Stock market today: The BSE Sensex witnessed a remarkable surge of over 2,000 points on Friday, whilst Nifty50 crossed the 23,900 mark, recovering from five-month lows of the previous session, supported by positive US labour market data. BSE Sensex ended the day at 79,117.11, up 1,961 points or 2.54%. Nifty50 closed at 23,907.25, up 557 points or 2.39%.
The collective market value of BSE-listed companies increased by Rs 7.2 lakh crore, reaching Rs 432.55 lakh crore, according to an ET report.
The primary contributors to the Sensex upturn included ICICI Bank, Reliance Industries, SBI, Infosys, ITC, and L&T. Additional support came from TCS, Bharti Airtel, and Bajaj Finance.
All major sectors displayed positive movement, with Nifty PSU Bank and Realty advancing nearly 3%. Other sectors, including Banking, Financial Services, FMCG, IT, Metal, Healthcare, and Oil & Gas, registered gains between 1-2%.
Why BSE Sensex, Nifty50 have rallied today
The key factors driving today's stock market rally are:1) IT Sector PerformanceNifty IT advanced almost 2%, bolstered by robust US employment figures. US jobless claims decreased by 6,000 to 2,13,000 for the week ending November 16, reaching a seven-month low. This suggests a likely recovery in November employment following October's decline.
The healthy US labour situation benefits Indian IT companies, which generate substantial revenue from American operations.
2) Adani Shares RecoveryAdani Group shares rebounded, rising up to 6%. Ambuja Cement led with 6% growth, followed by ACC at 4%. Adani Enterprises increased by 2.5%, whilst other group companies gained 1-2%.
3) Value BuyingInvestors capitalised on recent market corrections, with Nifty having declined over 11% from its peak. Mid-cap and small-cap indices experienced corrections of approximately 12% and 9%, respectively.
4) International Market InfluenceAsian markets showed positive movement. Japan's Nikkei advanced after two declining sessions. Korea's Kospi rose 0.84%, whilst Australia's S&P ASX 200 gained 0.85%.
5) PSU Banking SectorPublic sector banks contributed significantly, with SBI, Bank of Baroda, and Punjab National Bank leading the recovery. The Nifty PSU Bank Index advanced nearly 3% to 6,509.2.
6) Maharashtra Political OutlookMarkets responded positively to exit polls suggesting a likely victory for the BJP-led Mahayuti alliance in Maharashtra, a crucial economic centre and political arena.
Stay informed with the latest business news, updates on bank holidays and public holidays.
Boost your business with AI. Join this course by GrowFast and unlock the power of artificial intelligence. Sign up now!
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read Less