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Stock Market Live Updates: Nifty Surges 200 pts, Sensex Trades Near 79,800; Bank Index Gains 0.31%
Indian equity indices are experiencing gains in the late afternoon trade on Friday, following a muted start to the trading session. The market's positive momentum is currently due to strong performances in the healthcare and IT sectors. All sectoral indices are in the green, showing broad-based positive sentiment across the market. However the realty sector saw a slight decline of 0.34% and PSU banks fell by 0.58%,The Nifty Pharma index led the charge with a 2.2% rise, with strong buying interest in pharmaceutical stocks. Meanwhile, the Nifty Bank index also registered a modest gain of 0.13%, contributing to the overall market uplift.
On Friday, tracking mixed global cues the Indian benchmark indices opened on a flat note as Nifty opened below the 24,000 mark at 23,927.15 while Sensex was trading over 160 pts at 79,201.80. On the Nifty pack, SUNPHARMA, ADANIPORTS, ADANIENT, HDFCLIFE and CIPLA were the top 5 gainers whereas POWERGRID, TCS, SHRIRAMFIN, TECHM and Infosys were the top gainers. As traders evaluated the Tokyo inflation report, Asian markets were trading lower in the morning session on the global market front. Thanksgiving caused Wall Street to close, but European markets ended the day higher. Ahead of key data releases, such as China's manufacturing PMI, India's Q2 GDP figures, and the Eurozone CPI, investors are still on edge and geopolitical worries subside, market volatility is expected to persist.
140% Returns: Food Delivery Giant Zomato Raises Rs 8,500 Crore Via QIP
Food delivery giant Zomato has successfully raised Rs 8,500 crore through a Qualified Institutional Placement (QIP), marking its first major fundraising effort since its initial public offering (IPO) in July 2021. The QIP saw the allocation of 33.65 crore equity shares at Rs 252.62 per share, reflecting a 5% discount to the floor price of Rs 265.91.
Gold Price In India Today, Nov-29
Indian gold prices saw an enormous spike on Friday, November 29, amid fresh geopolitical tensions between Russia and Ukraine that continue to encourage safe-haven buying. Today, 22 carat gold costs Rs 7,160 per gramme in India, whereas 24 carat gold costs Rs 7,811 per gramme. The price of 22k of 10 grams of gold in India climbed by Rs 670 to Rs 71,600 on Friday from Rs 70,930 on Thursday. Meanwhile, the price of 22k of 100 grams of gold in India jumped by Rs 6,700 to Rs 7,16,000 today from Rs 7,09,300 yesterday.
IRCTC Shares Slip 0.36% on November 29
On November 29, IRCTC shares prices saw a slight decline of 0.36%, trading at Rs.811.45 as of 1:00 pm IST. IRCTC stocks dropped despite the broader market rebound, as equity indices Sensex and Nifty, after a brief dip in early trading hours, have bounced back and are currently up by 0.8%.
Adani Group Stocks Extend Rally For The 3rd Straight Day, Adani Green & Adani Total Lead Gains
Adani Group companies continued their winning streak on Friday, marking the third consecutive day of gains across the conglomerate's listed entities. Shares of several group firms surged up to 9%, even as the group faced ongoing scrutiny over allegations of bribery by its top executives. Adani Green Energy Ltd spearheaded the rally with its shares climbing up to 9% during early trading hours. Other gainers included Adani Total Energy Solutions Ltd, which was up 8%, Adani Total Gas, which gained 5%, and Adani Power, which was also up 5%. Adani Enterprises, Adani Ports and Special Economic Zone, and Adani Wilmar all rose by 3%. Media subsidiary New Delhi Television Ltd (NDTV) recorded a 5% gain, while cement giants Ambuja Cements Ltd and ACC Ltd saw their stock prices rise by up to 3%.
Zee Ent Share Price Jumps 7% After Shareholders Reject Punit Goenka's Reappointment As Director
The shares of Zee Entertainment Enterprises Ltd. (ZEEL) rallied up to 7% during early trading hours on November 29, following a shareholder decision to reject the resolution to reappoint Punit Goenka as a director on the company's board. This outcome was declared during ZEEL's Annual General Meeting (AGM).
Nazara Technologies Slips as Subsidiary NODWIN Gaming Acquires Trinity Gaming
Shares of Nazara Technologies declined after its subsidiary, NODWIN Gaming, announced the acquisition of Trinity Gaming. Trinity is a prominent gaming agency and platform MCN/CSP, with the deal valued at Rs 24 crore.
Nifty Outlook Today By Sameet Chavan, Head Research, Technical and Derivative - Angel One
Key support levels are at the 200-DSMA and the 61.8% retracement of the recent bounce, around 23650, with a further slide to 23500 and recent lows likely. On the upside, resistance is seen near the 20-DEMA in the 24050–24150 zone, while a sustained move above 24400 is essential to revive bullish sentiment. Midcap resilience provided some relief, but the banking sector's performance remains critical as it has led the recent recovery. Traders should closely monitor these key levels and adjust strategies accordingly.
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
A perplexing market action in recent days is the inexplicable volatility in FII activity. A few days of buying followed by yesterday’s massive selling of Rs 11756 crores is difficult to explain. What are the factors contributing to this apparently irrational activity? Is this a one-off? Or, is there more to come? Answers to these questions will be available in the coming days. It is better for investors to wait and watch. Lots of stock specific actions are likely starting today in response to the inclusion of 45 new stocks to the F&O list. Buy on dips strategy may not yield short-term gains in this market. But this strategy can be applied by investors with a medium to long-term time horizon. Largecaps in financials, IT, capital goods and telecom are ideal for accumulation from a medium to long-term perspective.
