NIFTY50 reclaims 20,000 level, Gold financing stock glitters & more

NIFTY50: 20,096▲ 206 (+1.0%)
SENSEX: 66,901 ▲ 727 (+1.1%)

• Benchmark indices rallied for the second straight day, with NIFTY50 crossing the 20,000 mark
• In all, 40 of the NIFTY50 stocks closed in the green
• Gold prices reached an all-time high, rising above ₹62,600 per 10 grams 

Among the NIFTY sectoral indices, Auto (+1.6%) and Bank (+1.5%) were the top gainers, while Realty (-0.5%) and Media (-0.1%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ NIFTY50 reclaims 20,000 level 

The NIFTY50 index reclaimed the 20,000 level today, for the first time since September. It was driven by positive global cues, including a decline in the US 10-year bond yield to 4.3% and a drop in the US dollar index. Key contributors to this upward trend include heavyweight stocks like HDFC Bank (+2.0%) and Reliance Industries (+0.2%), supporting the NIFTY50 index in today's trading session. 

⭐ Gold finance stocks glitter

Shares of the gold financing companies, including Muthoot Finance (+5.4%) and Manappuram Finance (+7.1%) witnessed a substantial rise today. This comes after gold prices reached an all-time high, rising above ₹62,600 per 10 grams. According to experts, with increase in gold prices, people tend to pledge more gold as collateral for loans. This means that the ticket size of loans increases, leading to loan growth for gold financiers. 

⭐ Aurobindo Pharma gets USFDA nod on HIV drug

Shares of the pharma company closed 0.3% higher, after the company received final approval from the USFDA to manufacture and market Darunavir tablets. These tablets are used for the treatment of human immunodeficiency virus (HIV-1) infection. This drug had an estimated market size of $274.8 million for the 12 months ending October 2023. 

⭐ Aster DM surges on stake sale in GCC business

Shares of the healthcare service provider closed 18% higher today after it announced divestment plans. The company will sell 65% stake in its Middle East business to UAE-based Fajr Capital for $1.01 billion (₹8,215 crore). Meanwhile, the promoter group will continue to manage the operations and retain 35% stake. As per the management, this divestment will unlock value for the shareholders by adopting a market-focused strategy. 

⭐ Aether Industries falls after fire incident 

Shares of the speciality chemicals maker declined 8.6% today after a fire incident at the company’s manufacturing site in Surat. As per the company, around 25 people were injured, with no casualties.

IPO Corner

⭐ IREDA shares lists at 56% premium

Government-owned India Renewable Energy Development Agency (IREDA) made an impressive market debut, listing at a premium of over 56% compared to its issue price of ₹32. The stock opened at ₹50 on both NSE and BSE. The stock made impressive gains on its listing day and closed 20% higher at ₹60.

Learn with Upstox

What is the support and resistance?

In market terminology, 'support' is like a floor that stops a bouncing ball from falling further. It's a level where buying is strong enough to lift the price back up. Just as a ball bounces up after hitting the floor.

Now, imagine 'resistance' as a ceiling the ball hits after bouncing. It's a level where selling is so strong that it stops the ball (or price) from going higher. Once it hits this ceiling, the ball (or price) might start going down again.

Join the Upstox masterclass and trade like a pro!

All about Algorithmic Trading

Starts: 27 November to 1 December 2023

Time:  6:30 PM - 8:30 PM

Venue: Online

Cost: ₹1999 + GST

Seats are filling fast!

Register Here