As per provisional closing data, the barometer index, the S&P BSE Sensex soared 1,961.32 points or 2.54% to 79,117.11. The Nifty 50 index surged 557.35 points or 2.39% to 23,907.25.

In the broader market, the S&P BSE Mid-Cap index jumped 1.26% and the S&P BSE Small-Cap index rallied 0.90%.

The market breadth was strong. On the BSE, 2,453 shares rose and 1,469 shares fell. A total of 119 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.67% to 16.10.

Economy:

The HSBC Flash India Composite Output Index stood at 59.5 in November as compared with 59.1 recorded in October, indicating a sharp rate of expansion that was the strongest in three months and above its long-run average.

The HSBC flash India services PMI business activity index stood 59.2 in November as against 58.5 in October 2024. The HSBC India Manufacturing PMI data stood at 57.3 in November, down marginally from 57.5 in October. The HSBC Flash India Manufacturing PMI Output Index fell to 60.2 in November as against 60.4 in October 2024

New Listing:

Shares of Zinka Logistics Solutions were at Rs 260.70 on the BSE, representing a discount of 4.51% as compared with the issue price of Rs 273.

The scrip was listed at Rs 279.05, exhibiting a premium of 2.21% to the issue price.

The stock has hit a high of 285.80 and a low of 271.32. On the BSE, over 5.56 lakh shares of the company were traded in the counter so far.

IPO Update:

The initial public offer (IPO) of Enviro Infra Engineers received bids for 5,00,17,119 shares as against 3,07,93,600 shares on offer, according to stock exchange data at 15:20 IST on 22 November 2024. The issue was subscribed 1.62 times.

The issue opened for bidding on 22 November 2024 and it will close on 26 November 2024. The price band of the IPO is fixed between Rs 140 to Rs 148 per share. An investor can bid for a minimum of 101 equity shares and in multiples thereof.

The initial public offer (IPO) of NTPC Green Energy received bids for 1,36,72,54,596 shares as against 59,31,67,575 shares on offer, according to stock exchange data at 15:20 IST on 22 November 2024. The issue was subscribed 2.31 times.

The issue opened for bidding on 19 November 2024 and it will close on 22 November 2024. The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index surged 3.29% to 43,332.10. The index rallied 4.65% in three consecutive trading sessions.

Tata Consultancy Services (up 4.22%), Mphasis (up 3.49%), HCL Technologies (up 3.38%), LTIMindtree (up 3.22%), Infosys (up 3.01%), L&T Technology Services (up 2.74%), Wipro (up 2.56%), Tech Mahindra (up 2.27%), Coforge (up 1.43%) and Persistent Systems (up 1.24%) advanced.

Wipro advanced 2.56% after the company set 3 December 2024, as the record date for its proposed 1:1 bonus share issue.

Infosys rallied 3.01%. The company informed that it has received intimation from the Georgia Department of Labor, USA regarding the levy of a penalty and pending tax payment worth $3,281,960.97.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) rose 1.33% after the company informed that it has increased its stake in LTIMindtree to 2,08,34,009 equity shares from 1,49,06,665 shares increasing its shareholding to 7.034% from 5.033% of the paid up capital of the company.

Bata India added 1.44% after the company’s board approved the appointment of Durgesh Singh as chief financial officer (CFO) of the company with effect from 1 December 2024.

Protean eGov Technologies slumped 6.75% after the company’s offer for sale (OFS), by its non-promoter shareholder NSE Investments, opened for non-retail investors today (22 November 2024). Through the OFS, NSE Investments proposes to sell up to 41,17,303 equity shares (representing 10.16% stake), with an option to sell an additional 10.16% stake or 41,17,302 equity shares in case of oversubscription.

The floor price for the sale has been set at Rs 1,550, a 16.20% discount to the stock's closing price of Rs 1849.75 on Tuesday, 15 October 2024.

Tata Power Company added 1.11% after the company announced that it has signed a memorandum of understanding (MoU) with Asian Development Bank (ADB) for financing clean energy projects worth $4.25 billion in India.

Insolation Energy rallied 4.61% after the company’s wholly owned subsidiary, Insolation Green Energy has signed memorandum of understanding (MoU) with govt of Rajasthan for Rajasthan global investment summit 2024 worth Rs 10,000 crore.

RPP Infra Projects rose 1.55% after the company informed that it has received a letter of acceptance worth Rs 21.83 crore from the Bhabha Atomic Research Centre's Nuclear Recycle Board.

Ceenik Exports (India) hit an upper circuit of 5% after the company reported standalone net profit of Rs 4.28 crore in Q2 FY25, steeply higher than Rs 0.13 crore posted in Q2 F24. Total income from operations was at Rs 6.48 crore in the second quarter of FY25, zoomed 867.16% year on year.

Hyundai Motor India (HMIL) added 0.16%. The company informed that it has taken a significant step towards achieving its RE100 target by setting up 2 renewable energy plants in Tamil Nadu.

Raymond surged 16.66% after the company received an approval from the stock exchanges for the proposed demerger of Raymond Realty.

Raymond has received 'No Adverse Observation/No Objection' from both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) for its proposed Scheme of Arrangement with Raymond Realty (RRL).

Afcons Infrastructure added 0.25%. The company said that it has received letter of acceptance for a civil works contract worth Rs 1,274 crore from Uttarakhand Project Development and Construction Corporation.

Global Markets:

The Dow Jones index futures dropped 149 points, signaling a negative opening for U.S. stocks today.

European stocks were slightly higher on Friday, as investors reviewed a range of key regional data points.

Asian stocks ended mixed as traders assessed Japan’s manufacturing sector and consumer price index data.

Japan's manufacturing sector contracted for the fifth consecutive month in November, as indicated by the preliminary au Jibun Bank flash PMI, which fell to 49.0 from 49.2 in October.

Japan's October consumer price index (CPI) data revealed a slight uptick in headline inflation and a further rise in core inflation, surpassing the Bank of Japan's 2% target. This development fuels expectations of additional interest rate hikes.

US equities closed higher on Thursday, though tech stocks continued to face pressure following Alphabet's decline due to regulatory concerns. Uncertainty surrounding interest rates persisted, fueled by slightly elevated jobless claims and cautious remarks from Federal Reserve officials.

At the close in NYSE, the Dow Jones Industrial Average rose 1.06%, while the S&P 500 index gained 0.53%, and the NASDAQ Composite index gained 0.04%.

On the economic front, weekly jobless claims fell to 213,000 for the week ending 16th November, down from 219,000 the previous week. This data signals ongoing strength in the U.S. labour market.

Alphabet Inc. shares declined 0.4% in after-hours trading following a 4.7% drop during the regular session on Thursday. The Department of Justice (DOJ) has proposed that Google divest its Chrome web browser to mitigate its dominance in online search. Additionally, the DOJ recommended that Google share its data and search results with competitors and potentially sell its Android operating system. These recommendations follow a recent court ruling that declared Google's online search monopoly illegal.

The broader tech sector was also impacted by Nvidia's mixed third-quarter results. While the company exceeded earnings expectations on strong AI demand, it forecast a slower revenue growth rate for the current quarter.