Bulls charge back, Sensex surges 759 pts, Nifty at 24,131

The Indian equities traded higher on Friday, rebounding from a sharp sell-off in the previous session, as markets adjusted ahead of the monthly derivatives series expiry. At close, the Sensex was up 759.05 points or 0.96 percent at 79,802.79, and the Nifty was up 216.95 points or 0.91 percent at 24,131.10. About 2241 shares advanced, 1564 shares declined, and 88 shares unchanged.
Bharti Airtel, Cipla, Sun Pharma, M&M, Adani Ports were the top gainers on the Nifty, while losers included Power Grid Corp, Shriram Finance, Hero MotoCorp, Nestle and Apollo Hospitals.
On the sectoral front, except realty and PSU Bank, all other sectoral indices ended in the green with auto, energy, pharma and media up 1-2 percent. BSE Midcap index was up 0.3 percent and Smallcap index rose 0.7 percent.
Market This Week:
●Market posts gains for second straight week, Nifty up 2.6 percent in 2 weeks,
●Most sectoral indices register gains, PSU Bank top gaining index,
●Broader markets outperform with Midcap index rising 2 percent versus Nifty’s 1 percent,
●Nifty Bank, led by SBI, HDFC Bank & ICICI Gain nearly 2 percent this week
Rupee Close:
On 29 Nov'24,the Indian  rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday dragged down by significant foreign fund outflows and month-end dollar demand from importers.Forex traders reportedly stated the rupee remains in a weakening mode due to dollar demand from importers and foreign banks.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,a large-cap-driven, broad-based rally ensued in the domestic market. Discretionary sectors performed well, benefiting from the festive season. The pharma and healthcare sectors saw renewed growth, supported by strong earnings and a moderation in valuations after recent corrections. Additionally, the anticipated slowdown in India's Q2 GDP to 6.5% has already been reflected in Q2 corporate earnings, which the market appears to have discounted. Meanwhile, global sentiment remained subdued due to the appreciation of the Japanese yen, as inflation stayed above the central bank's tolerance level.
Market experts have recommended five shares to buy -Kirloskar Pneumatic Co.Ltd , Computer Age Management Services Ltd, Canara Bank Ltd, PVR Inox Ltd and Cipla Ltd.

( Business Correpondent)