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I) Nifty: opened at 23411 and touched a high of 23956 then a low of 23359 and closed at 23907 with a total of + 557 points in Positive
II) Bank Nifty: open 50512 and touched a high of 51271 then a low of 50508 and closed at 51135 With a total of + 762 points Positive
III) Fin Nifty: open 23324 and touched a high of 23673 then a low of 23319 and closed at 23623 With a total of + 350 points in Positive
IV) Nifty Mid Select: open 12196 and touched a high of 12329 then a low of 12174 and closed at 12306 With a total of + 142 points in Positive
Indian Stock Market Highlights – Sector-wise Performance (November 22, 2024)
The Indian stock market saw mixed trends today, with some sectors rallying while others faced selling pressure. Here’s a sector-wise breakdown:
The IT sector faced significant losses, with the BSE IT index dropping by 2.3%. Key players like TCS and Infosys recorded declines of over 3%, influenced by reduced optimism about the U.S. Federal Reserve cutting rates in December. Concerns about delayed BFSI spending further dampened sentiment in the sector.
Metal stocks outperformed, buoyed by China's decision to reduce tax rebates on exports like aluminum and copper. The BSE Metal index surged by over 2%, with National Aluminium Company (NALCO) leading the charge, jumping 9%. This development has sparked optimism about improving demand prospects for base metals.
FMCG stocks displayed resilience, reflecting positive sentiment in defensive sectors. Companies in this space capitalized on stable demand and price realizations, helping the sector end the day with gains. Consumer durable stocks also joined the rally, supported by festive demand and improved consumer sentiment.
The banking and financial services sector showed modest gains. Select private banks witnessed buying interest, while PSU banks remained stable. Analysts noted that earnings growth in this sector has been steady, and foreign investors have continued showing interest due to India's strong macroeconomic fundamentals.
The real estate sector extended gains as increased housing demand and government initiatives in affordable housing fueled optimism. Mid-cap realty stocks were among the top performers within the sector.
Specialty chemicals took a hit today, with Anupam Rasayan India falling nearly 3%. This decline followed the company’s disappointing Q2 results, where profits dropped by 37% year-on-year. Weak earnings raised concerns about growth in the sector, impacting sentiment.
The pharma sector traded sideways with no major triggers. While large-cap pharmaceutical companies remained range-bound, mid-cap players saw sporadic buying. Export-oriented companies continued to attract attention due to stable currency trends.
Auto stocks traded mixed as investors balanced optimism from improving sales with concerns over rising input costs. Two-wheeler manufacturers performed well, driven by strong retail demand, while commercial vehicle stocks saw profit-booking.
The energy sector remained subdued today, with no significant movement. Renewable energy companies saw mild gains amid continued government push for green energy, while traditional oil and gas companies stayed flat as crude oil prices stabilized.
The broader market remained lackluster, with market breadth leaning negative. Declining stocks outnumbered gainers, reflecting cautious sentiment. Volatility persisted, with the India VIX rising by 3%, signaling increased uncertainty.
Overall, sectoral divergence was evident, highlighting investor rotation between defensive and growth-oriented sectors. The mixed performance underscores the need for a cautious approach as global and domestic factors continue to shape market dynamics.
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