On Friday, November 22, 2024, Indian stock markets showed strong momentum with the Nifty 50 closing at 23,528.50, up by 178.60 points or 0.76%. The positive trend was seen across most indices, driven by gains in the IT sector and Nifty Next 50. Market sentiment improved, with a fall in volatility as the India VIX dropped by 2.13% to settle at 15.65.
Key Market Highlights
- Nifty Bank:
The Nifty Bank index closed at 50,733.65, gaining 360.75 points or 0.72%. This growth was supported by private banking stocks, which also contributed to gains in the Nifty Private Bank index. - Financial Nifty (Fin Nifty):
The financial services sector saw a rise, with the Fin Nifty closing at 23,415.85, up by 142.40 points or 0.61%. - Midcap and Small Cap:
- Nifty Midcap climbed to 12,218.20, adding 53.55 points or 0.44%.
- Nifty Smallcap 50 increased by 50.50 points, reaching 8,564.00, up 0.59%.
- Nifty IT:
The Nifty IT index was among the top-performing sectors, surging by 1.46% to close at 42,564.45. Heavyweights in the IT space gained significantly, driving overall market performance. - Nifty Next 50:
Another strong performer was the Nifty Next 50, which surged by 1.46% to 67,738.40, adding 972.95 points. - India VIX:
The market’s fear gauge, India VIX, dropped to 15.65, declining by 0.34 points or 2.13%. A lower VIX reflects reduced market volatility, indicating stable investor sentiment.
Sectoral Performance
- Auto: The Nifty Auto index showed minimal gains of 0.09%, closing at 23,165.60. The sector faced pressure from mixed performances of key automobile stocks.
- FMCG: The Nifty FMCG index rose by 0.33%, ending at 55,878.30. Stable demand trends supported the growth.
- Pharma: The Nifty Pharma index climbed to 21,788.60, adding 0.22%. Investors remained cautious but positive on pharma stocks.
- Private Bank: The Nifty Private Bank index gained 0.29%, settling at 24,896.20, with major contributions from leading private sector banks.
Broader Indices
- The Nifty 100 closed at 24,337.95, up by 0.84%, while the Nifty 500 gained 0.73% to close at 21,980.95.
- Nifty Midcap 100 and Smallcap 100 indices also posted moderate gains of 0.32% and 0.49%, respectively.
