Mumbai: The Indian stock market witnessed a significant rally on November 29, 2024, as the Nifty surged above 24,100, and the Sensex soared by 759 points. Investors showed confidence in heavyweight stocks such as Bharti Airtel and Reliance Industries, leading to broad-based gains across multiple sectors. While foreign institutional investors (FIIs) continued to offload equities, strong domestic participation helped maintain the bullish momentum.
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Nifty Above 24,100: Market Overview
The benchmark Nifty closed above 24,100, gaining 216.95 points or 0.91%, settling at 24,131.10. The BSE Sensex recorded an impressive rise of 759.05 points or 0.96%, closing at 79,802.79. Intra-day trading saw the Sensex touching a high of 79,923.90, reflecting strong investor sentiment.
Top Gainers and Sectoral Performance
Major market movers included Bharti Airtel, Mahindra & Mahindra, UltraTech Cement, and Reliance Industries. On the flip side, Power Grid, Nestle, and Infosys experienced marginal declines.
Several sectors witnessed significant gains:
- Telecom & Healthcare: Bharti Airtel’s stellar performance contributed to the telecom sector’s 1.53% rise, while the healthcare index led the rally with a 2.05% increase.
- Utilities & Energy: Positive investor sentiment pushed these sectors up by 1.46% and 1.09%, respectively.
- Technology & Commodities: Both recorded gains of over 1%, signaling confidence in corporate growth.
The only sector facing pressure was the realty segment, which remained in negative territory.
Nifty Above 24,100: Global and Institutional Influence
Global cues played a crucial role in shaping market trends. While Shanghai and Hong Kong markets ended in positive territory, Seoul and Tokyo closed lower. European indices remained subdued, whereas US markets were shut due to Thanksgiving, leading to reduced trading activity.
Meanwhile, foreign institutional investors (FIIs) sold equities worth Rs 11,756.25 crore, signaling cautious participation. However, domestic investors continued to absorb the selling pressure, ensuring a stable market.
Midcap and Smallcap Performance
Midcap and smallcap stocks also joined the rally, reflecting a positive market breadth. The BSE smallcap index gained 0.76%, while the midcap index edged up by 0.31%, indicating investor confidence beyond blue-chip stocks.
Economic Indicators and Market Outlook
Despite the strong rally, economic indicators hinted at a slowdown. The latest GDP data showed a 5.4% growth in the July-September quarter, down from 8.1% in the previous year. This slowdown was anticipated, and its impact on corporate earnings has been factored into market expectations.
Conclusion
With the Nifty closing above 24,100, the market rally highlights strong investor confidence, particularly in telecom, healthcare, and energy stocks. However, concerns over FII outflows and GDP slowdown indicate a need for cautious optimism. Moving forward, global trends and domestic economic data will continue to shape market momentum. Investors should stay informed and adopt a strategic approach in their trading decisions.
