HPCL, BHEL, MCX among 10 stocks that gained between 30% and 90% in November; check full list

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Also Read: Nifty 50, Sensex jump 5% each in November; Investors earn over ₹24 lakh crore Several factors contributed to this impressive rally. The decline in crude oil prices, a reduction in US bond yields, a weakened US Dollar Index, robust Q2 earnings, and strong domestic liquidity played pivotal roles. Additionally, positive GDP estimates from S&P Global Ratings, projecting India to achieve a GDP growth rate of 6.4% for FY24, added to the optimistic sentiment.

The convergence of these favorable factors propelled the Nifty 50 to near-record highs. Also Read: Can gold price climb to $2,400 levels in 2024 — explained with 5 reasons November witnessed 200 out of Nifty 500 stocks closing the month with gains exceeding 10%. Notably, the top 10 stocks spanning sectors like Insurance, Power, IT, and Real Estate, among others, displayed a remarkable rally, ranging from 30% to 89%.

The New India Assurance Company led the pack with a gain of nearly 89%, growing from ₹139.15 apiece to ₹255.20. This stellar performance not only marked the best monthly surge but also propelled the stock to a remarkable 103% growth in CY23, showcasing its best yearly performance since listing in CY17. In the insurance sector, General Insurance shares followed suit, rallying by 49.52%, driven by positive industry growth outlook reports shifting from "stable" to "positive." Another notable performer was RattanIndia Enterprises, surging by 49.52%, backed by various positive developments.