Indian equity indices ended on a positive note on November 29.
Sensex ended 759.05 points higher at 79,802.79, whereas Nifty concluded 216.95 points up at 24,131.10.
Bharti Airtel, Cipla, Sun Pharma, M&M, Adani Ports were among major gainers on the Nifty, while losers were Power Grid Corp, Shriram Finance, Hero MotoCorp, Nestle and Apollo Hospitals.
Indian rupee ended 4 paise lower at 84.49 per dollar on Thursday versus Wednesday’s close of 84.45.
In the previous season, Indian rupee ended flat at 84.49 per dollar on Friday versus Thursday’s close of 84.49.
“Buy on dips strategy may not yield short-term gains in this market. But this strategy can be applied by investors with a medium to long-term time horizon. Largecaps in financials, IT, capital goods and telecom are ideal for accumulation from a medium to long-term perspective,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Meanwhile, foreign portfolio investors (FPIs) are poised to end November as net sellers in Indian stock markets for the second consecutive month, following a four-month buying streak until September.
According to data from the National Securities Depository Limited (NSDL), FPIs have sold stocks worth Rs 13,079 crore in November so far, though the pace of outflows has slowed, helping recoup some of the losses.
Looking ahead to December, the Reserve Bank of India’s (RBI) bi-monthly Monetary Policy Committee (MPC) meeting will be closely monitored for fresh cues. Persistent food inflation continues to delay potential rate cuts by the central bank.
