In the week ended on Friday, 29 November 2024, the S&P BSE Sensex gained 685.68 points or 0.87% to settle at 79,802.79. The Nifty 50 index added 223.85 points or 0.94% to settle at 24,131.10. The BSE Mid-Cap index surged 2.31% to close at 46,070.85. The BSE Small-Cap index soared 4.91% to end at 55,199.86.

Weekly Index Movement:

The domestic equity indices soared on Monday, extending their gains from the previous session. The S&P BSE Sensex soared 992.74 points or 1.25% to 80,109.85. The Nifty 50 index jumped 314.65 points or 1.32% to 24,221.90. The Nifty 50 index has jumped 3.73% in two trading sessions.

The domestic equity benchmarks snapped a two-day winning streak and ended marginally lower on Tuesday. The S&P BSE Sensex shed 105.79 points or 0.13% to 80,004.06. The Nifty 50 index lost 27.40 points or 0.11% to 24,194.50.

The domestic equity indices ended Wednesday's session on a positive note, with the Nifty 50 index settling above the 24,250 mark. The S&P BSE Sensex rose 230.02 points or 0.29% to 80,234.08. The Nifty 50 index advanced 80.40 points or 0.33% to 24,274.90.

The domestic equity benchmarks plummeted on Thursday, mirroring a mixed trend in global markets. The S&P BSE Sensex tumbled 1,190.34 points or 1.48% to 79,043.74. The Nifty 50 index dropped 360.75 points or 1.49% to 23,914.15.

The domestic equity indices ended with major gains on Friday. The S&P BSE Sensex soared 759.05 points or 0.96% to 79,802.79. The Nifty 50 index gained 216.95 points or 0.91% to 24,131.10.

Stocks in Spotlight:

Reliance Industries advanced 2%. The company has announced that its step-down wholly owned subsidiary, Reliance Finance and Investments USA LLC, has entered into a stock purchase agreement to acquire a 21% stake in the U.S.-based Wavetech Helium, Inc. for $12 million.

Dr Reddy's Laboratories shed 0.85%. The pharmaceutical company has announced the launch of Toripalimab in India, a new biological entity (NBE) that is used for the treatment of adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC).

Hindustan Unilever rose 1.95%. The company’s board approved the demerger of its ice-cream business into an independent listed entity and incorporation of a wholly owned subsidiary for the proposal. The firm proposed that the shareholders of HUL will receive shares in the new entity in proportion to their shareholding in HUL, subject to necessary approvals and procedures.

Zydus Lifesciences gained 1.84%. The company has informed that it has received a demand order-in-original (O-I-O) of Rs 1.61 crore from the Assistant Commissioner, Division Dehradun, Sector-7, Uttarakhand, concerning the financial year 2017-18.

Angel One surged 7.50%. The company's wholly-owned subsidiary, Angel One Asset Management Company (AMC), received approval from the Securities and Exchange Board of India (SEBI) to act as AMC for Angel One Mutual Fund.

Swiggy soared 13.27%. The foreign broker initiated coverage on the counter with a 'buy' rating and a target price of Rs 515. The brokerage highlighted that Swiggy is well-positioned for growth, currently trading at a 35% discount to Zomato.

Zomato jumped 5.79%. The company's board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 265.91 per share.

Further, the food delivery company informed that it has received communication regarding liquidation of Zomato Internet LLC (ZIL), a step down subsidiary of Zomato effective from 20 November 2024.

Adani Total Gas (up 32.25%), Adani Power (up 20.17%), Adani Enterprises (up 10.24%), Adani Energy Solutions (up 26.74%), Adani Green Energy (up 25.85%), NDTV (up 4.67%), Adani Wilmar (up 7.30%), Adani Ports and Special Economic Zone (up 4.58%), Ambuja Cements (up 6.21%) and ACC (up 6.44%) surged. Adani Green Energy said the conglomerate's chairman Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act.

In a statement, Adani Green Energy (AGEL) addressed recent media reports suggesting that Gautam Adani, Sagar Adani, and Vneet Jaain had been charged with FCPA violations. The company categorically denied these claims, stating that the charges outlined in the US Department of Justice (DOJ) indictment and the US Securities and Exchange Commission (SEC) civil complaint do not involve allegations of bribery or corruption against these individuals.

Nazara Technologies jumped 8.69%. The company has informed that the NODWIN Gaming, a material subsidiary of the company has announced the acquisition of Trinity Gaming, a leading gaming agency and platform MCN/ CSP, for a deal valued at Rs 24 crore.

Global Markets:

Singapore released its inflation figures for October. Singapore saw its headline inflation rate fall to 1.4%, the lowest rate of inflation since March 2021.

China kept its medium-term lending facility rate unchanged at 2.0% on 900 billion yuan ($124.26 billion) worth of one-year loans to some financial institutions, according to the bank’s official statement.

South Korea's central bank lowered interest rates by 25 basis points. The bank cited concerns about slowing economic growth in the coming year.

South Korea’s industrial production growth fell 0.3% in October compared to September, which also saw a 0.3% fall on a month-on-month basis.

Industrial production saw a 2.3% increase year on year in October, marking a reversal from the 1.3% fall in September.

Tokyo's Core CPI inflation, which excludes volatile fresh food items, rose 2.2% year-on-year in November, government data showed on Friday. Headline CPI inflation surged 2.6% from 1.8% in the prior month. The BOJ is expected to raise interest rates in December after two historic hikes earlier this year.

In Australia, the consumer price index (CPI) inflation grew by 2.1% year-on-year in October, falling short of expectations due to government subsidies that helped reduce energy costs. However, core inflation, represented by the annual trimmed mean inflation, rose to 3.5% in October from 3.2% the previous month, pushing further above the Reserve Bank’s target range.

Euro zone inflation rose from 2% in October to 2.3% in November, flash data from statistics agency Eurostat showed on Friday, above the European Central Bank’s 2% target.

Separately, France’s harmonized inflation rate came in at 1.7% in November, up slightly from 1.6% in October, according to preliminary data from the National Institute of Statistics and Economic Studies (Insee).

In US, the October PCE price index, the Fed's preferred inflation gauge, rose 2.8% year-over-year, remaining above the Fed's 2% target. Initial jobless claims dropped 2,000 to a seasonally adjusted 213,000 for the week ended November 23, indicating a tight labor market.

Further, the US economy expanded at a 2.8% annual pace in the third quarter, driven by strong consumer spending and export growth.

The S&P Global Manufacturing PMI for November rose slightly to 48.8 from October’s 48.5, signaling a slower contraction. Meanwhile, the more critical Services PMI jumped to 57.0 from October's 55.0, reflecting robust activity in the services sector.