Indian Markets End Up Higher, Adani Leads
The 30-share BSE benchmark Sensex surged 204 points or 0.31 per cent to settle at 66,174. The broader NSE Nifty advanced 126 points or 0.64 per cent to close at a fresh two-month high of 19,953.
Shares of Adani Group companies rose in today's trade after the Supreme Court reserved its order on the Adani-Hindenburg issue. Shares of Adani Enterprises, the flagship entity of the diversified Adani Group, rallied over 9 per cent. Other Adani Group stocks including Adani Total Gas, Adani Power and Adani Ports rose 20 per cent, 13 per cent and 6 per cent, respectively.
From the Sensex pack, Tata Motors, Bajaj Finserv and UltraTech Cement were the top gainers, rising 2-3.5 per cent. Bajaj Finance, Airtel, NTPC and Titan also ended higher.On the other hand, ITC, Sun Pharma, ICICI Bank, Power Grid and HUL closed in the red.
On the sectoral front, Nifty Metal advanced 1.85 per cent and Nifty PSU Bank surged 1.35 per cent. Nifty Bank, Auto, Financial Services, IT, Realty and Oil & Gas stocks also ended higher. In the broader market, Nifty Midcap100 gained 0.54 per cent and Smallcap100 rose 0.30 per cent.
Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 2.39 lakh crore to Rs 331.1 lakh crore. The market breadth was skewed in the favour of the bulls. About 1,906 stocks gained, 1,894 declined and 172 remained unchanged on the BSE.
FII and FPIs, on Tuesday saw a net purchase of Rs 783.82 crore in the cash segment. A total of Rs 13,690.47 crore was sales against a total purchase of Rs 14,474.29 crore. Domestic institutional investors saw a net purchase of Rs 1,324.98 crore in the cash segment. A total of Rs 6,763.72 crore was sales against a total purchase of Rs 8,088.70 crore.
Meanwhile, The gradual return of FIIs in the month of November post the global sell-off during the three months of (August to October) is having a steady positivity in India.
Oil prices are stable ahead of the OPEC+ meeting and OMCs stand to benefit from the ease. The metal sector gained in line with expectations of Chinese stimulus, and PSU banks are doing well due to better peer performance. The market may await state exit polls for further cues, in the short term.
Technically, the important key resistances are placed in October Nifty future are at 19,953 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19,979 – 20,088 levels. Immediate support is placed at 19,808 – 19,770 levels.
