POST-MARKET SUMMARY 29th November 2024

On November 29, Indian benchmark indices rebounded strongly after a steep fall in the previous session, with Nifty kicking off the December F&O series on a positive note, supported by buying in heavyweights. Investors' wealth saw a boost as the market capitalization of BSE-listed companies rose by Rs 3.49 lakh crore to Rs 446.47 lakh crore.

Among sectors, most indices ended in the green, with auto, energy, pharma, and media leading the gains with an increase of 1-2%, while realty and PSU banks lagged.

In the primary market, the IPO of Suraksha Diagnostic Ltd received a muted response on its first day of bidding. Get a detailed analysis of the IPO here.

NIFTY:  The index opened flat at 23,927 and made a high of 24,188 before closing at 24,131. Nifty has formed a bullish Harami candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,200 while immediate support is at 24,070.

BANK NIFTY: The index opened 78 points higher at 51,984 and closed at 52,055. Bank Nifty has formed a small-bodied bullish candlestick pattern with a minor upper shadow and a long lower shadow on the daily chart. Its immediate resistance level is now placed around 52,250 while immediate support is around 51,800.

Stocks in Spotlight

▪  Easy Trip Planners: Stock surged nearly 14% after it turned ex-bonus. The company had earlier announced a 1:1 bonus issue.

▪  Sigachi Industries: Stock jumped 6.5% after its subsidiary, Trimax Biosciences, announced a ‘Certificate of Suitability’ filing for Propafenone Hydrochloride, receiving acknowledgment from the concerned European Authority.

▪  Newgen Software Technologies: Stock gained 5% after securing an order from the Reserve Bank of India to implement and maintain a Regulatory Application Management System (RAMS).

Global News

▪  European markets gained momentum after a flat start, supported by EU data showing an estimated inflation rate of 2.3% for November. This suggests that the European Central Bank is likely to continue with its planned interest rate cuts.

▪  Gold prices rose on Friday, supported by a dip in the dollar and rising geopolitical tensions, but remained set for their biggest monthly decline in more than a year following Donald Trump’s U.S. election victory.

▪   The pound held steady on Friday, putting it on track for its biggest weekly rise since mid-September, while the euro is poised for its worst monthly performance in over a year, dropping about 3% in November amid concerns over US tariffs and weak Eurozone growth.

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