Stock Market Today: Sensex at 85,874, Nifty Touches Record 26,246 While Adani Ports Gains 1.60%

Overview:

• Strong economic indicators, along with broad-based buying in banking, IT, and metal stocks, supported Nifty 50 and Sensex trading at record levels.

• Bank Nifty surged about 0.40%, while metal stocks extended their two-day winning streak as improving global demand sentiment supported the segment.

• M&M and Ashok Leyland reported upbeat monthly sales numbers, reinforcing strong demand in the auto industry, despite mixed reactions in share prices.

Indian stock market today rose to record highs on the back of encouraging economic indicators and across-the-board buying across sectors. Nifty 50 index was up 43.90 points or 0.17% at 26,246.85, while the Sensex rose 167.49 points or 0.20% to 85,874.16. Banking stocks spearheaded the gain with Nifty Bank index 0.40% to touch 59,991.70. IT stocks were also in the green, with Nifty IT index adding 0.15%. Let’s see what happened in the stock market today based on Moneycontrol live updates.

Top Gainers and Losers

Kotak Mahindra Bank was the top gainer among the Nifty 50 stocks as it jumped 1.76% to Rs. 2,161.80. Adani Ports shares rose by 1.60% to Rs. 1,541.20. TMPV gained by 1.33%, while Eternal advanced 1.20%. Eicher Motors rose 1.18% to Rs 7,136.50.

On the other hand, Titan Company lost 0.85% to Rs. 3,874.30 and became the biggest loser on the Nifty 50. Bajaj Finance was down 0.79% to Rs. 1,029.30. ITC, Asian Paints, and Max Healthcare were other losers, down between 0.58% to 0.69% each.

Most Active Stocks

The stock market today saw intense trading action in various blue-chip counters. ICICI Bank was the most active share in terms of value, with trades worth Rs. 546.61 crore. The stock rose 0.53% to Rs. 1,396.10. BSE was second on the list, with trades of Rs. 506.75 crore, up 0.61% at Rs. 2,920.20. HDFC Bank followed with trading activity of Rs. 505.97 crore, up 0.08% at Rs. 1,008.40. Vodafone Idea stock emerged among the most active stocks with trades worth Rs. 475.93 crore, gaining 1.51% to Rs. 10.11.

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Auto Sector Updates

The automobile sector took centre stage in the share market news, with a number of companies coming out with their November sales numbers. Mahindra & Mahindra posted a 22% y-o-y leap in domestic passenger vehicle sales to 56,336 units from 46,222 units a year ago in the same month. The company's overall commercial vehicle sales grew 17% to 24,843 units, while exports rose 5% to 2,923 units.

Ashok Leyland also reported positive numbers, with domestic vehicle sales 7% higher y-o-y in November. The stock, despite the good show on the sales front, traded marginally lower at Rs 3,754, down 0.10%.

Corporate Announcements

Many companies made some key announcements that had an impact on the stock market today. ICICI Bank said it has allotted non-convertible debentures of Rs. 3,945 crore on a private placement basis. The bonds have been rated AAA by both CARE Ratings and ICRA.

Uno Minda rose 1.61% to Rs. 1,326.05 after it announced the acquisition of its joint venture partner's entire 49.90% stake in subsidiary UMBM. The company approved further investment of up to Rs. 40 crore in its wholly owned subsidiary.

Metal and Precious Metals Rally

For the second consecutive day, metal stocks extended their gains. Hindustan Copper and NALCO rose up to 3%, taking the metal index to 10,374.30. Market experts have attributed this rally to an improved global demand outlook along with favourable domestic factors.

The gold price jumped by almost 1% to Rs. 1,30,590, supported by a spurt in demand for safe-haven assets and the ongoing marriage season. Silver prices recorded a sharp rise, reflecting strong domestic buying interest.

Foreign Investment Trends

Foreign institutional investors continued to be net sellers, selling shares worth Rs 3,795.72 crore on November 28, while domestic institutional investors provided support by buying shares worth Rs 4,148.48 crore on the same day, thereby cushioning the market from larger declines.

Currency and Global Cues

Indian rupee opened flat at 89.43 per dollar, against the previous close of 89.45 on Friday. Japanese yen rose against the dollar after comments from Bank of Japan Governor Kazuo Ueda suggested a near-term rate hike may be in the offing.

Also Read: Stock Market Today: Nifty 50, Sensex Set for Positive Start as Strong Q2 GDP Lifts Sentiment

Market Outlook

Indian stock market today seems to be all set for more gains, inspired by the strong Q2 GDP growth of 8.2% and broad-based sectoral strength. Investors are now watching whether foreign investors will shift from selling to meaningful buying. Other key events on the radar include: the RBI policy decision, auto sales data, and global economic indicators. Technical charts indicate that the Nifty remains well-supported above key moving averages, which would suggest continued bullish momentum in the near term.

FAQs

1. What caused today's record highs for the Indian stock market?

The Indian stock market reached new highs today, driven by stronger-than-expected GDP numbers and rising investor confidence. In addition, broad-based buying across the Banking, Metal, and IT sectors helped propel the market higher. Finally, stable global cues and strong buying by domestic institutional investors helped offset any selling by foreign institutional investors, leading to an overall positive sentiment in the Indian stock markets.

2. What are the top-performing stocks today?

Kotak Mahindra Bank was one of the biggest gainers today, gaining almost 1.76%, followed by Adani Ports, TMPV, and Eternal. All four of these companies benefited from sector strength, solid financials and investor interest in quality blue-chip companies. Likewise, Eicher Motors gained over 1%, propelled by strong demand in the Auto and Consumer Sectors.

3. Why did major stocks like Titan and Bajaj Finance go down today?

Titan and Bajaj Finance fell slightly due to a combination of profit-taking and sector-related weakness. Both of these stocks have risen sharply in the past few weeks and investors have chosen to take their profits. In addition, mixed signals from consumer demand and cautious investor sentiment toward premium retail and NBFC stocks have negatively impacted these stocks today.

4. In what way did global cues influence the performance of the Indian market today? 

Global Cues were mixed but had little to no impact on Indian Markets. The strength of the yen following the Bank of Japan’s comments regarding the potential for interest rate increases, while other Asian markets remained flat. However, positive macroeconomic data from India, driven by GDP numbers and strong automotive sales growth, provided strong support for Indian markets amid global volatility.

5. What is the forecast for the Indian stock market over the next several days?

The positive outlook for the Indian stock market remains intact, supported by strong GDP data and investor sentiment. Analysts expect continued price increases, particularly if Foreign Institutional Investors reduce their selling pressure. Key areas of interest will be the Reserve Bank of India’s upcoming policy meeting, additional corporate announcements, and Global Macroeconomic Data releases. Provided Nifty remains above key long-term averages, the positive short-term trend is expected to continue.