Nifty Surges To 20,000 Levels Propelled by IT Momentum, Bullish Trends Dominate Market

The Indian market experienced an elevation in the Wednesday trading session, aligning with the pace of global and Asian peers. The market exhibited firm anticipation of a rate hike pause, considering current crude oil prices, US Treasury yields, and FII net buying, thereby fueling bullish sentiments. The National Stock Exchange (NSE) Nifty 50 index initiated a 0.

39 per cent gain, or 95 points, starting at 19,832 and surpassing the 20,000 levels. Simultaneously, the S&P Bombay Stock Exchange (BSE) Sensex began with a 0. 34 per cent increase at 66,398.

Within the Nifty50 index, Auto and IT stocks emerged as the top winners, with Hero MotoCorp and M&M experiencing early gains of 2. 98 per cent and 1. 55 per cent , respectively.

Wipro and Tech Mahindra also recorded gains of 2. 27 per cent and 1. 92 per cent, respectively.

In the laggard segment, only six stocks traded at the bottom of the index with marginal losses, including BPCL, Coal India, Divis Labs, Nestle, ONGC, and Kotak Mahindra Bank. Sector-wise, all indices traded in the green zone, with IT and PSU Banks being the top performers, rising by 1. 48 per cent and 0.

87 per cent, respectively. Deven Mehata, Research Analyst at Choice Broking, provided insights into the market trends, stating, “According to the charts, Nifty may find support at 19,850, followed by 19,800 and 19,750. On the higher side, 20,000 can be an immediate resistance, followed by 20,100 and 20,150.

” Mehata also mentioned that the Bank Nifty may receive support at 43,800, followed by 43,650 and 43,500, with 44,000 being the initial key resistance level. Foreign institutional investors bought shares worth Rs 783. 82 crore, while domestic institutional investors purchased stocks worth Rs 1,324.

98 crore on November 28, according to provisional data from the National Stock Exchange. With positive global markets and decreasing US bond yields, Indian markets are expected to move higher. Analysts advise holding long positions with trailing stop loss and employing a buy-on-dips strategy.

Domestically focused indices also rose amid the bullish market, with the mid-cap index gaining 0. 66 per cent, and the small-caps index rising by 0. 64 per cent in the early session.

Among Nifty 50 mid-cap stocks, Torrent Power surged more than 15 per cent, followed by Coforge and Jubilant Food Work, breaking its losing streak to gain 2. 21 per cent and 1. 75 per cent, respectively.

Conversely, top losers in the index included Zee Entertainment, which lost 3. 5% in early trade, with slight losses in Polycab, IDFC, and Page Industries. Among individual stocks, Zomato rose nearly 4 per cent after a block deal in which Chinese payments group Alipay sold its entire 3.

4 per cent stake worth Rs 32. 95 billion at the floor price of Rs 111. 28.

Reliance Industries gained 0. 5 per cent to Rs 2,406 after global brokerage firm JP Morgan increased the target price to Rs 2,810. PCBL stocks rallied more than 3 per cent after the board approved the acquisition of Aquapharm Chemicals at Rs 3,800 crore.

BHEL gained 3. 8 per cent after the firm secured a new order from the Ministry of Defence worth Rs 29. 57 to supply naval guns and related equipment.

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