Stock Market Closing Update: Sensex Ends Slightly Lower, Nifty Settles Below 19,810 Level

The Indian benchmark indices closed mostly flat on Thursday. At market close, Sensex was down 0.01% at 66,017.81 points, while Nifty was down 0.05% at 19,802 points. BSE Sensex gained 89 points or 0.13% to 66,112 and Nifty50 soared 23 points or 0.12% to 19835 at 9:50 am on Thursday. Nifty Bank jumped 76 points to 43,526 and Nifty Midcap rose 48 points to 42075 on November 23, 2023.

Shares of Cipla declined nearly 2% after the firm's Pithampur plant received a warning letter from the US FDA. The regulator also flagged product complaints and microbial combinations.

The top gainers from the pack of Sensex include Nestle, Wipro, Asian Paints, M&M, and IndusInd Bank. Meanwhile, Cipla, Hindalco, and UltraTech Cement are the top laggards from Nifty.

Rahul Kalantri, VP Commodities, Mehta Equities said, "Gold and silver prices experienced a decline on Wednesday, influenced by substantial gains in the U.S. dollar index and a sharp drop in crude oil prices. Despite disappointing economic data, gold prices continued to test support around $2,000 per ounce but were unable to sustain it. The U.S. jobless claims for the last week fell to 209,000, surpassing the expected claims of 226,000."

Crude oil prices also experienced a significant decline due to the postponement of the OPEC+ meeting over the weekend, contributing to the downward pressure on gold and silver prices. Traders exercised caution ahead of the U.S. Thanksgiving Day holiday, leading to profit booking. However, the negative U.S. core durable goods and durable goods orders data provided support to precious metal prices, added Rahul Kalantri.

The Nifty 50 exhibited resilience in Wednesday's trading session, pushing past the 19,800 mark for the first time since October 17. While the market's movements remain confined within a narrow trading range, the final 60 minutes of trade saw a significant recovery, propelling the index over 100 points from the day's low.

However, the broader market witnessed mixed fortunes. The Nifty Smallcap Index experienced a dip of over 1%, potentially influenced by profit booking as five IPOs are currently open for subscription. In contrast, the Midcap Index soared to a record intraday high, showcasing the diverse trends within the market.

The Nifty Bank, on the other hand, faced volatility, falling 250 points on its weekly options expiry session and closing below the 43,500 mark for the first time since November 3. Unlike the Nifty, the Nifty Bank traded within a 400-point range, revealing a more uncertain outlook. Most index constituents ended the session on a lower note.

There are a few stocks that will be in focus today:
InterGlobe Aviation secures a Rs 740 crore order from the Commissioner of Income Tax appeals. The company is set to contest the orders for the assessment years 2016-2017 and 2017-2018.

Honasa Consumer reports an expansion in EBITDA margin and profit on a low base. Revenue surged by 21% from the previous year, with an EBITDA margin of 8.1% compared to 6.4%. Notably, the Like-For-Like (LFL) growth, adjusted for Momspresso, stands at 24%, and underlying volume growth is at 27%.

Tamilnad Mercantile Bank finalizes three candidates for the MD, and CEO post and submits an application to the RBI for the appointment. TVS Motor expands into the Vietnam market by launching a range of two-wheelers.

Power Grid investment panel approves two projects worth Rs 142.69 crore and Rs 224.41 crore. Welspun Corp subsidiary Sintex to invest Rs 479.47 crore in Sambalpur, Odisha.

Mukta Arts arm entered into an agreement with Saudi Arabia-based Al-Othaim Investment Company to establish and operate cinemas across the Kingdom of Saudi Arabia.

Turning our attention to global cues, most Asian markets had a subdued start despite Wall Street's rally. South Korea's Kospi is up 0.2%, while the Kosdaq is mirroring the gain, anticipating its fourth consecutive day of upward movement. Hang Seng's futures, however, point towards a negative start.

