POST-MARKET SUMMARY 22nd November 2024

On November 22, the Indian stock market saw a significant rebound, with benchmark indices marking their biggest single-day gains in over five months. Broad-based buying across sectors and a recovery in Adani Group stocks fuelled the rally. All sectoral indices closed in the green, with notable gains of 2-3% in PSU Bank, IT, FMCG, energy, and realty stocks.

 In the primary market, the grey market premium (GMP) for the Enviro Infra Engineers IPO shot up to 26%, with the issue receiving an overall subscription of 2.07x on its opening day.

 In the primary market, the grey market premium (GMP) for the Enviro Infra Engineers IPO shot up to 26% and saw an overall subscription of 2.07x on the first day of bidding. 

NIFTY:  The index opened 62 points higher at 23,411 and made a high of 23,956 before closing at 23,907. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,960 while immediate support is at 23,780. 

BANK NIFTY: The index opened 140 points higher at 50,512 and closed at 51,135. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 51,350 while immediate support is at 50,900.

Stocks in Spotlight

▪  NLC India: Stock surged as much as 5% after the company announced its emergence as the highest quoted (H1) bidder for the New Patrapara South Coal Mine in Odisha's Angul district.

▪  Raymond: Stock surged nearly 16% after receiving a 'no objection' letter from BSE and NSE for the demerger and listing of its realty business, Raymond Realty.

▪  SJVN: Stock jumped 4% after the company signed a Memorandum of Understanding (MoU) with the Energy Department of Rajasthan for the development of renewable energy projects in the state.

Global News 

▪  Asia-Pacific markets largely advanced on Friday, following Wall Street's rally, where the S&P posted gains for a fourth consecutive session.

▪  Gold prices climbed over 1% to reach a two-week high on Friday, set for their strongest weekly gain in over a year, driven by safe-haven demand amid escalating Russia-Ukraine tensions.

▪  Oil prices remained steady on Friday, poised for a 5% weekly gain as the intensifying Ukraine conflict and expectations of increased Chinese imports in November boosted market sentiment.

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