Closing Bell: Sensex Zooms 992 Pts, Nifty Races Above 24,200

 India's domestic air passenger traffic grew 5.3 per cent to 1.36 crore in October from 1.26 crore in the same month last year, aviation regulator DGCA's monthly data showed on Tuesday.

During the reporting month, budget carrier IndiGo carried 86.40 lakh passengers, clocking a market share of 63.3 per cent, followed by Tata Group-run Air India and Vistara, which flew 26.48- lakh and 12.43-lakh travellers, respectively.

Prime Minister Narendra Modi on Monday called for the creation of a new collaborative financial model to support cooperatives globally, emphasizing their potential to drive economic growth, particularly in developing nations.

Speaking at an ICA Global Cooperative Conference, Modi launched the UN International Year of Cooperation 2025 and proposed setting up international financial institutions dedicated to cooperative ventures.

Drug firm Lupin is recalling over six lakh bottles of a medication indicated for high blood pressure in the US due to deviation from current good manufacturing practices (CGMP), according to the US health regulator.

As per its latest Enforcement Report, US Food and Drug Administration (USFDA), stated that Dr Reddy's Laboratoties is also recalling a product in the US due to a manufacturing issue.

On November 25, Hindustan Unilever announced the board's approval for its proposed demerger of the ice-cream business into an independent listed entity, the company shared in a BSE filing.

“The Board, at its meeting held today on 25th November 2024, has accorded its in-principle approval for the demerger of the Ice Cream business into an independent listed entity, based on the recommendation of the Independent Committee,” the exchange filing noted. 

Indonesia said a $100 million investment proposal from Apple to build an accessory and component plant was not enough for the country to allow the tech giant to sell its latest iPhone model, its industry ministry said on Monday.

Indonesia in November banned sales of Apple's iPhone 16 after it failed to meet requirements that smartphones sold domestically should comprise at least 40 per cent locally-made parts.

Maruti Suzuki India on Monday said it is looking to diversify export markets as it aims to clock 7.5 lakh units to overseas locations by 2030-31.

The auto major has already exported 30 lakh units to various markets across the globe.

 French energy giant TotalEnergies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges.

The energy giant said it was not aware of the investigation into the alleged corruption.

The rupee appreciated 10 paise to close at 84.31 (provisional) against US dollar on Monday, supported by a firm trend in domestic equities amid improved investor risk appetite.

Forex traders said investor sentiment got a boost after the Israeli ambassador to Washington said the Hezbollah ceasefire deal could come "within days".

On Monday, the BSE Sensex rose as much as 992 points or 1.25 per cent to settle above the crucial mark of 80,000. 

Top Gainers

• L&T
• SBI 
• Adani Ports
• Reliance 
• Power Grid
• ICICI Bank

Despite having switched to its internal e-auction platform in January this year, Coal India Ltd (CIL) has floated a tender seeking bids from private service providers to conduct e-auctions of the dry fuel for its subsidiaries over the next two years, officials said on Monday.

This move has left external e-auction service providers, such as MSTC and mjunction, who have managed CIL’s auctions through electronic platforms for nearly two decades, confused and they were seeking more clarity before deciding whether to participate in the tender, stakeholders said.

On Monday, S&P Global Ratings trimmed down its estimate for India’s economic growth forecast for the next two financial years as the interest rates continue to remain high along with lower fiscal impulse temper urban demand. 

In an update to the economic forecast for the Asia-Pacific Economies, the American credit ratings agency has shared a new estimated growth rate of 6.7 per cent for India’s GDP for the 2025-26 financial year (April 2025 to March 2026) and 6.8 per cent in the following fiscal year. In the post-Donald Trump win assessment in the US Presidential elections, estimates for India slid down from 6.9 per cent to 7 per cent.
 

Opposition members of the Joint Committee on the Waqf Amendment Bill on Monday met Lok Sabha Speaker Om Birla with a complaint against panel chairman Jagadambika Pal, accusing him of bulldozing the proceedings on the crucial matter, PTI reported. Unhappy with the proceedings, they have demanded an extension of the bill.