Japanese markets remained closed due to a holiday. In the US, Wall Street witnessed a pre-Thanksgiving rally, with the Dow Jones gaining 0.5%, the S&P 500 rising 0.4%, and the Nasdaq gaining 0.5%. Notably, 63% of Nasdaq constituents ended the day with gains.

The GIFT Nifty is trading flat against Nifty Futures Wednesday close, indicating a potentially muted start for the Indian market. Investors will stay vigilant as market dynamics continue to exhibit both resilience and volatility, creating opportunities for informed decision-making.

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Nov 23, 2023, 3:18 pm IST

Hero MotoCorp Reaches 33-Month High, Rises 15% In 9 Days

The share price of Hero MotoCorp hit a 33-month high at Rs 3,551.75, up 4% in Thursday’s intra-day trading. The stock was up 4.55% at Rs 3568.60 at 3:15 pm IST.

Nov 23, 2023, 3:12 pm IST

Top 5 Gainers and Losers Today

Source:NSE

Nov 23, 2023, 2:41 pm IST

Gold Prices Rise On Weaker Dollar, Bond Yields Lift Investors' Sentiment

Gold prices edged higher on Thursday, nearing close to a key ,000 an ounce level as a weaker US dollar buoyed demand for nonyielding bullion. Spot gold gained 0.4% at ,996.84 an ounce, as of 0747 GMT, while US gold futures were up 0.3% to ,998.20.

Nov 23, 2023, 2:11 pm IST

Bitcoin Trades Above ,400 Level; Global Crypto Market Cap Rises 2.78%

Most crypto tokens traded in the green on Thursday, recovering from Wednesday's decline after Binance founder and CEO Changpeng Zhao stepped down from his post and pleaded guilty to breaking US anti-money laundering laws. The global crypto market cap rose 2.78% to .42 Trillion. Bitcoin price was up 2.88% at ,496.77 per token at the time of writing this article.

Nov 23, 2023, 1:15 pm IST

Cosmo Ferrites Hits 5% Upper Circuit After Appointing Mr. Sanjay Gupta As CFO

Following the appointment of Mr. Sanjay Gupta as the company's chief financial officer and key managerial personnel, as recommended by the nomination and remuneration committee and subject to the approval of the audit committee, the shares of Cosmo Ferrites locked in a 5% upper circuit at Rs 228.55 apiece on Thursday. Mr. Sanjay Gupta is a chartered accountant with more than 24 years of expertise in the tax and finance fields.

Nov 23, 2023, 1:07 pm IST

Prevest Denpro Launches Oradox – Advanced Oral Care At The World Dental Show, Mumbai 2023

Leading provider of dental care solutions, Prevest Denpro Limited, proudly unveiled its ground-breaking Oradox oral care product line on November 19, 2023, at the World Dental Show. The introduction of Oradox products was seen by a sizable gathering of dental professionals, specialists, and individuals from all around the world. Oradox represents Prevest Denpro Limited's dedication to providing innovative and affordable dental care solutions, and it represents a state-of-the-art development in oral health. A line of innovative oral care products was launched under the Oradox brand with the goal of raising the standard of care. Mr. Atul Modi Chairman & Managing Director said "Prevest Denpro Limited has always been committed to pioneering advancements in dental care, and the launch of Oradox is a testament to our dedication to oral health excellence. Oradox is not just a product line; it's a promise of comprehensive oral care that meets the evolving needs of professionals & consumers worldwide."

Nov 23, 2023, 12:39 pm IST

GE Power India Shares Rally 9% On Receiving Long-Term Rating From ICRA

On Thursday, the shares of Ge Power India were trading 9% higher at Rs 239 during the afternoon deals after ICRA Limited (Credit rating agency) revised the Long-term rating for Line of Credit as [ICRA]BBB (Negative) from [ICRA]BBB+ (Negative), reaffirmed the outlook to Negative and short-term rating for Line of Credit as [ICRA]A3+ from [ICRA]A2. “The reasons for downward revision inter-alia included continuous decline in revenues, reduction in profit margins and delayed cash flow owing to significant cost pressures, provisions for accidents and slow pace of project execution,” said the company in a stock exchange filing.

