Sensex 300 Points, Nifty Up Half Per Cent As Healthcare Stocks Charge

Stock Market Open: The domestic bourses opened on a positive move on Friday with pharma and healthcare stocks leading the charge. After Thursday’s 1,100 points rout in BSE’s 30-share Sensitive Index, the index rose as much as 350 points in the early trade led by strong gains in Sun Pharma, Mahindra & Mahindra, and Adani Ports.

Mahindra & Mahindra, which lost more than 3 per cent in yesterday’s trade had staged a 1.41 per cent recovery by 09:34 am on November 29.

As of 09:35, the BSE Sensex rose 324.88 points or 0.41 per cent and was trading at 79,368.62 while the National Stock Exchange’s broader Nifty 50 was trading half a per cent up or 127.05 points to move above the crucial mark of 24,000.

Antique Stock Broking Ltd has attributed the market volatility to the increased momentum of new project announcements. “After a weak start to FY25, due to the Union Election, the momentum has started to pick-up in terms of new project announcements and tendering,” Antique’s morning presentation stated.

Sectoral Performance

In terms of sectoral indices, only Fast Moving Consumer Goods and real estate indices were trading in red while Nifty Pharma and Nifty Healthcare were the biggest gainers with over a per cent surge in the morning trade.

Apart from pharma stocks, the Oil & Gas Index and PSU Bank index were also showing strong positive move.

Technical Analysis

On the other hand, in the technical morning call of Nirmal Bang, the brokerage firm has noted that the market volatility calls for strict stop loss.

“Nifty has an immediate resistance at 24000. If nifty closes above that, a further upside can be expected towards the 24070-24140 mark. On the flip side 23840-23770 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss,” Nirmal Bang said in the morning newsletter.

“Bank Nifty faces an immediate resistance around 52550 levels on the upside and on a decisive close above expect a rise to 52770-53000. There is an immediate support at 52000-51740 levels,” added the brokerage firm.