Closing at 66,901.91, the BSE Sensex soared by an impressive 727.71 points (1.10%), while the Nifty 50 reached 20,096.60, marking a substantial gain of 206.90 points (1.04%). Notably, the Nifty 50 crossed the 20,000 milestone for the first time since September 20, 2023.
Simultaneously, the collective market valuation of BSE-listed companies achieved a historic milestone, surpassing $4 trillion, reaching ₹333 lakh crore. The positive momentum was attributed to strong IT and banking performance, constituting a significant 51.50% weightage in the Nifty 50 index.
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The market anticipates a pre-election rally.
Impact on the stock market
Sectorial performance
| Sector/Index | Performance |
| Information Technology | + 1.29% |
| Healthcare | + 0.46% |
| Oil & Gas | + 0.22% |
| Real Estate | – 0.12% |
| Banks | + 1.44% |
Top gainers today
| Company | Price | Change (%age) |
| Aster DM Healthcare Ltd. | 395.45 | + 18.88% |
| Adani Total Gas Ltd. | 732.55 | + 13.71% |
| Torrent Power Ltd. | 941.40 | + 11.53% |
| Edelweiss Financial Services Ltd. | 73.95 | + 8.27% |
| Sundaram Finance Ltd. | 3373.75 | + 7.69% |
Top losers today
| Company | Price | Change (%age) |
| Sterlite Technologies Ltd. | 152.05 | – 3.31% |
| Dilip Buildcon Ltd. | 400.35 | – 3.07% |
| Shriram Properties Ltd. | 103.05 | – 3.01% |
| Adani Power Ltd. | 433.10 | – 2.94% |
| Phoenix Mills Ltd. | 2319.95 | – 2.93% |
Market aftermath: Impact on stocks
Flair Writing Industries has postponed its listing on Dalal Street by a day, now scheduled for December 1, 2023. The IPO, open from November 22-24, was priced at Rs 288-304 per share, generating Rs 593 crore, oversubscribed 49.28 times.
Qualified institutional bidders subscribed 122.02 times, non-institutional investors 35.23 times, and retail investors 13.73 times.
The grey market premium for Flair Writing surged to Rs 82-85 per share, indicating a potential 27-28% listing pop. The allotment of shares will be declared on Wednesday or early Thursday. Nuvama Wealth Management and Axis Limited are the lead managers.
Jubilant FoodWorks surges 3.51%
Jubilant FoodWorks experienced a notable surge of 3.51%, reaching ₹563.80 on the NSE. Simultaneously, its subsidiary, Jubilant Foodworks Netherlands B.V. (JFN), proposed acquiring an additional stake in DP Eurasia.
Zomato shares surge 4.3% as 300 million shares change hands in block deals
Zomato Ltd witnessed a 4.3% surge in its stock value to Rs 119 per share on the BSE, with approximately 300 million shares changing hands in multiple block deals. According to BSE data, Alipay Singapore Holding Pte Ltd held 29,60,73,993 shares, equivalent to a 3.44% stake (3.5% voting rights) by the end of the September quarter.
Meanwhile, the rupee rose by 2 paise against the US dollar, fueled by the energetic vibe from the equity markets and foreign funds flowing in. It seems everyone wanted a piece of the Indian stock market party!
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Conclusion
With the Nifty gracefully surpassing the 20,000 mark, the stage was set for a pre-election rally. It is predicted that volatility during India’s general election will tap the pause button on the nation’s equities. But fear not, the market maestros hinted at a potential post-election rally, taking Nifty to the elusive 21,000 mark.
So, there you have it—the dazzling spectacle of November 29, 2023, where the stock market played host to gains, losses, surprises, and potential rallies. The question now: who’s ready for the afterparty?
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