Sensex Today Rallies 1,961 points | Nifty Above 23,900 | 4 Reasons Why Indian Share Market is Rising

Fri, 22 Nov Closing

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After opening the day higher, Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

Domestic benchmark indices Sensex and Nifty edged higher on Friday (22 November) led by index heavyweights. The BSE Sensex zoomed 2,062 points or 2.6% and recorded an intraday high at 79,218.19. While the NSE Nifty was up 606 points or 2.5% above the 23,900 levels.

At the closing bell, the BSE Sensex stood higher by 1,961 points (up 2.5%).

Meanwhile, the NSE Nifty closed higher by 557 points (up 2.4%).

SBI, TCS and ITC among the top gainers today.

Bajaj Auto on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,882 up by 515 points at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 1.3% higher and BSE SmallCap index ended 1% higher.

Sectoral indices were trading positive with socks in media sector, realty sector and IT sector witnessing most buying speer.

Coforge, CRISIL, and KIMS hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 84.47 against the US$.

Gold prices for the latest contract on MCX are trading 1% higher at Rs 77,502 per 10 grams.

Meanwhile, silver prices were trading 1.1% higher at Rs 90,887 per 1 kg.

Here are the three key factors drive the market's momentum.

#1 Buying in Adani Shares

One of the reasons for the recovery in the market was gains in Adani Group stocks after Thursday's sharp fall. Yesterday Adani shares ended with massive losses after the Group chair Gautam Adani was indicted in New York for his role in an alleged multibillion-dollar bribery and fraud scheme.

Adani Enterprises shares were up over 3%, Adani Green Energy was up over 0.5%, Adani Ports was up over 3%, Ambuja Cements was up over 4% and Adani Power was up over 0.5%.

#2 Positive Global Cues

Meanwhile, global markets also boosted confidence. The US markets on Thursday closed higher with the Dow Jones up 1.1%, the S&P 500 up 0.5%, and the Nasdaq Composite flat with a positive bias.

Asian markets were also largely trading positive with Japan's Nikkei up 0.7%. However, China's indices slipped, with CSI 300 and Shanghai down over 3 per cent. Hong Kong's Hang Seng was also down 2.1%.

#3 Heavyweights Rally

BSE Sensex heavyweights ICICI Bank, Reliance Industries, SBI and Infosys were leading the market rally. These 4 index heavyweights collectively contributed nearly 40% of the gains on the BSE benchmark.

Among top movers - SBI surged nearly 5% to Rs 818. JSW Steel, UltraTech Cement, Bajaj Finance, Adani Ports, Titan, ITC, Larsen & Toubro, HCL Technologies, TCS and Bharti Airtel traded with gains in excess of 2% each.

#4 IT Stocks Trade Higher

The Nifty IT index surged nearly 2% in today's trading session on the back of strong labour market data from the US, indicating rebound in US job growth in November after last month's slowdown.

Initial jobless claims in the US fell by 6,000 to a seasonally adjusted 213,000 for the week ended November 16, marking a seven-month low. MphasiS, Wipro were trading over 2% higher.

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Why Torrent Pharma Share Price is Rising

In news from the pharma sector, shares of Torrent Pharma are higher by over 2.5% in trade on 22 November after the company informed of an Establishment Inspection Report (EIR) by the USFDA for its facility at Pithampur, Madhya Pradesh, stating that the company has initiated voluntary action.

The USFDA's Establishment Inspection Report (EIR) is a report summarizing the findings of an inspection at a facility, mentioning compliance issues if any, and discussions during the visit.

The USFDA assigned a Voluntary Action Indicated (VAI) classification, implying the company can voluntarily address the deficiencies without any administrative or regulatory action.

The USFDA inspected Torrent's manufacturing facility at Pithampur in the September quarter and issued a Form 483 with one observation.

Torrent Pharma registered constant currency revenue of $32 million, up by 7% on year.

Sequentially, Torrent said its US businesses have delivered stable revenue. Torrent has said that it does not expect the US business to ramp up anywhere very fast in the next two years, since most of its filed ANDAs are old, and it expects 'low single digit approval' of newer ANDAs.

NLC India Jumps 5%. Here's Why

Moving on to news from the power sector, shares of NLC India climbed as much as 5% on 22 November after the company announced its emergence as the highest quoted (H1) bidder for the New Patrapara South Coal Mine in Odisha's Angul district.

The designation follows the commercial coal block e-auction conducted by the Ministry of Coal on 21 November.

The New Patrapara South Coal Mine boasts a total geological reserve of approximately 720.9 m tonnes, with a peak rated capacity of 12 m tonnes per annum. Official confirmation of NLC India's successful bid from the Ministry of Coal is awaited.

This would mark the company's third commercial coal mine as it continues to expand its capacity.

NLC India is engaged in the business of mining lignite and generation of power by using lignite as well as renewable energy sources.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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