IANS | 29 Nov, 2023
The market saw incredible upward momentum on Wednesday with Nifty
surpassing the 20,000-mark for the first time in over two months driven
by strong listing gains of ongoing IPOs and dovish statements from US
Fed officials, intensifying expectations for early rate cut, said Vinod
Nair, Head of Research at Geojit Financial Services.
At close on
Wednesday, Nifty 50 settled at 20,096.60, up 206.90 points or 1.04 per
cent, while the BSE Sensex jumped 727.70 points or 1.10 per cent to
close at 66,901.91.
The India Renewable Energy Development Agency
(IREDA) made a bold market entry on Wednesday by listing at a 56.25 per
cent premium to the Rs 32 issue price, said Vaibhav Vidwani, Research
Analyst at Bonanza Portfolio.
On the NSE and BSE, the stock began trading at Rs 50. At closing, the stock increased by 87.50 per cent to Rs 60.
With
the rally continuing into its second day, the majority of Adani Group
companies were in green on Wednesday. This was due to the Supreme Court
delaying its decision to investigate the conglomerate on the basis of
stock manipulation and fraud claims made by a US short-seller, Vidwani
said.
Hero MotoCorp, M&M, Axis Bank, Wipro and Tata Motors
were the top gainers on the Nifty, while ONGC, Nestle India, Eicher
Motors, Adani Enterprises and Divis Lab were the top losers.
Siddhartha
Khemka, Head of Retail Research at Motilal Oswal Financial Services,
said the domestic equities rallied for the second consecutive day on the
back of positive global cues and gains in heavyweights. Majority of the
sectors ended in green with buying seen in IT, banking, financial and
auto.
