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Sensex Today Ends 700 Points Higher | Nifty Hits 20,100 | IREDA Zooms 87% on Listing Day
Wed, 29 Nov Closing

Sensex Today Ends 700 Points Higher | Nifty Hits 20,100 | IREDA Zooms 87% on Listing Day

After a gap up opening, Indian share markets extended gains as the session progressed and ended firmly in the green, closing at the day's high.

The rally was contributed on the hopes of rate cuts as early as March 2024, rising gold prices, and falling dollar index.

Meanwhile, broader markets witnessed a sharp rally with several midcaps and smallcaps spiking over 10%. This positive sentiment further supported overall sentiment.

At the closing bell, the BSE Sensex closed 1% higher at 66,901, rising by 728 points.

Meanwhile, the NSE Nifty closed higher by 207 points at 20,097.

Axis Bank and M&M were among the top gainers today.

Nestle and Titan, on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 20,268, up by 140 points, at the time of writing.

Broader markets ended positively. The BSE MidCap index closed 0.8% higher and the BSE SmallCap index ended 0.4% higher.

Sectoral indices ended in green with stocks in the banking sector, auto sector and IT sector witnessed most of the buying.

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Special Replay of Today's Event for You

Today, Rahul shared his entire research on this mega opportunity that he calls India's third giant leap.

He also showed how this leap could potentially generate wealth at a scale we have probably never seen before.

Plus, he also shared details of his latest special report covering his top 3 stocks to ride this giant leap with all the viewers.

And also gave hints about 10 more stocks.

If you missed all this crucial information, then you can click here to watch the special replay of the event.

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Meanwhile, stocks in the realty sector witnessed selling.

Shares of Bajaj Auto, Bosch and Titan hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a negative note. The Hang Seng ended lower by 2%, Nikkei ended down by 0.3% and the Shanghai Composite fell 0.5%.

The rupee is trading at 83.31 against the US$.

Gold prices for the latest contract on MCX are trading at Rs 62,650 per 10 grams, down by 0.1%.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 77,000 per kg.

Speaking of stock markets, Co-head of Research at Equitymaster, Rahul Shah talks about a little known Tata group company which has more than doubled in the last few months. Is it a trap for retail investors?

Tune in to the below video to find out.

Why BHEL Share Price is Rising

Let's begin with news from the engineering sector.

Amid bullish market sentiment, the stock price of Bharat Heavy Electricals Limited (BHEL) saw a rise of over 5% in today's trading session. This marks the fifth consecutive day of gain for BHEL.

The rise in share price today came after the defence ministry signed a contract with BHEL for the procurement of 16 upgraded super rapid gun mounts (SRGM) and associated accessories for the Indian Navy.

The defence ministry stated that the upgraded SRGMs will be installed on both existing and newly constructed ships of the Indian Navy.

Must Read: India's Lithium Megatrend is an Emerging Opportunity for Investors

All the SRGMs will be manufactured at BHEL's Haridwar plant. These weapon systems have a proven record of excellent performance against missiles and fast attack crafts.

In addition to this defence contract, BHEL also signed a memorandum of cooperation with Electricite de France S.A. (EDF), a French state-owned company. This company is also the largest nuclear operator globally.

This collaboration aims to explore opportunities to maximise local content for the Jaitapur Nuclear Power Plant Project in India, established by the Nuclear Power Corporation of India Ltd. (NPCIL).

BHEL shares have seen a sharp spike in recent months.

For more, check out why BHEL share price is on the upward trajectory and what's next.

IREDA Makes Bumper Debut

India Renewable Energy Development Agency (IREDA), a government-owned enterprise focused on renewable energy, had an impressive debut on the stock market on 29 November 2023.

The stock opened at Rs 50, which is a 56% premium over its issue price of Rs 32. Prior to the listing, there was a 37% premium in the grey market, an unofficial platform where shares trade before the official listing.

IREDA raised Rs 21.5 billion (bn) through its initial public offering, which included a fresh issue of shares worth Rs 13 bn and an offer for sale of shares worth Rs 8.6 bn.

The strong debut can be attributed to the positive sentiment of the markets and IREDA's strong financial performance.

In the recent quarter gone by, the company's net profit rose by 54% compared to the same period last year. This growth has been driven by consistent growth in the loan book and a significant reduction in net non performing assets (NPAs) from 2.72% to 1.65% year on year.

As a government enterprise under the Ministry of New and Renewable Energy, IREDA plays a crucial role in providing financial products and services for renewable energy projects.

For more, check out the list of renewable energy companies in India.

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Indian Gold Prices at an All Time High. Here's Why...

Gold prices in MCX Gold futures touched a historic high on Wednesday, 29 November 2023 reaching an intraday peak of Rs 62,934 in the February contract.

This surge was attributed to a weaker dollar in the international markets, with the dollar index (DXY) trading at three-month lows and slipping below the 103 mark.

On the Comex, Gold futures traded at US$ 2,045 per troy ounce, marking a gain of 0.24%.

The international Gold price touched an all time high of US$ 2,048.29 per ounce. This uptrend was driven by comments from Federal Reserve officials hinting at potential future interest rate cuts supported the rise in Gold prices.

The key question now on investors' minds is whether they should buy gold now?

We at Equitymaster have always had a very simple answer to this question.

Yes, you should invest in gold. However, it ideally shouldn't form more than 10-15% of your overall portfolio. This will be sufficient to tide over bad times in the market and economy.

We're not too fond of trading gold. However, if you are willing to put in the time and effort to study the gold market globally (gold is an international asset), and also study trading tools like technical analysis, then you can give trading a shot.

If you choose to trade gold in the futures market, you will also need to learn money management, trading psychology, and keep a close eye on the latest gold market trends on an ongoing basis.

We believe good old fashioned long-term investing in gold would be preferable.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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