The Nifty 50 index climbed 1.52%, gaining 354.70 points to reach 23,704.60 by midday on November 22. The strong rally was fueled by gains in IT, banking, and oil & gas stocks, coupled with favorable global cues and robust domestic buying sentiment.
Key Highlights:
- Sectoral Gains:
- Nifty IT rose 1.67%, supported by upbeat US labor market data.
- Nifty PSU Bank rebounded with a 2.47% gain after the previous session’s dip.
- Oil & gas stocks saw strong buying, with Reliance Industries leading the charge.
- Top Contributors:
- Heavyweights like Reliance Industries, SBI, and ICICI Bank contributed significantly to the index’s gains.
- Adani Group stocks also showed recovery, lending support to broader market sentiment.
- Institutional Activity:
- Domestic Institutional Investors (DIIs) remained net buyers, cushioning the market against sustained FII selling.
Global Support:
- A rally in global indices, including Japan’s Nikkei and the US S&P 500, bolstered domestic equities.
- Positive data on US job growth and easing inflation in key markets added to the optimism.
The strong performance of the Nifty 50 highlights sustained investor confidence, driven by resilient domestic demand and favorable global trends. Markets are expected to remain buoyant as participants eye upcoming data releases and corporate developments.
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