On the 500 index, about 400 shares settled in green, whereas more than 100 stocks ended in red. About two dozen counters rose in double digits but none of the stocks dropped more than 7% for the week.

The weekly charts saw the formation of a long positive candle with upper shadow. The chart pattern remained positive with higher tops and bottoms. Analysts said Thursdays record high of 18,887 could now be considered a new higher top of the sequence, and present weakness is expected to find a higher bottom in the short term.

The 30-share Sensex ended 416 points lower at 62,868 dragged by auto, banking and financial stocks, while its broader peer Nifty 50 ended below 18,700 level

Maruti Suzuki India, incorporated in the year 1981, is a Large Cap company (having a market cap of Rs 266223.16 Crore) operating in Auto sector.

While the Street appears convinced that the ongoing phase of the bull run is not going to stop anytime soon, traders chose to take some profits off the table amid a subdued mood in global markets.

Moreover, the rebound in shares has not been broad-based, as most midcap stocks remained out of favour. On a YTD basis, stocks like Emami, Marico, and Godrej Consumer Products have given negative returns.

Among Sensex stocks, Maruti, Power Grid, TCS, UltraTech Cement, Asian Paints and HDFC were the top losers, falling around 1-2%. ICICI Bank, Bajaj Finance, HUL, Nestle, L&T and M&M also opened lower.

Some companies, such as Heritage Foods, Sandur Manganese, PTC Industries, Choice International, and Suzlon Energy, have recently offered rights issues at 40-95% discounts to the prevailing market prices. In some of them, the retail investors' portion was not fully subscribed.

Chart readers said Nifty is now showing signs of running out of steam for the time being. The mark, 18,888, could be a tough resistance to cross while 18,678 could offer support in the near term.

The 30-share pack Sensex advanced 184 points to end at 63,284, while its broader peer Nifty50 ended above the 18,800 mark after touching a new peak of 18,888 in intra-day trade.

Technical analysts say the chart patterns of benchmark indices do not show indications of topping, nor do the broad market performance point to froth or bubble situations.

“Fed chief Powells observation that “it makes sense to moderate the pace of rate hikes” has come as a shot in the arm for the bulls to take the ongoing rally forward. The dip in the dollar index to 105.5 and the US 10-year bond yield declining sharply to 3.63 % are hugely favourable for the continuation of FII inflows,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Participatory notes (P-notes) are issued by registered foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.

The hourly and daily upper Bollinger Bands expanded along with price action, which assisted the bulls today. Momentum oscillator RSI gave a falling trend line breakout.

The 30-share Sensex ended 418 points higher to scale Mt 63K, while its broader peer, Nifty50, ended above the 18,750 level after touching a new peak of 18,816.

Company has reported net profit after tax of Rs 835.00 Crore in latest quarter.

For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 855.74 Crore, up 9.06 % from last quarter Total Income of Rs 784.62 Crore and up 3.54 % from last year same quarter Total Income of Rs 826.45 Crore.

As the macroeconomic environment is improving, the brokerage firms see upside risk to SBI's earnings driven by higher margins due to the rising interest rate cycles, sustained healthy loan growth, and lower credit costs.

“An important feature of the ongoing rally which has taken Sensex and Nifty to record highs is that this is a mature rally led by high quality stocks in performing sectors. There is no celebration in the market because this rally has largely bypassed the broad market. While the Nifty is up 7.2% YTD, Nifty Small cap Index is down by around 12% YTD,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Uniparts India is a global manufacturer of engineered systems and solutions. It is one of the leading suppliers of systems and components for the off-highway market in agriculture and construction, forestry and mining and aftermarket sectors on account of its presence across over 25 countries.

BNP Paribas Arbitrage offloaded over 18,00,164 lakh shares at an average price of Rs 405 apiece of IT major Wipro for Rs 72.9 crore through an open market transaction.

Britannia Industries, incorporated in the year 1918, is a Large Cap company (having a market cap of Rs 103220.50 Crore) operating in FMCG sector.

“Nifty rising to a new record of 18,614 is indicative of the underlying bullishness in the market. But the global market construct is not very favourable for the rally to continue unabated. Also, the high valuation in India is becoming a matter of concern,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Options data suggests a broader trading range between 18000 to 19000 zones, while an immediate trading range between 18300 to 18800 zones.The market breadth is skewed in favour of bulls. RSI is still holding the 70 levels, confirming the momentum. India VIX ended the session at 13.56 levels, suggesting that the market seems to be enjoying stability.

Multileg option strategies have required deft handling and reduced profit expectations are given persistently low VIX. Debit spreads, especially, bull call spreads have been our go to strategy lately, but with an event risk coming up, we are encouraged to play the prospects of a reversal in VIX, by employing long straddles in Nifty with strikes near 18,400-18,600.

“There are two positives which can impart resilience to the ongoing rally in the market: One, the steady decline in crude which has taken Brent crude to below $82. Two, the steady FPI buying (Rs 31630 crores so far in November) particularly in fundamentally strong segments like financials, IT, autos and capital goods,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

In the last one month, while the Nifty has rallied 4.9%, the mid and smallcap indices are up by less than 2% each as the FIIs are known to feast on largecaps. Led by financials, a bulk of FII buying has been concentrated in FMCG, IT and auto stocks.

