Closing Bell: Market Rebounds Strongly; Sensex & Nifty Jumps Nearly 1%; SBI & HDFC Bank Lead Gains

Indian stock markets staged a sharp rebound on Friday, November 29, recovering from Thursday's losses. Benchmark indices, the Sensex and the Nifty 50 surged nearly 1% intraday, fueled by broad-based buying across key sectors. The Sensex climbed 759 points to close at 79,803, while the Nifty 50 rose 217 points to end at 24,131.

While the benchmark indices posted gains, the broader markets lagged slightly. The BSE Midcap index added 92 points to settle at 56,393, registering a muted gain of 0.31%, and the Smallcap index climbed 0.76%. Investors witnessed a notable rise in overall market wealth, as the total market capitalization of BSE-listed companies increased by Rs 3.5 lakh crore to nearly Rs 446.5 lakh crore.

Most sectoral indices ended in the green, with public sector banks leading the charge. The Nifty Bank index climbed 149 points to close at 52,056, supported by gains in heavyweight stocks like State Bank of India, HDFC Bank, and ICICI Bank. Meanwhile, the pharma sector saw robust buying interest, with Cipla, Sun Pharma, and Divi's Laboratories emerging as the top Nifty gainers.

Auto stocks also performed well ahead of monthly sales data, with Mahindra & Mahindra gaining over 2%, while Reliance Industries ended near its intraday high, rising nearly 2%. Bharti Airtel surged 4% following an upgrade to a "Buy" rating by ICICI Securities, and life insurance stocks like SBI Life rebounded from their lows, posting gains in the last trading hour.

Adani Green Energy delivered its strongest single-day performance in a year, rallying 20%. CAMS and Paytm both touched their 52-week highs, buoyed by their inclusion in the futures and options (F&O) segment. Zee Entertainment jumped 4% after shareholders rejected a proposal involving Punit Goenka.

Allied Blenders gained 4% following positive coverage from ICICI Securities, which initiated a "Buy" rating. Enviro Infrastructure made a stellar market debut, closing 40% higher on its first trading day. Ola Electric ended its five-day winning streak, falling nearly 6%.

CreditAccess Grameen slipped 9% after a "Sell" downgrade by Goldman Sachs. Power Mech rose over 2% after winning an order worth Rs 510 crore. NCC: Gained 2% on securing a Rs 3,389 crore order in Madhya Pradesh. Ashoka Buildcon climbed 2% in the final hour of trade after bagging a Rs 1,055 crore order.

Weekly Market Performance
The markets ended the week on a positive note, marking their second consecutive weekly gain. The Nifty 50 advanced 2.6% over the past two weeks, while the Midcap index outperformed with a 2% weekly gain. The banking sector was a notable contributor, with the Nifty Bank index rising nearly 2% this week, driven by robust performances from top banks like SBI, HDFC Bank, and ICICI Bank.

Adani Enterprises, Bharat Electronics, Shriram Transport Finance, Adani Ports, and ONGC were top Nifty gainers this week. Adani Energy, Adani Green, Vodafone Idea, GNFC, and NBCC were the top gainers on the Midcap index.

The markets' recovery on Friday signals renewed optimism among investors, supported by strong buying in key sectors and improved sentiment across broader indices. However, with significant global and domestic events on the horizon, market participants are advised to remain cautious while maintaining a focus on quality stocks and sectoral trends.