Informist, Tuesday, Nov 28, 2023

By Anjana Therese Antony

MUMBAI – Investors shrugged off the sombre sentiment in global markets and cheered the gains in shares of Adani Group companies and other heavyweights on Nifty 50. Moreover, foreign investors turning buyers in the domestic market also boosted the sentiment today, some analysts said.

The Indian stock market was closed on Monday on account of Guru Nanak Jayanti. 

The Adani pack gained significantly after the Supreme Court on Friday reserved its order on the Adani-Hindenburg case. The apex court also said it cannot proceed on the assumption that Hindenburg's report on the conglomerate is correct. 

"After last week's range-bound trend, markets registered gains led by uptick in power, metal and auto stocks as hopes of strong growth momentum going ahead and receding worries of rate hikes in the US strengthened the mood," said Prashanth Tapse, senior vice president of research at Mehta Equities, in a post-market note today. Some analysts retained their view of "buy on dips" on the market going forward.

Out of the 50 constituents on the index, five hit all-time highs. The index managed to surpass the key hurdle of 19850 points and is now expected to inch higher. 

Gains in index heavyweights such as Adani Enterprises, Tata Motors, Bharti Airtel, and Adani Ports and Special Economic Zone pushed the Nifty 50 index higher. The Nifty 50 ended 0.5% higher at 19889.70 points and Sensex closed 0.3% higher at 66174.20 points.

The immediate support for the 50-stock index is pegged at 19800-19750 points and resistance at 19950-20000 points. The index is expected to test the new psychological level of 20000 points in the coming sessions.

Meanwhile, Nifty Midcap indices closed the session 0.4-0.6% higher while the Nifty Smallcap indices ended mixed. 

Adani Group stocks--Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Green Energy, Adani Energy Solutions, Adani Total Gas, and Adani Wilmar rose 7-20% during the day.  Moreover, stocks of ACC, Ambuja Cements, and New Delhi Television also traded higher and ended the day 2.7-12.1% higher.   

The 50-stock index constituent Adani Enterprises hit its upper band of 2,447.95 rupees and rose over 11% today and remained the top performer on the index. These seven stocks were in the list of top eight gainers on the Nifty 200 index today.

Viraj Vyas, technical and derivative analyst at Ashika Broking, pegs 2,525 rupees as the next crucial resistance for Adani Enterprises. 

Gains in Adani Enterprises pushed the Nifty Metal index, which closed 1.9% higher at 7001.65 points, with 11 out of 15 constituents ending in the green. Adani Power rose 12% during the day to hit an all-time high of 464.40 rupees.

Among sectors, the auto pack closed higher today, with Tata Motors and Bajaj Auto reaching fresh lifetime highs of 699.45 rupees and 6,039.65 rupees, respectively. Analysts expect these stocks to rise higher led by expectation of strong November sales numbers. Further, the Federation of Automobile Dealers Associations said that automobile sales during the 42-day festival period of 2023-24 (Apr-Mar) grew by 18.7% on year to 3.79 mln units.

Meanwhile, some analysts said that oil marketing companies are witnessing renewed interest on account of a fall in oil price ahead of the meeting of the Organization of the Petroleum Exporting Countries and its allies on Thursday. Nifty Oil & Gas was among the top sectoral performers and closed 2.3% higher, led by gains in oil marketing companies including Bharat Petroleum Corp and Hindustand Petroleum Corp.

On the other hand, defensive sectors such as fast-moving consumer goods, and pharma were the biggest laggards. Nifty FMCG and Nifty Pharma were the worst hit among sectoral indices and closed lower by 0.2% and 0.3%, respectively. Some analysts said that pharma stocks witnessed profit booking at higher levels.

On the stock-specific front, Bharti Airtel hit its record high of 988 rupees and closed 1.2% higher. Shares of Titan Co and NTPC also reached lifetime highs of 3,445.95 rupees and 258.30 rupees, respectively. 

BSE Ltd gained 8% after broking firm Jefferies initiated coverage with a 'buy' rating and a target price of 2,700 rupees. 

Going forward, benchmark indices are expected to rise on Wednesday if there are no negative surprises in global markets.

* Of the Nifty 50 stocks, 36 rose, 12 fell, and 2 were unchanged 

* Of the Sensex stocks, 20 rose, 8 fell, and 2 were unchanged

* On the BSE, 1,906 stocks rose, 1,894 fell, and 172 were unchanged

* Nifty Oil & Gas: Up 2.3%; Nifty Metal: Up 1.9%; Nifty Pharma: Down 0.3%

BSE                                                NSE
Sensex: 66174.20, up 204.16 pts or 0.31%           Nifty 50: 19889.70, up 95.00 pts or 0.48%

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 67927.23 (Sep 15, 2023)          :  Lifetime High: 20222.45 (Sep 15, 2023)
Record Close High: 67838.63 (Sep 15, 2023)      :  Record Close High: 20192.35 (Sep 15, 2023)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67838.63 (Sep 15, 2023)      :  2023 Closing High: 20192.35 (Sep 15)

2023 Closing Low: 59288.35 (Feb 27)             :  2023 Closing Low: 17311.80 (Oct 17)

2023 High (intraday): 67927.23 (Sep 15)         :  2023 High (intraday): 20222.45 (Sep 15)

2023 Low (intraday): 58699.20 (Jan 30)          :  2023 Low (intraday): 17098.55 (Jan 17)

2022 1st day close: 59183.22 (Jan 3)            :  2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1)             :  2022 Closing High: 18812.50 (Dec 1) 
2022 Closing Low: 51360.42 (Jun 17)             :  2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1)          :  2022 High (intraday): 18887.60 (Dec 1)

2022 Low (intraday): 50921.22 (Jun 17)          :  2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14)            :  2021 Closing High: 18338.55 (Oct 14) 
2021 Closing Low: 46285.77 (Jan 29)             :  2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14)         :  2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29)          :  2021 Low (intraday): 13596.75 (Jan 29)-

2020 Closing High: 47751.33 (Dec 31)            :  2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23)             :  2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31)         :  2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24)          :  2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20)         :  2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19)          :  2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28))         :  2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23)           :  2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26)         :  2017 High(intraday): 10515.10 (Dec 26)

End

With inputs from Maitri Seth

Edited by Maheswaran Parameswaran

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