The country's largest two-wheeler maker said it will increase the prices of its motorcycles and scooters by up to Rs 1,500, with effect from December 1.

Specialty chemical companies have witnessed a smart recovery in manufacturing operations in the past one year, after the Covid-led disruptions. Supply-chain disruptions and uncertainty in China have created a significant opportunity for domestic chemical companies. Outsourcing will strengthen further as not only the supply chain shifts away from China but also from Europe on account of higher costs, said analysts.

Rising expectations of aggressive rate hike cycles nearing an end on relatively easing inflationary curve, better than expected US macroeconomics data and resilience of the Indian economy compared to global counterparts are also driving FPI inflows.

Silver was reeling under the bearish grip for the past several weeks. It was the worst-performing precious metal in 2022. A firmer US dollar, rising global interest rates, and a decline in industrial demand lessened the sheen of the commodity throughout the year.A recent report published by the Silver Institute projects global silver demand is likely to reach a record high of 1.21 billion ounces this year with a noticeable increase in key areas of demand, except photography.

Weakness persists in the US Dollar Index as it fell from its cycle high of 113.92 on October 13 to its cycle low of 105.34 on November 15 on market participants adjusting to the slower rate hike path of the US Federal Reserve.Gold closed the week ended on November 27 with a gain of 0.15%, which is not much given the fact that the US Dollar Index slid around 0.95% to 105.97, while the 10-year US yields were down nearly 3% to 3.69% on the week.

"Going ahead, the lack of strong fundamental triggers will limit the upside, keeping the market volatile in the short term. The Fed Chair's speech, which is scheduled for next week, and the release of other significant macroeconomic data will influence the market's future trajectory," Vinod Nair, Head of Research at Geojit Financial Services, said.

Household spending increases due to cheaper consumer financing. Similarly, higher government & private CAPEX improves the economic outlook, leading to a re-rating in stock market valuation.

As reflected by the fear gauge index India VIX, volatility has been cooling off for the last nine weeks and supporting the bulls to hold at higher zones. The momentum indicator has reached the falling trendline on the daily timeframe.

Many analysts are cautious about high valuations amid looming demand slowdown but say there are enough stock picking opportunities in the broader market as several pockets have not participated in the rally.

KEI Industries is a leading player in the wires and cables (W&C) space with an extensive product portfolio and distribution reach with PAN India presence. KEI ranks among the top three wires and cables (W&C) manufacturers in the country. It services retail and institutional customers.

"Retail investors are not making money because the mid and smallcaps are down. This phase of the rally is led by frontline stocks where the bulk of FII dollars is flowing in. That is why even though the indices are rallying, investor portfolios are down," equity strategist Kranthi Bathini of Wealth Mills Securities said.

The Sensex closed 1.2% higher at 62272.68 points after hitting an intraday record high of 62412.33 points. The Nifty50 ended at a record high of 18,484.10 but is a little over 100 points away from its intraday lifetime high of 18,604 touched in October 2021.

The daily momentum indicator RSI remains in a positive crossover. India's VIX was down by 4.01% from 14.04 to 13.48 levels. Volatility has been cooling off for the last eight weeks and supported the bulls at higher zones.

The BSE Sensex was trading 154 points or 0.25% higher at 61,665. Nifty50 was trading at 18,314, up 47 points or 0.26% at around 9.17 am.

The uptrend status of Nifty as per long-term charts like weekly is still intact and present consolidation or minor weakness in the market could be considered as a ‘buy on dips opportunity. As long as the support of 18,100-18,000 levels is protected, one may expect consolidation movement to continue. A decisive move above 18,400 levels is likely to open a new all- time high of 18,600+ levels in the near term.

In the Sensex pack, Bajaj Finance, Dr Reddys, SBI, Maruti, Kotak Bank, Sun Pharma and NTPC were the top gainers in Wednesdays trading session, rising about 0.5-1.5%. ICICI Bank, HDFC, Axis Bank, M&M, Tata Steel and HDFC Bank also closed higher

“We believe that IT stocks can be a good buy for both small and medium term gains led by good corporate earnings and expectations of slowing pace of interest rate hike by Fed. Investors can also accumulate auto shares as good demand and RM prices cooling off may lead to rise in these stocks,” Mohit Nigam, Fund Manager & Head - PMS at Hem Securities said.

Apollo Hospitals Enterprise Ltd., incorporated in the year 1979, is a Large Cap company (having a market cap of Rs 64268.87 Crore) operating in Hospitals & Allied Services sector.

Aurobindo Pharma Ltd., incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 26997.12 Crore) operating in Pharmaceuticals sector.

Dr. Reddy's Laboratories Ltd., incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 72621.06 Crore) operating in Pharmaceuticals sector.

Divi's Laboratories Ltd. key Products/Revenue Segments include Pharmaceuticals, Scrap, Export Incentives and Contract Fees for the year ending 31-Mar-2022.

Sun Pharmaceutical Industries Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 242356.83 Crore) operating in Pharmaceuticals sector.