Sensex rises for 2nd day,Nifty reclaims 20k as heavyweights gain

The Indian equity market indices extended gains for the second day on Wednesday with the Nifty surpassing 20,000 after over two months supported by rise in  information technology (IT) stocks, after dovish commentary from a U.S. Federal Reserve official elevated bets of rate cuts by as early as March 2024.At close, the Sensex was up 727.71 points, or 1.10 percent, at 66,901.91, and the Nifty gained 206.90 points, or 1.04 percent, at 20,096.60.
Stocks and Sectors
Hero MotoCorp, M&M, Axis Bank, Wipro and Tata Motors were top gainers on the Nifty,while losers included ONGC, Nestle India, Eicher Motors, Adani Enterprises and Divis Lab.
On the sectoral front, except realty,all other indices ended in the green with auto, bank, information technology and oil & gas gaining a percent each.The BSE midcap index closed 0.8 percent and the smallcap index 0.4 percent higher.
On 29 Nov'23,the Indian rupee sustained its gaining momentum for the second straight session and settled 2 paise higher to close at 83.32 against the US dollar on Wednesday boosted by robust buying in equity markets and inflow of foreign funds.
A weak American currency against major rivals supported the domestic unit while an upward movement in crude oil prices ahead of the crucial meeting of oil-producing countries capped the gain in the rupee, forex traders said.
Experts Take:
Market experts have recommended six stocks to buy for Wednesday-RIL, Tata Motors, PI Industries, McDowell-N, Navkar Corporation and Eimco Elecon.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)