Nifty climbs after Dow Jones and the S&P 500 ring record highs.

*Review & Preview @4PM —— Wednesday, November 27th 2024*

NIFTY (+80, 24275)
Sensex (+230, 80234)
Bank Nifty (+110, 52302)

 

Nifty climbs after Dow Jones and the S&P 500 ring record highs.

The positive sentiments were also driven by Adani group stocks after the group refutes bribery allegations against founder Gautam Adani.

Here are the % rise in Adani stocks which came after Adani Green Energy clarified that allegations against Gautam Adani, Sagar Adani, and senior executive Vneet Jaain under the US Foreign Corrupt Practices Act (FCPA) by the US Department of Justice (DoJ) are “incorrect.”

 Adani Enterprises (+11.60%)
 Adani Green (+10%)
 ATGL (+20%)
 ADANI PORTS (+6%)
 AWL (+8.4%)

The positive takeaway from today’s trade was that NSE Small-cap Index surged 1.35% while the Nifty Mid Cap index ending higher by 0.60%.

NTPC Green, the renewable energy subsidiary of India’s power producer NTPC, surged by as much as 14% on its trading debut, driven by investor optimism about the India’s increasing clean energy demand.

Also helping sentiments were the backward-looking minutes from the November FOMC meeting show that inflation is subsiding and the labor market remains robust, supporting the possibility of further interest rate cuts, though at a measured pace.

# *Sentimental Overview:*

According to HSBC’s Global Entrepreneurial Wealth Report 2024, a significant 82% of Indian entrepreneurs, with atleast $2 million worth investible assets, are using their wealth predominantly for investment in stocks, bonds and real estate.

This week’s main event is the release of the Personal Consumption and Expenditures Price Index (PCE) series which will trickle in on Wednesday, November 27th.

Looking ahead, this week Wall Street and the US bond markets will be closed on Thursday for Thanksgiving and wrapping up early on Friday.

# Technical Overview:

As Nifty trades with pith positive bias in today’s trade, all eyes will be on FIIs data after FII exodus has crossed Rs 29,841 crore this November.

Technically speaking, Nifty and Sensex are still at oversold conditions with immediate upside hurdles seen 24551 and then at psychological 25000 mark wile Nifty’s support placed at 23921 mark.

Nifty’s 200 DMA at 23629 mark

# Outperforming Nifty Sectors:
Nifty ENERGY (+1.50%)
Nifty PSE (+1.32%)
Nifty Media (+0.90%)
Nifty Metal (+0.87%)
Nifty Oil & Gas (+0.62%)

# Underperforming Nifty Sectors:
Nifty Pharma (-0.49%)
Nifty Reality (-0.43%)
Nifty IT (-0.12%)

# Bulls of the day:
ADANIENT (+11.55%)
ADANIPORTS (+5.90%)
BEL (+3.07%)
TRENT (+2.80%)
NTPC (+2.24%)

# Bears of the day:
APOLLO HOSPITAL (-1.34%)
TITAN (-1.07%)
WIPRO (-0.87%)
SHRIRAMFIN (-0.83%)
HINDALCO (-0.72%)
(Source NSSEINDIA.com)

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