 25-basis-point repo rate cut by the Reserve Bank of India early next month, improved investor sentiment. Additionally, easing crude oil prices—driven by hopes of progress toward peace between Ukraine and Russia—provided further support,” said Ajit Mishra, SVP- Research, Religare Broking.
2. Top gainers in the Nifty 50 index today
As many as 44 stocks ended higher in the Nifty 50 index, among which JSW Steel (up 3.69%), HDFC Life Insurance Company (up 2.80%), and Bajaj Finserv (up 2.55%) ended as the top gainers.
3. Top losers in the Nifty 50 index
Shares of Bharti Airtel (down 1.60%), Adani Enterprises (down 0.81%), and Eicher Motors (down 0.53%) ended as the top losers in the index.
4. Sectoral indices today
All sectoral indices ended with healthy gains. Nifty Metal, Consumer Durables, and Oil and Gas indices rose by up to 2%.
Nifty Bank rose 1.20% to end at 59,528 after hitting a record high of 59,554.95 during the session.
5. Most active stocks in terms of volume
Vodafone Idea (39.22 crore shares), Magellanic Cloud (15.80 crore shares), and Reliance Power (8.7 crore shares) were the most active stocks in terms of volume on the NSE.
6. 11 stocks jump more than 15% on BSE
Avro India, Best Agrolife, Indo Us Bio-Tech, SVP Global Textiles, Bigbloc Construction, and Bigbloc Construction were among the 11 stocks that surged over 15 per cent on the BSE.
7. Advance-decline ratio
Out of 4,325 stocks traded on the BSE, 2,800 advanced, while 1,371 declined. Some 154 stocks remained unchanged.
8. Over 100 stocks hit 52-week highs
Some 111 stocks, including Reliance Industries, SBI, Larsen and Toubro, and Axis Bank, hit their 52-week highs in intraday trade on the BSE.
9. 170 stocks hit 52-week lows
Despite positive market sentiment, as many as 170 stocks, including Cohance Lifesciences, Deepak Nitrite, Stanley Lifestyles, Shoppers Stop, Nilkamal, and Chemplast Sanmar, hit their 52-week lows in intraday trade on the BSE.
10. Nifty’s technical outlook
According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, 26,270–26,300 may act as an important resistance zone for the index.
“Any sustained move above 26,300 could drive a fresh leg of rally in the index, potentially taking it higher towards 26,500, followed by 26,700. On the downside, the support has shifted higher in the zone of 26,050-26,000,” said Shah.
Mishra of Religare Broking said Nifty’s rebound from the crucial 20-DEMA reinforces the prevailing uptrend.
“We maintain our positive outlook and recommend continuing a ‘buy-on-dips’ approach unless the index decisively breaks below 25,800. On the upside, we now expect the 26,300–26,500 zone to act as the next resistance,” said Mishra.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
