NIFTY50 closes above 20,000, Sensex gains 700 points, Auto and Banking stocks outperform; Stock Market Highlights

Source: BSE

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The NIFTY Smallcap 100 index closed 1.0% higher. The NIFTY Midcap 100 Index also closed in green, up 0.8%.

The NIFTY Financial Services index was up 1% today. Muthoot Finance (+5.4%) and LIC Housing Finance (+4.3%) and Axis Bank (+3.7%) were the top gainers.

The BANK NIFTY closed 1.5% higher and was one of the top gainers. Gains in large banks like HDFC Bank (+2.0%), Axis Bank (+3.7%) and ICICI Bank (+1.5%) pushed the index.

Benchmark indices closed higher today, with NIFTY50 (+1.0%) closing above 20,000 level for the first time in two months. Meanwhile, Sensex (+1.1%) closed above the 66,900 mark. On the sectoral front, Auto (+1.6%) and Bank (+1.5%) are the top gainers, whereas Realty (-0.5%) and Media (-0.13%) are the top losers.

Domestic markets witnessed strong traction on Wednesday, with NIFTY50 reclaiming the 20,000 level. The market capitalization of the BSE-listed companies crossed a record $4 trillion for the first time, supported by positive market sentiments. Currently, only three countries are in the $4-trillion-plus Mcap club, namely the US, China and Japan.

BSE-listed firms hit the $1-trillion market cap milestone in May 2007. It took over ten years to reach a $2 trillion market cap in July 2017. In May 2021, BSE m-cap had hit the $3 trillion mark, while it took less than three years to cross $4 trillion market cap.

Havells India Ltd extends its global presence with the launch of Lloyd, its consumer durable brand, in the Middle East market. Teaming up with 'TeknoDome' for distribution, the company plans a phased release of its electronic devices across the region. Lloyd's entry focuses on delivering a premium selection of air conditioners, washing machines, refrigerators, and LED TVs, emphasising advanced technology and energy efficiency.

Meanwhile, shares of the company are up 0.4% today.

Infosys, through its subsidiary, Infosys Finacle, has secured a new order from the Philippines-based Bank of Commerce for its core banking transformation. The Infosys Finacle suite of offerings will help the bank engage, innovate, and operate better to keep pace with evolving market expectations.

Following the announcement, shares of Infosys rose 1.2% intraday.

Tata Motors shares reached a new 52-week high of ₹702.8 today ahead of the November auto sales data. The stock was also in focus due to the anticipation of a robust listing for its subsidiary, Tata Technologies. This marks the first listing from the Tata group since TCS in 2004.