Markets end higher on November 29; top gainers include Axis Bank, Hero MotoCorp, Mahindra & Mahindra, while Financial Services and Media stocks are among the key losers The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 soars 206.90 points or 1.04% to settle at 20,096.60, while the BSE Sensex jumped 727.70 points or 1.10% to 66,901.91. Bank Nifty index jumped 685.50 points or 1.56% to settle at 44,566.45. The broader indices ended in positive territory, with gains led by Smallcap and Largecap stocks. Financial services and Auto stocks outperformed among the other sectoral indices while Realty, Media and Consumer Durables stocks shed. The Indian Volatility Index (India VIX) closed down by 4.37 %. “The market saw incredible upward momentum today, Nifty surpassing the 20,000 mark, driven by strong listing gains of ongoing IPOs and dovish statements from US Fed officials, intensifying expectations for early rate cuts. This was demonstrated by the rise in Mid & Small caps and drop in US bond yields and Dollar index. Ease in yield is attracting foreign funds to emerging markets,” said Vinod Nair, Head of Research at Geojit Financial Services. Nair also said that, Indian IT, automotive, banking, and oil & gas led the overall momentum, while real estate is lagging after hitting a record high. Looking ahead investors will closely monitor the outcome of the forthcoming exit poll, the OPEC+ meeting, and India’s GDP data to assess the short-term trajectory.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)