Nifty Above 24,000 Level - Adani Group Stocks Bounce Back ??

The market recovered slightly, bolstered by favourable political developments such as the BJP's win in Maharashtra.?

However, the rally didn’t sustain, and the market experienced significant declines due to FIIs' continuous selling and geopolitical tensions like a massive Russian missile attack on Ukraine's energy infrastructure.

Adani Group stocks experienced a significant rally while some stocks like Adani Total Gas and Adani Energy rallied more than 25%. The broader market showed signs of a rebound in Adani stocks as the company denies any wrongdoings.

The government released GDP annual growth data for Q2 FY25. The GDP growth rate was at a 7-month low at 5.4% while the consensus market expectation was 6.5%. As seen in Q2 corporate earnings, the economy is not performing well. The market has hopes for Q3 FY25.

This week, Nifty 50 and Sensex rose by 0.94% and 0.87% respectively.?

The Nifty 50 closed above the 24,100 level when the Sensex closed above the 79,800 level.

Stock Spotlight ??

Top Gainers ??

Adani Total Gas - ?812.35 (+33.37%)

Adani Energy - ?840.50 (+29.52%)

Adani Green Energy - ?1,323.90 (+25.87%)

Vodafone Idea - ?8.36 (+25.34%)

Bharat Dynamics - ?1,150.00 (+22.94%)

Top Losers ??

ZF Commercial - ?12,483.60 (-13.58%)

Amber Enterprises - ?6,064.95 (-6.45%)

GE Vernova T&D India - ?1,756.20 (-6.29%)

NALCO - ?242.14 (-5.73%)

Akums Drugs - ?605.10 (-5.47%)

Sectors in Focus ??

Banking ??

The banking sector has displayed resilience, with many banks reporting double-digit growth in both revenue and profit in the latest quarter. Private banks like HDFC Bank and ICICI Bank have caught investors’ attention with their earnings performance, even though deposit growth has slowed.?

On the public sector front, the State Bank of India (SBI) remains a strong player, thanks to its consistent earnings growth and improvements in asset quality and cost-to-income ratios.

With markets seeing about a 10% decline after a weak Q2 FY25 earnings season, this could be a timely opportunity to focus on resilient sectors. Valuations for private banks are currently low, but HDFC Bank and ICICI Bank stand out due to strong earnings growth.

IPO Insights ???

To everyone’s surprise, NTPC Green Energy has given good listing gains. The share price was locked in the upper circuit after listing at a premium of 3.25%.

Enviro Infra also listed this week at a premium of 48.6% which was above the expectations of the investors.

Suraksha Diagnostics IPO opened this week. The GMP is at ?0 and it got a muted response on the first day. The issue will close on 3rd Dec’24.

That’s all for this week.?

We’ll see you again next week ??

Happy Investing!