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Indian benchmark indices Nifty and Sensex showed a lukewarm performance on November 27, fluctuating in a narrow range amid losses in realty and pharma sectors. The Sensex rose by 35.28 points to 80,039.34, while the Nifty increased by 5.20 points to 24,199.70, with more shares advancing than declining. Analysts suggest that the markets are likely to consolidate at current levels, with foreign institutional investors shifting from selling to marginal buying, despite concerns over potential tariffs proposed by Donald Trump.
Nifty and Sensex closed strongly, buoyed by the BJP-led Mahayuti Alliance victory in Maharashtra, despite some intraday gains being pared. The Sensex rose by 992.74 points to 80,109.85, while the Nifty increased by 314.60 points to 24,221.90, with broad-based gains across sectors. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted the positive political message from the election for the market.
Emkay Global Financial has maintained a BUY rating on ONGC, setting a target price of Rs 330, down 8% from previous estimates due to oil price volatility. Q2FY25 results showed a 9% EBITDA beat at Rs 170.3bn, with RPAT exceeding expectations by 31% at Rs 119.8bn, driven by lower expenses and higher other income. Despite a slight decline in crude and gas production, output recovery is anticipated, with new wells contributing positively to future earnings.
Benchmark indices Nifty and Sensex fell sharply on November 21, with the Sensex down 422.59 points and the Nifty down 168.60 points, amid concerns over bribery charges against Gautam Adani. The allegations, which involve bribing Indian officials for solar energy contracts, led to a significant sell-off in Adani Group stocks, causing a loss of Rs 2.2 lakh crore in market capitalization. The negative sentiment affected various sectors, particularly public sector banks, as 2,606 shares declined against 1,179 that advanced.
Nifty companies reported a 4% year-on-year profit growth in Q2, marking the second consecutive quarter of single-digit growth, driven by SBI, Hindalco, ONGC, ICICI Bank, and Axis Bank. However, underperformance from BPCL, JSW Steel, and others offset gains, with consumption and asset-quality stress in BFSI sectors noted as weak spots. FY25 earnings projections have been downgraded by 7%, with a mere 5% growth expected, the weakest since FY20.
A joint venture between NTPC Green Energy and ONGC Green Energy has emerged as the highest bidder for Ayana Renewable Power, offering approximately $650 million. This bid surpasses that of JSW Energy for the renewable energy firm, which operates solar and wind plants generating 1,600 megawatts in India, with an additional 2,500 megawatts under construction. Following due diligence, the joint venture plans to acquire a 100% stake in Ayana Renewable Power.
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Indian markets show mixed performance as realty and pharma stocks decline
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