Nov 23, 2023, 12:18 pm IST

Akshar Spintex Wins International Order of Rs. 1.71 Billion

Akshar Spintex has secured an international order of Rs. 171 Crores (GST not applicable) from Beximcorp Textiles, Tejgaon, Dhaka for supplying 7400 MT processed cotton yarn in 4 phases. The work has to be completed in 4 Phases within 18 months from the date of acceptance.

Nov 23, 2023, 12:07 pm IST

Lupin Unveils World’s First Fixed-dose Triple Combination Drug, Vilfuro-G® for COPD Management in India

Under the brand name Vilfuro-G®, Lupin Limited (Lupin) has introduced the first fixed-dose triple combination drug (FDC) in history for the efficient treatment of chronic obstructive pulmonary disease (COPD) in India. This significant event came after the Dry Powder Inhaler (DPI) product received clearance from the Drug Controller General of India. The only FDC that specifically combines Glycopyrronium Bromide, Fluticasone Furoate, and Vilanterol is Lupin Vilfuro-G®, which is used for the long-term treatment and management of moderate to severe COPD. The product is available in a single-strength fixed dose, with a recommended once-daily dosage. Over 37 million individuals in India who suffer from COPD, one of the main causes of death and disability in the country, now have hope because of Lupin's breakthrough medication.

Nov 23, 2023, 12:03 pm IST

Coal India Shares In Focus

Two brokerages have recommended buying in Coal India after its investors met where the company's management highlighted their growth trajectory. Coal India is on track to achieve its production target of 780mt in FY24, while it is committed to achieving 1b mt of production within the next three years. These brokerages are Motilal Oswal and Elara Securities.

Nov 23, 2023, 11:23 am IST

GHCL share price

Leading chemical company, GHCL's share price gained as much as 1.4% on Thursday, outperforming benchmarks Sensex and Nifty 50. GHCL shares are currently above Rs 540 and brokerage Prabhudas Lilladher believes there is a potential for upside in the smallcap. This chemical stock has witnessed significant erosions in the past, which has seemed to flavour out.

Nov 23, 2023, 11:03 am IST

Tata Tech IPO

On the second day of its IPO, Tata Technologies received over 8 times subscriptions against the offered size. Strong demand was seen across investors categories.

Nov 23, 2023, 10:55 am IST

Gold Prices

As the dollar weakened and treasury yields dipped on Thursday, prices of precious metals like gold and silver picked up momentum. Spot gold traded near ,000 an ounce, while US gold futures edged higher as well. At home, both MCX gold and silver futures surged over Rs 61,100 per 10 grams and Rs 72,900 per 1 kg mark respectively. For today, these commodities are expected to trade volatile.

Nov 23, 2023, 10:01 am IST

Garden Reach Shipbuilders signs MoU with Shift Clean Energy, Shares Soar

Garden Reach Shipbuilders inked a Memorandum of Understanding (MoU) with M/s Shift Clean Energy (Shift), M/s Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) on November 22, 2023 to develop Electric Tugs E-VOLT 50. The E-VOLT 50 aims to reduce carbon emissions, improve operational efficiency, and set new benchmarks for performance and environmental sustainability in the tugboat industry. Shares of Garden Reach Shipbuilders witnessed a rally of nearly 3% soon after this development.

Nov 23, 2023, 10:00 am IST

Garden Reach Shipbuilders Inks MoU With Shift Clean Energy, Seatech, ABS For Development Of E-VOLT 50 Electric Tugs

On November 22, 2023, Garden Reach Shipbuilders formalized a Memorandum of Understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech), and the American Bureau of Shipping (ABS) to collaboratively embark on the development of Electric Tugs, known as E-VOLT 50. The initiative aims to significantly reduce carbon emissions, enhance operational efficiency, and establish new benchmarks for performance and environmental sustainability within the tugboat industry.

