Indian stocks continued their upward momentum on Tuesday, November 19th, as broad-based buying across sectors helped major indices extend gains. With the S&P BSE SENSEX surging by over 700 points and the NIFTY50 breaking key levels, investors are seeing a bullish run in the market.
SENSEX and NIFTY50 Show Strong Growth
By 9:54 AM IST, the S&P BSE SENSEX had risen 723.03 points, or 0.93%, to reach 78,062.04 points, while the NIFTY50 was trading at 23,666, up by 212.20 points or 0.90%. These early gains reflect widespread optimism among investors, with strong performances from key sectors.
Sectoral Performance: Oil & Gas Leads
All sectoral indices were in the green, with oil & gas stocks taking the lead. The BSE Oil & Gas index rose by 1.29%, reaching 26,105.58 points. The strong performance in this sector was largely driven by ONGC’s rally, which surged by 4% following news of a joint venture with NTPC for renewable energy projects.
Top Gainers and Losers
- Top Gainers on NIFTY50:
- ONGC (+4.2%)
- NTPC (+3%)
- Trent (+3.14%)
- BPCL
- Tata Motors
- Top Losers on NIFTY50:
- SBI Life
- Sun Pharma
- Shriram Finance
- HDFC Life
- Kotak Mahindra Bank
The broad market also saw positive movement, with the BSE MidCap index rising by 1.36%, while the SmallCap index gained 1.54%.
Strong Stock Performances: PG Electroplast and ONGC
Shares of PG Electroplast saw a sharp jump of 15%, reaching a 52-week high of ₹718.35 per share. The surge followed the announcement that PG Electroplast, through its subsidiary PG Technoplast, had signed a deal to become the exclusive manufacturer of electric vehicles for Spiro Mobility in India.
Meanwhile, ONGC’s stock also gained significant traction, rising by 4.2% to ₹255.30 per share. This uptick followed the establishment of ONGC NTPC Green Private Ltd, a joint venture between NTPC Green Energy and ONGC Green Limited. The new venture aims to explore renewable energy projects both within India and abroad.
Global Markets Overview
Asian markets followed suit, with most major indices posting modest gains. Japan’s Nikkei rose by 0.2%, while South Korea’s Kospi and Australia’s equity benchmarks each ticked up by 0.1%. Global markets await further developments, particularly in the U.S., where President-elect Donald Trump’s cabinet selection is expected to influence investor sentiment.
Crude oil prices remained buoyed, with Brent crude futures adding 7 cents to $73.37 per barrel, while U.S. West Texas Intermediate crude was trading at $69.26 per barrel, up 8 cents. The price rally was further supported by the shutdown of Norway’s Johan Sverdrup oilfield due to a power outage, reducing global oil supply.
