Stock Market Today: Nifty 50, Sensex jump 5% each in November; investors earn over ₹24 lakh crore in a month

The Sensex and the Nifty 50, two domestic market benchmarks, ended November on a high note, both with significant gains. An improvement in mood, caused by growing expectations of a US interest rate peak, and the persistence of positive economic development forecasts in India, drove this spike.

In November, the Nifty 50 index soared 5.5% while the Sensex climbed 4.9%. Since July 2022, this has been Nifty's finest month. Since October 2022, the Sensex has not had a better month.

Investors gained around ₹24.1 lakh crore in just one month as the total market capitalization of companies listed on the BSE surged from roughly ₹311.5 lakh crore on October 31 to nearly ₹335.6 lakh crore on November 1.

Domestic market mood was supported by positive global indications. Reuters states that Asian markets had their best day in ten months on Thursday, thanks to hints of economic revival and a generally benign global interest rate outlook.

In addition, today is the expected day for India's Q2 GDP print. Even if economists anticipate a moderating trend in GDP estimates, they still may be on the robust side. 

The Nifty 50 advanced 37 points, or 0.18 percent, to 20,133.15 on Thursday, November 30th, while the Sensex advanced 87 points, or 0.13 percent, to 66,988.44.

In comparison to the benchmarks, mid- and small-cap indices did better. With a session high of 34,293.56, the BSE Midcap index closed 0.83 percent higher at 34,256.42.

Posting an intraday high of 40,407.85, the BSE Smallcap index ended the day with a 0.96 percent gain, closing at 40,371.61.

Axis Bank, UltraTech Cement, Sun Pharma, Bharti Airtel, HCL Tech, Larsen & Toubro, NTPC, and almost 350 other stocks reached new 52-week highs during intraday trading on BSE.

However, in anticipation of the conclusion of the OPEC+ meeting, crude oil prices continued to rise.

"The OPEC+ group, which includes the Organization of Petroleum Exporting Countries and allies including Russia, is expected to hold virtual meetings on Thursday to discuss additional production cuts that could range between 1 million to 2 million barrels per day (bpd) in early 2024," Reuters said.

At 4 o'clock in the afternoon, the price of a barrel of Brent crude rose 1.22% to $84.11.

Top Nifty 50 gainers today

Shares of UltraTech Cement (up 3.11%), HDFC Life (up 2.42%), and Apollo Hospitals (up 2.34%) were the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

The top losers in the Nifty 50 index were Adani Enterprises (down 1.30 percent), IndusInd Bank (down 1.05 percent), and Adani Ports (down 1%).

In the Nifty 50 index, 32 stocks closed higher, while 17 closed lower. One stock, Bajaj Finance, closed unchanged.

Sectoral indices today

Most sectoral indices closed higher today, with the Nifty Healthcare (up 1.78%), Pharma (up 1.56%), Realty (up 1.44%), and Consumer Durables (up 1.41%) all posting notable gains.

Among the losers, Nifty PSU Bank fell 1.10 percent, while Nifty Bank down 0.19 percent.

Experts' views on markets

"S&P Global Ratings' upgrade of India's GDP growth to 6.4% from 6% for FY24 has boosted market confidence." The Nifty 50 might breach the psychological milestone of 20,000 and sustain the gains by providing long-term support. The strong performance of global markets and IPO listings are adding glitz to mid and small-cap stocks. "The state exit poll and the final result, which will be announced on Sunday, may cause some caution," said Vinod Nair, Head of Research at Geojit Financial Services.

"After three days of progress, we are almost at the record high and may take a break now." Rotational buying across sectors, on the other hand, would keep the mood upbeat. As a result, we recommend using an intermediate pause or dip to add quality names," said Ajit Mishra, SVP - Technical Research, Religare Broking.

Technical views on Nifty 50

According to Rupak De, a senior technical analyst at LKP Securities, the confidence level will be high so long as the Nifty price continues over 20,000. This is because put writers have committed to defending the 20,000 strike price going ahead.

However, drops below 20,000 are the only thing that could cause sentiment to weaken. So long as that doesn't happen, buying on dips will probably continue to be popular.

At the higher end, the 20,200–20,230 range serves as a resistance zone, according to De. Crossing this level might send the index soaring to levels between 20,450 and 20,500.

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