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In a truncated trading week marked by Monday’s holiday, the Indian stock markets witnessed gains in three out of four sessions, with substantial surges on Wednesday and the opening day of the December series on Friday. Exit polls from the five states with recent elections hinted at a closely contested race, fostering an atmosphere of anticipated change. Despite the uncertainty, the ruling party at the center is expected to be the overall beneficiary post-results, fueling market enthusiasm alongside a robust rally in Dow.
Closing the week, the BSE SENSEX climbed 1,511.15 points or 2.29%, reaching 67,481.19 points, while the NIFTY gained 473.20 points or 2.39%, closing at 20,267.90 points. Broader market indices such as BSE100, BSE200, and BSE500 exhibited gains of 2.51%, 2.68%, and 2.64%, respectively.
In the mid-cap segment, BSEMIDCAP surged by 2.90%, and BSESMALLCAP was up by 1.91%. The market rally was widespread, with no sector experiencing losses.
The Indian rupee strengthened by 8 paisa or 0.10%, closing at Rs 83.29 against the US Dollar. Dow Jones also had an impressive week, hitting a 52-week high with a gain of 855.35 points or 2.42%, closing at 36,245.50 points.
The November futures series concluded positively, with a substantial gain of 1,275.90 points or 6.77%, closing at 20,133.15 points. The first day of the new series saw an additional gain of 134 points for NIFTY.
The week featured five main board listings in three days, with four out of five issues demonstrating excellent participation and surpassing street expectations in terms of gains. IREDA, Tata Technologies Limited, Gandhar Oil Refinery (India) Limited, Fedbank Financial Services Limited, and Flair Writing Industries Limited all debuted with noteworthy performances.
Despite retail investors demonstrating increased participation, the market witnessed a dose of reality with some listings facing profit booking and fluctuations. The institutional support typically seen in new listings was notably absent in these five issues.
Economic data for November 2023, including GST collections of 1.68 lakh crore, reflecting a 15% YoY growth, and positive GDP numbers of 7.6% for the July-September quarter, contributed to the market’s positive sentiment.
Looking ahead, the outcome of the state elections, along with the ongoing market momentum, is expected to influence the upcoming week’s trading. With NIFTY reaching new lifetime highs on both intraday and closing bases, and BSE SENSEX poised to follow suit, the market is anticipated to open new levels with a minimum 3% increase from previous highs. Support levels are observed at 19,800-19,850 for NIFTY and 66,150-66,300 for BSE SENSEX, providing a strategic guide for market participants amid the ongoing rally.
