Market News 25/11/2024

* Benchmark equity indices, including the Sensex, experienced a strong recovery, rising 2.54% and surpassing the 79,000 mark.

* The rally was driven by broad-based buying and value purchasing at lower levels, indicating positive market sentiment.

* Asian shares also traded higher, contributing to the optimistic outlook for the stock market.

* The markets are set to react to the outcomes of the Maharashtra and Jharkhand elections, alongside key macroeconomic indicators like GDP and infrastructure output.

* Benchmark equity indices saw a significant rebound, with the Sensex climbing 2.54% to reclaim the 79,000 level, driven by value buying and an across-the-board rally.

* Foreign portfolio investors (Flls) turned net sellers, while domestic institutional investors (DIIs) made substantial purchases, indicating mixed sentiment in the market.

Despite the bullish sentiment, Fll short positions in index futures remain at 69%, suggesting that institutional players still maintain a cautious outlook

#FIls remained net sellers for the 38th consecutive session on Friday, while #DIls stayed net buyers for the 13th straight session. #FPIs net sold stocks worth Rs 1,278.4 crore while the DIls were net buyers of shares worth Rs 1,722.2 crore.

For the #BankNifty, 50,500 and 50,300 will be key support zones, while the 20-day SMA or 51,250, and the 50-day SMA or 51,850 can be the crucial resistance areas.

* Gold prices are nearing a three-week high, driven by a weaker U.S. dollar and increased safe-haven demand due to geopolitical tensions in the Middle East and Eastern Europe.

* Spot gold rose 0.2% to $2,719.19 per ounce, marking its sixth consecutive session of gains, while U.S. gold futures increased by 0.3%.

* Market expectations indicate a 51% chance of a 25-basis-point rate cut by the Federal Reserve in December, influenced by recent economic data and geopolitical developments.

* Zomato is set to replace JSW Steel in the BSE Sensex effective December 23, reflecting a significant index reconstitution by Asia Index Private Ltd.

* The food delivery company has shown remarkable performance with a 130% return over the past year, significantly outperforming the Sensex’s 12% return.

* Zomato reported a 389% growth in consolidated net profit for Q2, with revenues rising 69% year-on-year, indicating strong operational performance.

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