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Benchmark equity indices opened almost flat on Friday, following steep losses in the previous trading session
Stocks To Watch
Sensex Today: The benchmark equity indices, BSE Sensex and NSE Nifty50, closed the final trading session of the week on a positive note. The BSE Sensex rose by 703.38 points, or 0.89%, to finish at 79,747.12, after trading within a range of 79,923.90 to 79,026.18. Likewise, the NSE Nifty50 ended at 24,131.10, gaining 216.95 points or 0.91%.
The day favored the bulls, with 43 out of the 50 Nifty50 stocks closing higher. Leading the gains were Bharti Airtel, Cipla, Sun Pharma, Mahindra & Mahindra, and Tata Consumer, with advances of up to 4.40%. On the downside, Power Grid Corporation, Shriram Finance, Hero MotoCorp, HDFC Life, and Nestle India were the top losers, with declines of up to 1.35%.
Reliance Industries (RIL) stood out, rising 1.63% on Friday, leading the gains among the index’s heavyweights.
In broader market performance, the Nifty Midcap100 and Nifty Smallcap100 indices gained 0.16% and 0.75%, respectively. All sectoral indices closed in the green, except for Nifty PSU Bank and Nifty Realty.
The pharmaceutical and healthcare sectors were the standout performers, with the Nifty Pharma and Healthcare indices rising 2.35% and 2.04%, respectively.
Looking ahead, market attention will shift to Q2 GDP data and trends in Asian markets. A key concern for the market will be the return of foreign investors to selling, following a brief two-day period of net buying. According to Sebi data, Foreign Institutional Investors (FIIs) net sold stocks worth Rs 11,756.25 crore on November 28, while Domestic Institutional Investors (DIIs) were net buyers, purchasing shares worth Rs 8,718.30 crore.
Easemytrip shares rally 16% even as stock trades ex-bonus
Shares of Easy Trip Planners Ltd, the parent company of the online travel platform Easemytrip, surged over 16% on Friday after the stock traded ex-bonus earlier in the day. Additionally, the company launched EMT Desk, a new business travel platform for corporate clients, on Thursday.
On Thursday, the stock closed at Rs 32.64 before trading ex-bonus. However, it opened at Rs 17.05 on Friday, marking a 4.41% increase from the adjusted closing price of Rs 16.32. During the session, the stock surged by 16.48% to reach Rs 19.01, bringing its market capitalization close to Rs 7,000 crore.
Despite the strong rally, the stock remains 35% below its adjusted 52-week high of Rs 27, which was reached in February. On the other hand, it is 33% above its 52-week low of Rs 14.23, which occurred just a month ago. Earlier this week, the company also inaugurated its new office in Mumbai.
BSE Announces New Expiry Day for Derivatives Contracts
The Bombay Stock Exchange (BSE) has announced a change in the expiry day for its key weekly and monthly derivatives contracts, including Sensex, Bankex, and Sensex 50. The expiry day will shift from Friday to Tuesday, starting from January 1, 2025. Under the current schedule, the Sensex contracts for the November series will expire today.
Additionally, in a significant development for the markets, the Securities and Exchange Board of India (SEBI) has proposed the implementation of interoperability across stock exchanges for various segments, including cash, derivatives, currency, and interest rate derivatives. This change is expected to take effect from April 1, 2025.
Global Market Cues
Asian markets saw a dip on Friday, with the yen on track for its best weekly performance in four months, supported by strong inflation data that has led traders to anticipate an imminent rate hike from the Bank of Japan.
Japan’s Nikkei fell by 0.7%, with the yen strengthening following the release of Tokyo’s inflation data. Core consumer prices in Japan’s capital surged in November, remaining above the Bank of Japan’s 2% target, signaling broadening price pressures. The US dollar dropped 0.9% to 150.17 yen, marking a 3% weekly loss—the biggest since late July.
In other Asian markets, the Kospi plunged 1.7%, while Taiwan and the Hang Seng indexes each lost about 0.3%. However, China’s Shanghai Composite saw a slight gain of 0.2%.
US markets were closed on Thursday for the Thanksgiving holiday, but trading will resume tonight with a shortened session.
