The BSE Sensex surged by 1,961.32 points (2.54%) to close at 80,109.85, while the NSE Nifty50 climbed 314.65 points (1.32%) to end at 24,221.90.
Both indices scaled intraday highs of 80,473.08 and 24,351.55, respectively. The day was overwhelmingly positive, with 47 of Nifty50’s 50 constituent stocks closing in the green.
Nifty Smallcap100 rose by 2.03%, while Nifty Midcap100 gained 1.61%.
Impact on the stock market
Sectoral performance: Bulls dominate across the board
All sectoral indices ended in the green, reflecting widespread optimism:
- Nifty PSU Bank: Outperformed with a 4.16% gain, driven by expectations of increased infrastructure spending.
- Bank Nifty, Realty, and OMCs: Advanced over 2% each.
You may also like: Avoid These Money Mistakes Before You Retire
| Sector/Index | Performance |
| IT & BPM sector | +0.66% |
| Healthcare sector | +0.76% |
| Oil & Gas sector | +2.83% |
| Real estate sector | +2.21% |
| PSU Bank in India | +4.16% |
Top gainers today
| Company | Price | Change % |
| ONGC Share Price | 257.90 | +5.01 |
| Larsen Share Price | 3,753.00 | +4.15 |
| Bharat Elec Share Price | 292.35 | +4.09 |
| BPCL Share Price | 296.55 | +3.74 |
| SBI Share Price | 844.45 | +3.48 |
Top losers today
| Company | Price | Change % |
| JSW Steel Share Price | 953.30 | -22.61 |
| Tech Mahindra Share Price | 1,732.60 | -13.57 |
| Infosys Share Price | 1,889.70 | -2.95 |
| Bajaj Auto Share Price | 9,420.95 | -2.88 |
| Asian Paints Share Price | 2,459.70 | -2.77 |
Market aftermath: Impact on stocks
Enviro Infra IPO sees strong demand
The Enviro Infra Engineers IPO continued to attract investors on its second day.
- Subscription levels:
- The issue was subscribed 8.01 times, led by non-institutional investors (20.37x) and retail investors (6.11x).
- Qualified institutional buyers (QIBs) showed moderate interest with a 2.05x subscription.
- Grey market premium (GMP): The IPO’s GMP surged to 35%, indicating strong listing gains for investors.
Enviro Infra’s performance highlights the growing appetite for companies in the water and wastewater management sector.
Sahasra Electronics tumbles on weak earnings
Shares of Sahasra Electronics extended their sharp decline, falling by 30% over two sessions after disappointing H1FY25 results.
- Earnings highlights:
- Net profit plummeted 70% YoY to ₹7 crore in H1FY25, compared to ₹23 crore in H1FY24.
- Revenue from operations declined 12% YoY to ₹41 crore.
While the company cited a robust ₹115 crore order book providing revenue visibility for FY25, the weak performance raised concerns among investors.
Also Read: Honasa Consumer shares fall 34% on weak Q2 Results
HUDCO surges on infrastructure optimism
Housing & Urban Development Corporation (HUDCO) jumped 8%, marking its best performance in seven weeks.
- Catalyst: The BJP-led alliance’s win in Maharashtra fuelled expectations of increased infrastructure and capital expenditure (capex).
- Sectoral impact: PSU stocks across defence, railways, and realty benefited from the renewed focus on government spending.
Analysts believe political stability at both state and central levels will expedite infrastructure projects and boost investor confidence.
Crude oil: Geopolitical tensions drive prices
Crude oil prices fell as reports of potential peace talks between Israel and Hezbollah eased geopolitical concerns in West Asia.
- Price movements:
- Brent crude: Down 0.39% at $74.34/barrel.
- WTI crude: Fell 0.41% to $70.95/barrel.
- Domestic market:
- Crude oil futures on the MCX declined by 0.50% to ₹5,998.
While a peace deal could stabilise crude oil supplies, geopolitical uncertainties persist, particularly with Iran’s nuclear developments and potential US sanctions.
Conclusion
The Indian stock market soared on 22nd November 2024, driven by domestic political stability and strong sectoral performance. The Maharashtra election results not only boosted PSU stocks but also reinforced investor optimism about infrastructure spending.
While IPOs like Enviro Infra showcased strong investor appetite, challenges such as Sahasra Electronics’ weak earnings and crude oil uncertainties serve as reminders of market volatility. As the week unfolds, all eyes remain on the broader impact of these developments on market momentum.
For more stock market insights, check out the StockGro blog.