Bank Nifty Outlook Today By Om Mehra, Technical analyst, SAMCO Securities
A bearish engulfing pattern on the daily chart suggests caution, even as the index remains above the 20 DMA and 50 DMA, signalling some resilience in the medium term. An unfilled gap below the 51,774 support could act as a short-term overhang, increasing the possibility of a pullback in the coming sessions. The resistance is at 52,600, while the next support zone remains broader, placed around 51,270 level.
Nifty Outlook Today By Om Mehra, Technical analyst, SAMCO Securities
The index slipped below key short-term averages, breaching the 9 EMA and 20 EMA, signalling weakened momentum. A bearish candle with a large body highlighted the day’s downtrend, as Nifty filled the gap made on November 25th. On the hourly charts, the short-term trend has turned weaker, with resistance at 24,150 and support at 23,650.
Nifty Bank Faces Selling Pressure, Drop in PCR hints at Growing Bearish Sentiment
“The index ended near its immediate support zone of 51,700, forming a bearish candlestick pattern at a crucial point. Trading below the psychological 52,000-mark signals weakening buying interest. The 52,500–52,600 zone has acted as a significant resistance since early October, characterized by strong call-writing, reflecting sustained selling pressure. A breakout on either side is expected to define the near-term direction. The RSI, staying below 60 since early October, reinforces a negative outlook, suggesting limited upside potential until the index clears this key resistance level,” said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.
Nifty Bank Options Market Insights By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
The options market shows a balanced sentiment, with comparable call and put writing. The 53,000-strike call has the highest open interest at 12.31 lakh contracts, while the 51,500-strike put has seen substantial additions, totalling 5.84 lakh contracts. Positions between the 52,100–52,500 call range and the 52,000–51,500 put range reinforce resistance at 52,500 and support near 51,500. The surge in call writing between 52,100 and 52,500 highlights stronger seller activity, while reduced put writing signals an increasing bearish bias. The put-call ratio (PCR) has dropped to 0.88 from 1.97, emphasizing a growing bearish sentiment. Furthermore, the "max pain" level at 52,600 suggests it may act as short-term support.
Bank Nifty Outlook Today By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
“The Nifty Bank index is showing a cautiously bearish trend, having failed to sustain above 52,000, with significant sell-offs during upticks. The index is nearing a crucial support level at 51,700–51,800, which has been a strong support zone recently due to active put-writing. Holding above this level will be important for maintaining any upward momentum. With the index trading below the 52,000–52,500 range, sellers are controlling the price action, and upticks are likely to be met with selling pressure. Staying below 52,500 supports a "sell on rise" strategy. A breakout above 52,500 could trigger short-covering and push the index towards 53,300. However, a breach below 51,700 may increase selling pressure, leading to a further drop to 51,300.”
Nifty Prediction Today
“On the daily chart, the index is now testing its immediate support zone around 23,900-23,800, a critical level that could be key to preventing further downside. After breaking the key 24,000 support, the index faces a cautious outlook as it struggles to build upside momentum. The 24,100-24,200 range, with substantial call writing, has become a significant resistance zone, suggesting strong selling pressure on any price recovery. The index needs to stay above 23,800 to maintain any upward bias; otherwise, further selling could emerge to take it below this level,” said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.
Options Market Analysis By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Options data reveals a bearish tone, with notable call-writing activity seen throughout the session. The 24,300-strike call has garnered the highest open interest of 50.68 lakh contracts, while the 23,500 strike put holds considerable open interest at 54.37 lakh contracts. The active positions in the 24,000–24,300 call range and the 23,900–23,500 put range emphasize resistance around 24,300 and support at 23,500. The surge in call writing from 24,000 to 24,500 highlights the growing seller strength, while reduced put writing signals a stronger bearish sentiment. The put-call ratio (PCR) decreased to 0.72 from 1.03, further underscoring the bearish bias. The "max pain" level at 24,000 suggests minimal downside risks in the near term.
Nifty Outlook Today By Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
The Nifty index is exhibiting a cautiously bearish stance, having failed to hold above the 24,000 level, with any upticks will quickly encounter selling pressure. The index is now approaching a crucial support zone between 23,800 and 23,900. This area, marked by robust put-writing activity, has proven to be a strong support level in recent times. For the index to maintain an upward trajectory, it must stay above this level. As the Nifty trades below the 24,000-24,100 range, selling activity continues to cap upward momentum, making the "sell on rise" strategy favourable. A breakout above the 24,100-resistance zone could trigger a short-covering rally, pushing the index toward 24,500. On the flip side, a breakdown below 23,800 could intensify selling pressure, potentially pulling the index down to 23,500.
Bank of Baroda Shares In Focus
One of the top public sector banks in India, Bank of Baroda (Bank), said today that it has generated Rs. 3,500 crore by issuing Basel III Compliant Tier II Capital Bonds. Due to the robust investor response, the bank was able to price the issuance at a highly competitive coupon of 7.41% p.a. With a base issue size of Rs. 1,000 crore and a Greenshoe option to retain oversubscription up to Rs. 2,500 crore (total issue size of Rs. 3,500 crore), the bank received 120 bids totalling Rs. 9,500 crore. This corresponds to oversubscription that is about 2.7 times the total issue size and 9.5 times the basic issue size. At a 7.41% p.a. coupon rate, the bank accepted bids for Rs. 3,500 crore. CRISIL Ratings and India Ratings have given the bonds a "AAA" rating with a stable outlook. On November 27, 2024, the bonds were put up for bid, and on November 28, 2024, they were distributed.
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