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Market Today: Despite mixed global cues, the Indian indices opened higher on November 26 with Nifty above 24300
Stock Market Updates
The BSE Sensex opened on a strong note, gaining 305 points to reach 80,415, driven by gains in major index constituents such as HDFC Bank, Reliance Industries, and Bharti Airtel.
Meanwhile, the NSE Nifty 50 index rose by more than 100 points, or 0.5%, to reach 24,340.
“The two-day rally in the market is unlikely to be sustained, as earnings concerns remain a significant headwind. The effects of short covering and the positive sentiment from the Maharashtra election results will likely be short-lived. It’s important not to overinterpret the increased FII buying seen yesterday, which was largely due to the MSCI rebalancing, with a higher weightage given to HDFC Bank. Leading banks are expected to remain resilient, supported by consistent buying and reasonable valuations,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the downside, the 23,850-24,000 range is expected to provide strong support in the event of a pullback. Traders and investors should focus on sectors showing relative strength, such as IT and banking, while being more selective in others, advised Ajit Mishra, Senior VP, Research at Religare Broking.
Global Cues
Global cues are mixed despite a strong performance by the US markets. Japan’s Nikkei fell nearly 1.5%, even as data revealed Japan’s service PPI rose 2.9% year-on-year, slightly above the previous month’s 2.8% growth.
Other Asian markets, including Kospi, Taiwan, and Straits Times, declined by up to 0.7%, while Hong Kong’s Hang Seng and China’s Shanghai Composite showed modest gains.
In the US, the Dow Jones and the S&P 500 closed at record highs, buoyed by optimism following Trump’s nomination for Treasury Secretary. The Dow surged 1%, the S&P 500 gained 0.3%, and the NASDAQ also rose by 0.3%.
Oil prices fell as Treasury Secretary nominee Bessent advocated for increased US production, and Israel suggested a ceasefire deal with Hezbollah in Lebanon could be imminent.
