Adani Stocks Rally, Nifty IT Gains, and NTPC Green Energy’s IPO Triumphs
Written by - Fisdom Research
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November 22, 2024
2 minutes
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Market Snapshot
The Sensex and Nifty surged up to 2% on November 22, driven by strong financial stock performance and robust US labor market data.
Blue-chip bank stocks contributed significantly to the benchmark indices’ gains.
Domestic institutional buying and positive trends in US markets supported the recovery in domestic equities.
Sectoral indices such as Nifty IT, Banks, Oil and Gas, and Realty emerged as major gainers.
Nifty PSU Bank Index rebounded sharply, rising 2.47% after a steep 5% decline on November 21.
The Nifty PSU Bank Index, which tracks 12 public and private sector banks, displayed a strong recovery on Friday.
Sectoral Trends
Sector Name
% Change
Sector Name
% Change
NIFTY IT
3.3
NIFTY OIL & GAS
2.2
NIFTY REALTY
3.2
NIFTY CONSUMER DURABLES
2.0
NIFTY PSU BANK
3.0
NIFTY AUTO
1.8
NIFTY FMCG
2.3
NIFTY BANK
1.5
Technical Outlook: Key Indices
Indices Name
Support
Resistance
Nifty
23,300
23,800
Bank Nifty
50,200
51,000
Top News
Most Adani Group stocks rebounded 3-4% on November 22, despite governance concerns following US bribery allegations against Gautam Adani and executives.
The Nifty IT index surged over 3%, driven by robust US labor market data showing a drop in jobless claims to a seven-month low.
NLC India gained 5% after being named the highest bidder for the New Patrapara South Coal Mine in Odisha following a recent e-auction.
NTPC Green Energy’s $1.2 billion IPO fully sold on last day
Zinka Logistics IPO lists at 3% premium
Niva Bupa Healthcare shares list at 6% premium over IPO price.
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