Final Trade: Sensex closes 230 pts higher; Nifty above 24,250; bank, auto stocks rise

Indian equity markets saw a strong performance on November 27, with benchmark indices recovering sharply in afternoon trade. The Sensex closed 230 points higher at 80,234.08, while the Nifty gained 82 points to settle at 24,276.70. The rally was led by sectors such as auto, energy, and banking, while FMCG and pharma witnessed some profit-booking.

Sectoral trends and key movers

Capital goods, power, and auto stocks saw notable buying interest. NTPC Green Energy stole the spotlight, surging nearly 13 per cent post a muted listing. The stock entered the Rs 1 lakh crore market cap club, marking a milestone debut. Meanwhile, Adani Group stocks staged a sharp recovery, rising as much as 12 per cent following a clarification from Adani Green Energy that denied US bribery allegations.

On the other hand, FMCG, pharma, and realty sectors faced selling pressure, with Nifty Realty down 0.5 per cent following last week's rally. Reliance Industries and ICICI Bank weighed on the indices, while HDFC Bank gained over one per cent.

Broader market performance

Mid-cap and small-cap indices outperformed, advancing by 0.3 and 1.2 per cent, respectively. These indices have posted stellar year-to-date gains of 21 per cent compared to Nifty’s eleven per cent rise, reflecting robust investor confidence in broader markets.

Expert insights

Vinod Nair, Head of Research at Geojit Financial Services, remarked, “Indian indices continue to exhibit positive upside due to healthy consolidation and strong earnings forecasts for H2FY25. Global sentiment is also supportive, with optimism surrounding the US FOMC minutes and a truce in the Middle East. Decelerating inflation and robust growth prospects may lead to further Federal Reserve rate cuts."

Outlook ahead

Technical analysts suggest a cautiously optimistic approach. Nifty's support level at 24,000 and Sensex's resistance at 80,500 are critical zones to watch. A breakout above these levels could trigger fresh upward momentum.

The Adani recovery, NTPC Green's debut, and resilient auto and energy sectors hint at sustained market resilience, even as global cues remain mixed.