Sensex, Nifty Bounce Back on IT and Banking Strength
- Sensex and Nifty 50 rebounded, up 513 points and 143 points respectively, led by IT and banking gains.
- Infosys share buyback and strong banking performance boosted investor sentiment.
- Broader markets mixed: Midcap flat, Smallcap slipped, while major corporate developments influenced stocks.
Indian stock markets recovered on Wednesday, November 19, as the benchmark indices Sensex and Nifty 50 resumed their upward trend, supported by gains in select IT and banking stocks, despite mixed cues from global markets.
The Sensex ended the day at 85,186.47, up 513 points (0.61%), while the Nifty 50 rose 143 points (0.55%) to close at 26,052.65. Performance in the broader markets was uneven. The BSE Midcap index inched up 0.34%, whereas the Smallcap index slipped 0.39%.
According to Ajit Mishra, SVP of Research at Religare Broking Ltd., “Markets edged higher on Wednesday, with the Nifty rising 0.55% to close at 26,052.65, reversing the previous session’s weakness. IT and banking stocks outperformed, while realty, energy, and metal counters lagged. The broader market remained subdued, with midcaps flat and smallcaps slightly down”.
The rebound was largely driven by unexpected strength in IT majors, particularly after Infosys announced an ₹18,000-crore share buyback, effective November 20. The announcement lifted investor sentiment across the sector. Strong performance in banking stocks also supported the market’s upward momentum.
Stocks to Watch
Several companies made headlines in today’s session.
- Adani Enterprises secured creditor approval for its Rs 14,535-crore bid to acquire insolvent Jaiprakash Associates, surpassing competing offers from Vedanta and Dalmia Bharat.
- JK Tyre’s unit, JK Tornel, will divest 40 lakh shares of Cavendish Industries to SMMS Trust for Rs 130.64 crore. Cavendish will remain a subsidiary within the group.
- SpiceJet issued 83,34,091 equity shares at Rs 42.32 per share on a preferential basis to non-promoter entity GASL Aviation Holdings, following the conversion of the aircraft lessor’s outstanding dues of $4 million into equity.
- Reliance Consumer Products Ltd (RCPL), a subsidiary of Reliance Industries, entered the pet care segment with the launch of Waggies, offering affordable, scientifically formulated pet food. Trial packs are available for Rs 20.
- NBCC India secured a Rs 2,966.10-crore project management consultancy contract from the Nagpur Metropolitan Region Development Authority for the Phase-1 development of Naveen Nagpur.
- Reliance Power formed a new management board to improve governance and strengthen strategic oversight.
- Dabur India received partial relief as the Income Tax Appellate Tribunal annulled Rs 59 crore of a previous tax demand, though the remaining Rs 50.96 crore is still under dispute.
- NTPC Green Energy signed an MoU with The Singareni Collieries Company to develop renewable energy projects.
- Jyoti CNC Automation’s subsidiary, Huron Graffenstanden SAS, began operations at a new production facility in France.
- CG Power and Industrial Solutions received a Rs 365-crore tax assessment order for FY 2018–19 after additions by the Income Tax Department.
Market analysts note that the ongoing momentum in IT and banking, coupled with corporate developments, will continue to influence market trends in the coming sessions. Investors are advised to watch key stocks and sector performance closely.
