On November 28, 2023, the Indian rupee rallied, shaking off previous record lows and appreciating by 6 paise to close at 83.34 against the US dollar. This recovery was bolstered by a weakened American currency, declining crude oil prices, and a positive sentiment permeating the equity market.
Equity Market Resurgence
The BSE Sensex and NSE Nifty concluded their trading session on a high note, snapping a two-day losing streak. The gains were primarily driven by auto, power, and metal shares, along with an influx of foreign funds. Significant contributors to the market's upward trajectory included major stocks such as Tata Motors, Bajaj Finserv, and UltraTech Cement, even as Eicher Motors and Apollo Hospitals registered losses. Adani Enterprises and Adani Ports emerged as noteworthy gainers. The Sensex rose by 204.16 points, settling at 66,174.20, while the Nifty gained 95 points to close at 19,889.70.
Corporate News Highlights
Several significant developments were reported in the corporate world. Greenply Industries announced the appointment of Nitinkumar Kalani as Chief Investor Relations Officer. Modison Ltd disclosed a name change for its subsidiary to Modison HV Private Limited. Tech giant ABB India introduced the ABB Ability SmartMaster platform, a pioneering innovation for asset performance management. Adani Total Gas launched a Green Hydrogen Blending Pilot Project in Ahmedabad, marking a significant step towards sustainable energy solutions.
Jubilant FoodWorks' subsidiary proposed an acquisition of an additional stake in DP Eurasia, while Karur Vysya Bank announced the opening of new branches, further expanding their reach.
Stock Market Overview
As of 3 pm, the stock market reported 1,969 stocks advancing and 1,807 declining, with 310 stocks hitting a 52-week high and 34 dropping to a 52-week low. These shifts in the financial landscape reflect the dynamic nature of the market and the ongoing adjustments of investors to changing economic conditions.