Final-hour buying drives Sensex 204 pts higher; Nifty near 19,900

Ira Singh
Khabar Khabaron Ki,28 Nov’23

The Indian equity market indices made a strong close in yet another volatile session on Tuesday as a rise in Adani and energy stocks offset a fall in information technology (IT) stocks after a recent rally.

At close, the Sensex was up 204.16 points or 0.31 percent at 66,174.20, and the Nifty was up 95.00 points or 0.48 percent at 19,889.70.On the back of mixed global cues, the market started mildly higher but the gains were erased in the initial hours and witnessed a range- bound movement.However, final-hour buying helped indices to close near the day’s high levels.

Stocks and Sectors

Adani Enterprises, Adani Ports, Tata Motors, BPCL and Coal India were the top gainers on the Nifty, while losers included Eicher Motors, Apollo Hospitals, ICICI Bank, ITC and Cipla.

On the sectoral front, power and oil & gas indices added 3 percent each, while metal, auto and PSU Bank indices rose 1 percent each. On the other hand, some selling is seen in the capital goods,FMCG and pharma names.The BSE midcap index was up 0.3 percent and the smallcap index ended on a flat note.

On 28 Nov’23,the Indian rupee rebounded from record low levels, gaining 6 paise to settle at 83.34 against the US dollar amid positive sentiment in the equity markets and inflow of foreign funds.

Forex traders said a weak American currency against major rivals and crude prices hovering close to the level of $80 per barrel also supported the Indian currency.

Experts Take:
Market experts have recommended six stocks to buy for Tuesday-Lupin, Tata Consumer, SBI, Havells, Adani Power and Bharat Forge.