Sensex, Nifty Next Week: Are Bulls Back? Why Did Market Rise Despite FII Outflow?

Stock Market Outlook: The stock market regained its momentum in the last trading session of the week, closing notably higher after a drastic collapse on Thursday despite continued foreign investors selling woes.

The BSE Sensex gained 760 points 0.96 per cent on November 29 to end above the mark of 79,800, in contrast to its Asian peers which ended lower except China. The Chinese financial markets inched higher on the hopes that US trade tariffs on the world’s biggest manufacturer would be lower than the markets previously anticipated.

Gains in Dalal Street were led by Bharti Airtel which recorded its 18-month best intraday rally on Friday, surging as much as 6 per cent and ending 4.30 per cent higher at Rs 1,627.45. Following the Teleco major, Sun Pharma, Mahindra & Mahindra, Adani Ports, and Reliance were among the top gainers yesterday.

FPI Selling Continues

The Foreign Portfolio Investors (FPI) sold more Indian equities worth Rs 19,169.90 crore on Friday with a net value of a total of Rs 4,383.55 crore in FPI selling. Domestic investors which also includes cash-heavy mutual funds in the country, continued the buying spree with Rs 5,723.34 crore worth of net buying in the markets on the last trading session of the week.

Top Stocks To Remain Under Watch

Here are the top stocks which are likely to remain under focus in the upcoming week.

BEML: After securing a Rs 3,658 crore order from Chennai Metro, the brokerage firms have upped the target price of BEML and the stock of the company is likely to remain in focus.

Ambuja Cement: Motilal Oswal sees a 38 per cent upside in Ambuja Cements as the potential to deliver strong growth and attractive valuation. The stocks which currently trade at Rs 534 per equity share is likely to remain in focus in December’s first week

Mahindra & Mahindra: The domestic brokerage firm Nirmal Bang has given a buy rating to Friday’s top gainer with a 17 per cent upside. With best-in-class EV features and aggressive pricing, Nirmal Bang believes that stock can hit the target price of Rs 3,004 per equity share.