Friday's Market Rebound Trimmed Weekly Losses In India

Arjun Pandit
29 Nov, 2024
Mumbai

Stock market indexes in Mumbai rebounded sharply after falling in the previous session as investors debated the future rate path and outlook for urban consumer spending growth. 

The Sensex index increased 0.8% to 79,765.23, and the Nifty index rose 0.9% to 24,123.95. 

For the week, the Sensex declined 0.5% and the Nifty index fell 0.8% in volatile trading. 

Market sentiment remained weak as Adani Group stocks lacked direction and investors worried about the future rate paths amid falling urban consumer spending. 

Crude oil prices in international trading held steady in thin trading as investors await the OPEC+ meeting this Sunday. 

Investors are hoping that the group will postpone its previously planned production increase next month amid weak demand growth from key customers in Asia and a supply glut. 

 

India Stock Movers 

Sun Pharmaceuticals increased 1.7% to ₹1,764.40, and the company said the Ministry of Corporate Affairs has levied fines on a select list of past and present board of directors for not seeking board approval for related party transactions and failure to make disclosures. 

PCBL Ltd. increased 0.6% to ₹433.45, and the company said it has completed the expansion of its specialty chemical capacity at the Mundra plant in Gujarat to 40,000 tons per annum from 20,000 TPA.

Zee Entertainment Enterprises Ltd. increased 5.5% to ₹129.88, and the company's proposal to reappoint Punit Goenka as director of the company was rejected by shareholders. 

The proposal to reappoint Goenka as the company director received 49.54% of the total number of votes, and 50.4% voted against the resolution, according to a regulatory filing. 

However, shareholders approved three other resolutions, including dividend payment, adopting fiscal year 2024 financial statements, and auditor remuneration. 

NCC Ltd. jumped 2.5% to₹311.10 after the company said it received an order worth ₹3,389 crore from various departments of the central government. 

The project linking the Ken River in Madhya Pradesh and the Betwa River in Uttar Pradesh was first approved in 2021 to irrigate the drought-prone Bundelkhand region, provide drinking water to 62 lakh people, and generate 103 MW of hydropower. 

PC Jeweller Ltd. advanced 2.6% to ₹160.0 after the company set December 16 as a record date for its 1-to-10 stock split. 

The retailer reported a sharp reversal in its performance in the fiscal second quarter ending in September; revenue rose to ₹505 crore from ₹33 crore and net income swung to a profit of ₹179 crore from a loss of ₹152 crore a year earlier. 

ONGC jumped 0.8% to ₹254.15, and the oil minister said the company is still awaiting the oil field leasing rights for four oil fields discovered in Ashokenagar, West Bengal, for six years. 

The Union Oil Minister Hardeep Singh Puri said in Lok Sabha that the state-controlled company is still waiting for permits to commence operations from the West Bengal government. 

The company applied for mining rights in a 5.88-square-kilometer area to the state in 2020.