Nifty Scales New High, Records Best Month In Over A Year

The index rose 5.52% during November, the highest in 16 months.

<div class="paragraphs"><p>NSE building In Mumbai. (Photo: Vijay Sartape/BQ Prime)</p></div>
NSE building In Mumbai. (Photo: Vijay Sartape/BQ Prime)

India's benchmark stock index, the Nifty 50, recorded its best month since July 2022, reaching a record high of 20,291 on Friday on positive sentiments ahead of the Union election.

It rose 5.52% during November, the highest in 16 months.

Excluding the anomalous year of 2020, this November was also the best in 13 years. It rose 6.8% in 2009 and 6.8% in 2006 before that. The index had surged 11.4% during 2020.

The index broke its earlier record of 20,222, which it hit on Sept. 15, by rising as much as 0.8% intraday on Dec. 1.

The November rally that led to the record high closing of the Nifty on Dec. 1 was led by Bharat Petroleum Corp. and Hero MotoCorp Ltd., which rose 25.5% and 21.2%, respectively.

The top laggards over the period were Bajaj Finance Ltd., which fell 3.2% and Cipla Ltd., which reported marginal gains of 0.4%.

The greatest contributors to the index since its previous high of 20,222 on Sept. 15 were Bharat Petroleum and Coal India Ltd., which rose 24.4% and 24.4%, respectively.

UPL Ltd. recorded a de-growth of 9.4% over the period, while Wipro Ltd. fell 7.6%.

The month also saw records being broken in the primary markets, with Tata Technologies Ltd. listing at a premium of 140%.

The primary markets also saw flows upwards of Rs 2.6 lakh crore over the course of a single week across five initial public offerings.

Tata Technologies Ltd. received a demand for over 69.4 times its desired amount, while Gandhar Oil Refineries Ltd. got subscribed 64 times.

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