Sensex climbs 804 points, Nifty reclaims 23,600; banks, IT lead gains

Indian benchmark indices surged connected Friday, with the Sensex jumping 804 points oregon 1.04 per cent to commercialized astatine 77,960, portion the Nifty50 reclaimed the 23,600 mark, rising 1 per cent astatine 10:14 AM. Banking and IT stocks led the betterment aft markets deed five-month lows successful the erstwhile session.

Among Sensex constituents, State Bank of India (SBI), ICICI Bank, Tata Motors, Power Grid, IndusInd Bank, and NTPC opened higher, driving marketplace sentiment. However, Adani Group stocks remained nether unit pursuing allegations of bribery and fraud against Gautam Adani. Adani Green Energy plunged astir 8 per cent, portion Adani Energy Solutions dropped 7 per cent.

Broader marketplace dynamics
Dr. V.K. Vijayakumar, Chief Investment Strategist astatine Geojit Financial Services, explained, “The market’s correction of astir 11 per cent from the September highest is not a clang but a correction. While the broader marketplace appears strong, this spot is owed to liquidity, not fundamentals. Large-caps successful banking and IT stay harmless bets, portion FMCG, metals, and lipid & state are weak.”

Global cues and crude oil
In Asia, chipmakers propelled stocks higher, with Taiwan and South Korea gaining implicit 1 per cent each. The Nikkei roseate 0.8 percent. Meanwhile, Brent crude futures climbed 0.2 per cent to USD 74.37 per barrel, arsenic geopolitical tensions heightened pursuing Russia’s rocket onslaught connected Ukraine.

Rupee hits grounds low
The Indian rupee weakened to 84.4975 against the dollar, its lowest level connected record, arsenic sustained overseas outflows and geopolitical risks weighed connected the currency.

FII/DII activity
On November 21, overseas organization investors (FIIs) sold equities worthy Rs 5,300 crore, extending their selling streak to 37 days, portion home organization investors (DIIs) purchased equities worthy Rs 4,200 crore.

Market outlook
Dr. Vijayakumar added, “The US markets stay bullish with a 25.43 per cent YTD return. India’s undertone is positive, but sustained betterment faces headwinds. Investors should absorption connected fundamentally beardown large-caps.”