Indian equity benchmarks Sensex and Nifty rebounded sharply on Wednesday, snapping a three-day losing streak to close with significant gains. A strong rally in the IT sector, coupled with broad-based buying across most sectors, propelled the Nifty 50 back above the crucial 26,000 mark. The Nifty Bank index also hit a new record high during the session.
The S&P BSE Sensex jumped 513.45 points (0.61%) to close at 85,186.47. The NSE Nifty 50 also saw a solid rise, climbing 142.60 points (0.55%) to end the day at 26,052.65.
Key Market Highlights
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Sensex: Closed at 85,186.47, up by 513 points.
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Nifty 50: Ended the session above the 26,000 level.
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Market Sentiment: After a weak start, the market staged a strong recovery, driven by a surge in IT stocks. The positive sentiment was also supported by a decline in the India VIX, a measure of volatility, which fell by 1.01% to 11.97, indicating a decrease in fear among investors.
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Broader Markets: The broader markets, however, underperformed the main indices. The Nifty Midcap 100 rose by a modest 0.21%, while the Nifty Smallcap 100 fell by 0.43%.
Top Gainers and Losers
The rally was powered by a strong performance from the IT sector, while some consumer discretionary and auto stocks lagged.
| Top Gainers |
Top Losers |
| Max Healthcare (+4.3%) |
Tata Motors Passenger Vehicles |
| HCL Technologies (+4.19%) |
Adani Ports and SEZ |
| Infosys (+3.74%) |
Bajaj Finance |
| Persistent Systems (+3.87%) |
|
| Coforge (+4.41%) |
|
Sectoral Performance
It was a day of mixed sectoral performance, with the IT sector leading the gains and the realty sector facing pressure.
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Top Gainer: The Nifty IT index was the standout performer, surging by 2.69%. All stocks in the index ended in the green, with Coforge, HCL Technologies, and Persistent Systems being the top gainers.
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Top Losers: The Nifty Realty and Nifty Media indices were the main laggards, falling by 0.87% and 0.84%, respectively.
Q2 Earnings Season Continues
The Q2 earnings season is nearing its end, with some of the final reports coming in today.
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Shalimar Paints: The company reported a 7.55% year-on-year decline in its consolidated net sales to ₹133.81 crore.
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Gujarat State Fertilizers & Chemicals (GSFC): The company posted a strong 20.96% year-on-year rise in its consolidated net sales to ₹3,187.37 crore.
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Rail Vikas Nigam (RVNL): The railway PSU reported a 5.52% year-on-year increase in its consolidated net sales to ₹5,122.98 crore.
IPO Market Buzz
The primary market remained active with a new listing and an ongoing IPO.
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Tenneco Clean Air Listing: The shares of automotive components manufacturer Tenneco Clean Air got listed on the BSE and NSE today, November 19.
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Excelsoft Technologies IPO: The IPO of Excelsoft Technologies opened for public subscription today. The company aims to raise ₹500 crore through the issue, which includes a fresh issue of shares worth ₹180 crore and an offer for sale (OFS) of ₹320 crore by existing shareholders. The IPO will close on November 21.
Frequently Asked Questions (FAQs)
Why did the market rebound so sharply today?
The market's strong rebound was primarily driven by a powerful rally in the IT sector, which had been underperforming recently. A recovery in banking stocks and positive global cues also contributed to the positive sentiment.
Which sector was the top performer?
The Nifty IT index was the best-performing sector, gaining nearly 2.7%. All stocks in the index closed with gains, with Coforge and HCL Technologies being the top performers.
What were the key Q2 results announced today?
GSFC and RVNL both reported strong growth in their quarterly sales, while Shalimar Paints saw a decline in its sales.
What's new in the IPO market?
Tenneco Clean Air made its stock market debut today, and the IPO of Excelsoft Technologies opened for subscription. The Excelsoft IPO will be open for bidding until November 21.