Bulls fire on all cylinders; SENSEX surges over 1K pts, NIFTY50 tops 24,270; Zomato jumps 7%

Positive cues both on the global and domestic fronts saw the benchmark indices surging sharply in the opening deals on Monday, November 25.

At 09:20 AM, the S&P BSE SENSEX was trading at 80,276.57 levels, up 1,159.46 points, or 1.47%, while the broader NIFTY50 index on the NSE was trading at 24,267.55 levels, up 360 points, or 1.51%.

On the domestic front, market participants were euphoric as the BJP-led Mahayuti alliance swept Maharashtra's state assembly elections, winning 230 out of 288 seats.

Globally, Asian stocks rallied with US equity futures on Monday, while the dollar retreated against rivals as bond yields slid following the selection of fund manager Scott Bessent as the next US Treasury secretary, with investors expecting he will be a voice for markets in Washington.

MSCI's broadest index of Asia-Pacific shares climbed 1.6% at the time of writing this report, and US S&P 500 futures pointed 0.5% higher to just shy of a record high, after a 0.3% gain for the cash index at the end of last week. Bessent's appointment came late on Friday after Wall Street had shut.

Of 50 stocks on the NIFTY50 index, 48 scrips were trading in the green and just 2 in the red.

The top five gainers on the index were Shriram Finance, BPCL, BEL, M&M, and L&T. The losers were JSW Steel and Infosys.

All the sectoral indices were trading in the green with oil & gas stocks leading the gains. The BSE OIL & GAS index was trading 3% higher at 26,483.83 points.

Among individual stocks, Zomato shares rallied 7% to ₹282.90 apiece on the BSE as the stock will enter the benchmark BSE Sensex, replacing JSW Steel.

Besides, Zomato has also received shareholder approval to raise ₹8,500 crore through qualified institutional placement (QIP). The company passed a board resolution for this fundraise just ahead of its rival Swiggy’s IPO.

On the other hand, JSW Steel shares were down 2% at ₹958.25 apiece on the BSE.

The BSE MidCap index was trading at 45,777.14 levels, up 747.92 points, or 1.66% while the BSE SmallCap index was trading at 53,455.89, up 842.96 points, or 1.60%.

(With inputs from Reuters, PTI)