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What happened in the Indian stock market today (28th Nov 2024)?

The Indian stock market faced a volatile session on 28th November 2024, with benchmark indices erasing early gains to end sharply lower amid the November F&O expiry and geopolitical uncertainties.

What happened in the Indian stock market today (28th Nov 2024)

The Sensex plunged by 1,190 points (1.5%) to close at 79,044.08, while the Nifty slipped below the critical 24,000 mark, settling at 23,984.70. This steep decline wiped out investor wealth by ₹92,801 crore, bringing the market capitalisation of BSE-listed companies down to ₹443.55 lakh crore.

In the broader market, the BSE Smallcap index rose 0.4%, while around 200 stocks, including KEC International, Paytm, and Laurus Labs, touched their 52-week highs.

Impact on the stock market

Sectoral performance: a mixed bag

  • Underperformers:
    Sectors such as auto, banking, IT, FMCG, metal, pharma, and energy saw declines of 0.3-2%, reflecting the broader market weakness.
  • Gainers:
    PSU banks stood out, with the index gaining 1%, supported by strong performances in SBI and other state-run banks. The media index also inched up by 0.3%, defying the market trend.

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Sector/IndexPerformance
IT & BPM sector-2.39%
Healthcare sector-0.76%
Oil & Gas sector-0.16%
Real estate sector+0.04%
PSU Bank in India+0.93%

Top gainers today

CompanyPriceChange %
Adani Enterpris Share Price2,437.101.64
Shriram Finance Share Price3,043.700.82
SBI Share Price838.850.57
Cipla Share Price1,492.750.11

Top losers today

CompanyPriceChange %
SBI Life Insura Share Price1,428.60-5.10
Infosys Share Price1,856.65-3.53
M&M Share Price2,898.70-3.53
HDFC Life Share Price657.70-3.36
Bajaj Finance Share Price6,509.40-2.92

Market aftermath: Impact on stocks

Servotech shares rise on solar project order

Servotech Power Systems Ltd gained 4.2%, with shares reaching an intraday high of ₹184, after securing a 5.6 MW rooftop solar power project from the Uttarakhand New and Renewable Energy Development Agency (UREDA).

The ₹30.2 crore project involves the design, installation, and maintenance of solar power plants at strategic locations such as government offices, hospitals, and schools. With a comprehensive five-year warranty, this project underscores India’s renewable energy goals and aims to decarbonise Uttarakhand.

Emami Realty hits upper circuit with investment plan

Shares of Emami Realty Ltd surged by 5%, closing at ₹101.35, after the company revealed its ambitious ₹10,000 crore investment plan to develop 22 million square feet of residential and commercial projects.

Key highlights of the plan include:

  • ₹4,500 crore allocated to Bengal.
  • ₹5,500 crore earmarked for projects in Uttar Pradesh, Jharkhand, Odisha, and Tamil Nadu.

Despite today’s rally, the stock has underperformed year-to-date, with a 11% decline, although it saw a 25% jump in August.

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Sonata Software surges on Australian deal

Sonata Software climbed over 3% to reach an intraday high of ₹649, following the announcement of a multi-million-dollar modernisation deal with a leading Australian access solutions client.

The deal spans 13 countries in the APAC region, focusing on automating processes and enhancing collaboration using Microsoft’s technology stack. Although the stock rallied today, it remains down by 14% year-to-date.

Crude oil prices dip amid inventory concerns

Crude oil prices declined as US gasoline inventories rose, raising questions about demand during the Thanksgiving holiday season.

  • December crude oil futures on the Multi Commodity Exchange (MCX) dropped to ₹5,808, down 0.47%.
  • February Brent oil futures fell by 0.19% to $72.16, while WTI crude oil futures dipped 0.23% to $68.56.

The US Energy Information Administration (EIA) reported a 3.3 million barrel increase in gasoline inventories last week, though crude oil inventories fell by 1.8 million barrels, remaining 5% below the five-year average. Meanwhile, markets are closely watching the upcoming OPEC+ meeting on December 1, where discussions may focus on delaying planned production increases for 2025.

Conclusion

The Indian stock market wrapped up a challenging day, with significant declines in benchmark indices due to F&O expiry pressures and global uncertainties. Despite the broader weakness, companies like Servotech, Emami Realty, and Sonata Software showcased resilience, offering hope for sector-specific gains.

On the global front, declining crude oil prices added to mixed sentiment, as inventory levels and OPEC+ decisions remained in focus. Investors are advised to tread cautiously and identify growth opportunities amid market volatility. 

For more stock market insights, check out the StockGro blog.

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