Stock market ends on robust note, Tata Motors hits at record high

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by mydhanush on 29 November 2023,  4 min read

Stock Market Ends in the Green
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Sensex was up 727.71 points at 66,901.91, and the Nifty was up 206.90 points. Except realty, all other sectoral indices ended in the green with auto, bank, Information Technology and oil & gas up 1 percent each. BSE Midcap index up 0.8 percent and small-cap index up 0.4 percent.

Benchmark indices ended on a strong note on November 29 with Nifty above 20,000 for the first time after September 20, 2023.

At close, the Sensex was up 727.71 points or 1.10 percent at 66,901.91, and the Nifty was up 206.90 points or 1.04 percent at 20,096.60. About 1828 shares advanced, 1706 shares declined, and 123 shares unchanged.

Except realty, all other sectoral indices ended in the green with auto, bank, Information Technology and oil & gas up 1 percent each. BSE Midcap index up 0.8 percent and smallcap index up 0.4 percent.

The market optimism was buoyed by dovish remarks from US Federal Reserve official Christopher Waller, suggesting a potential interest rate cut as early as March 2024 if inflation continues to decline.

Tata Motors hit record high ahead of Tata Technologies listing

The Tata Motors Ltd share crossed the Rs 700-mark after 12 years to hit a new record high of Rs 702.80 on November 29, anticipating a strong listing for its arm, Tata Technologies, the next day. Tata Technologies shares were commanding a handsome grey market premium (GMP) of Rs 389-399, suggesting a likely listing at Rs 889-899 over the issue price of Rs 500.

Europe stocks higher

European stocks opened higher Wednesday as regional markets regained some positive momentum and as investors assessed comments from US Federal Reserve board members. FTSE shed 0.07 percent at 7,448.42 while DAX added 1 percent at 16,148.47 and CAC gained 0.44 percent.

Asian markets end in the red

Asia-Pacific markets were trading lower on Wednesday, led by Hong Kong markets, while China’s benchmark index closed at its lowest level in over a month as investors assessed earnings and comments from the U.S. Federal Reserve board members.

Hong Kong’s Hang Seng index tumbled 2.47% in the final hour of trading, leading losses among major Asian benchmarks.  Kospi slipped marginally, finishing at 2,519.81 after hitting a two-month high on Tuesday, but the small-cap Kosdaq closed 0.73% up at 822.44. Japan’s Nikkei 225 fell 0.26% to end at 33,321.22, marking three straight days of losses, while the Topix was down 0.51% and closed at 2,364.5.

Top Nifty50 gainers:                                          Top Nifty50 losers:

Most active stocks on NSE in terms of volumes:

IREDA makes bumper debut, ends at 20% upper circuit

The India Renewable Energy Development Agency (IREDA) made an impressive market debut on November 29, listing at a 56.25 percent premium to the issue price of Rs 32. The stock opened at Rs 50 on both NSE and BSE. Before listing, the stock was trading at a 37 percent premium to the issue price in the grey market, an unofficial ecosystem where shares start trading much before the allotment and continue till the listing day. 

The offer was subscribed 38.8 times with investors across categories buying a total of 1,827.25 crore equity shares, valued at Rs 58,472.07 crore at the upper price band), against the issue size of 47.09 crore.

The stock ended the session at Rs 60 per share on BSE, up 20 percent on November 28 or 87 percent to the issue price.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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