 

The stock of Adani Energy Solutions jumped 6.89 per cent, Adani Green Energy soared 6.42 per cent, Adani Total Gas surged 5.33 per cent, Adani Ports climbed 4.64 per cent and Adani Power rallied 4.17 per cent on the BSE.

Shares of Adani Enterprises went up by 4 per cent, Adani Wilmar (3.23 per cent), ACC (3 per cent) and Ambuja Cements (2.71 per cent) on the BSE. However, NDTV shares went lower by 2 per cent, PTI reported.

Silver prices on Monday plummeted Rs 1,587 to Rs 89,181 per kilogram as participants reduced their bets.

On the Multi Commodity Exchange, silver contracts for December delivery declined Rs 1,587 or 1.75 per cent to Rs 89,181 per kg in a business turnover of 16,587 lots.

S&P Global Ratings on Monday revised down its estimate for India's economic growth in the next two financial years as high interest rate and lower fiscal impulse temper urban demand.

In an update to its economic forecast for Asia-Pacific economies after US election results, the rating agency projected a 6.7 per cent GDP growth rate in 2025-26 financial year (April 2025 to March 2026) and 6.8 per cent in the following fiscal year, down from 6.9 per cent and 7 per cent, respectively in previous projections.

The Lok Sabha was adjourned for the day on Monday. The house met at 11am at the start of the winter session, and will commence the session on Wednesday, November 27.

Steel companies in India are likely to face margin pressure in the third quarter of FY25 as muted steel prices compress spreads, according to a report by Axis Securities.
The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices, ANI reported.
 

"Is India shifting from a ‘we economy’ of collective priorities to a ‘me economy’ driven by individual aspirations?  Here’s how this change is reshaping businesses and brands." Alagh posted. 

FPIs recorded a net equity outflow of  Rs 26,533 crore in November, a sharp decrease from the record-breaking Rs 94,017 crore outflow in October. In contrast, FPIs invested  Rs 57,724 crore in September, marking the highest inflow in nine months

Anupam Mittal, founder, Shaadi.com took to LinkedIn to share a humorous post on hiring Chief-of-Staff for Shaadi.com. The announcement comes after Zomato 's founder Deepinder Goyal announced recently that he is hiring a chief-of-staff for his company, and the applicant will have to pay 20 lakhs for the job.

The Parliament session is set to start today, with various issues slated to be discussed, including the Waqf Act (Amendment) Bill. The session will conclude on December 20. There will be no sitting of Lok Sabha and Rajya Sabha on November 26, to commemorate ‘Constitution day’, as reported by ANI.
 

"You have to wonder what it will take for us to take air pollution more seriously. By the way, this data only covers until 2019, and things have only gotten worse in the last five years." Kamath wrote, with a visual in what seems to be a newspaper cut out.

Indian shares are expected to open higher on Monday, following a strong performance on Friday, their best session since early June. Analysts predict that the victory of the National Democratic Alliance (NDA) in Maharashtra’s elections will boost investor sentiment and provide a much-needed lift to the market.

Gift Nifty futures (GIFc1) were trading at 24,332 at 08:05 a.m. IST, indicating that the Nifty 50 will open above Friday’s close of 23,907.25.

NDA’s Victory in Maharashtra Expected to End Instability

The NDA's decisive win in Maharashtra, securing 233 out of 288 seats, is expected to reduce the long-standing political instability in one of India’s most industrialised and economically crucial states. Gautam Duggad, a research analyst at Motilal Oswal, stated that this victory would likely have a positive impact on investor confidence.

In contrast, the opposition alliance secured a win in Jharkhand, but the overall sentiment remains bullish with the NDA’s dominance in Maharashtra.

India's External Affairs Minister S Jaishankar inaugurated the new premises of the Indian Embassy in Rome, underscoring the growing strength of bilateral ties between India and Italy.