Nov 23, 2023, 9:22 am IST

Indian Indices Open Slightly Higher On November 23 Amid Global Variability

Indian indices started the day with marginal gains in the wake of mixed global signals. The Sensex showed an increase of 119.68 points or 0.18%, reaching 66,142.92, while the Nifty experienced a rise of 37.10 points or 0.19%, standing at 19,848.90. In this opening scenario, approximately 1517 shares advanced, 469 shares declined, and 114 shares remained unchanged. Noteworthy gainers on the Nifty included Bajaj Auto, Eicher Motors, Adani Ports, Tata Motors, and Asian Paints, while Cipla, HUL, SBI Life Insurance, Maruti Suzuki, and UltraTech Cement were among the prominent losers.

Nov 23, 2023, 9:18 am IST

Power Grid Corp Approves Investment Of Rs 367 Crore In Transmission Projects

On November 22, the board of state-owned Power Grid Corp sanctioned an investment of approximately Rs 367 crore for electricity transmission initiatives. The Committee of Directors on Investment on Projects at Power Grid, in a meeting on the same date, granted approval for two projects, according to a BSE filing. The first approved project involves augmenting transformation capacity by 1X1500 MVA (3rd), 765/400 KV ICT at Maheshwaram (PG) substation in Telangana, with an estimated cost of Rs 142.69 crore. The project is slated to be commissioned within 21 months from the date of intimation by the Central Transmission Utility (CTUIL) letter on July 10, 2023, aiming for completion by April 9, 2025.

Nov 23, 2023, 9:13 am IST

Rupee At Open

Rupee initiates slightly higher at 83.29 per Dollar, surpassing the previous close of 83.32

Nov 23, 2023, 9:09 am IST

Gandhar Oil IPO Fully Subscribed On Day 1, Oversubscription At 4.2x Driven By Retail Investors, NIIs

On the inaugural day of trading, the Rs 198 crore initial public offering (IPO) by state-run Gandhar Oil Refinery witnessed full subscription, with bids reaching 89 million shares against the offered 21 million shares. The public issue displayed an impressive oversubscription of 4.2 times, primarily fueled by active participation from retail and non-institutional investors (NIIs) by 3:15 pm. Data indicates that NIIs subscribed 5.56 times, while retail investors demonstrated substantial interest with an oversubscription of 5.23 times. Conversely, qualified institutional buyers (QIBs) exhibited a more subdued response, subscribing 1.3 times the issue portion on the first day of the IPO subscription, according to available data.

Nov 23, 2023, 8:56 am IST

Mamaearth Reports Doubling Of Profits In Q2 To Rs 30 Crore

In its inaugural quarterly report since its stock market listing, digital-first skincare company Mamaearth announced a significant milestone with a doubled profit of Rs 30 crore in the September quarter compared to the corresponding period last year. Additionally, the direct-to-consumer (D2C) unicorn recorded a noteworthy 21% increase in revenue, reaching Rs 496 crore in the quarter under review. Notably, Mamaearth disclosed a remarkable 33% revenue growth for the first half of FY24, outpacing the median growth of 9% in the FMCG industry.

Nov 23, 2023, 8:50 am IST

IndiGo Faces Rs 1,666-Crore Tax Demand By I-T Commissioner; Airline To Challenge Decision

In a notice to the stock exchanges on November 22, Interglobe Aviation, the parent company of IndiGo airlines, revealed that the Commissioner of Income Tax-Appeals has affirmed a tax demand totaling approximately Rs 1,666 crore. The budget airline intends to challenge the order, which seeks a recovery of Rs 740 crore for the assessment year (AY) 2016-17 and Rs 927 crore for AY 2017-18.

Nov 23, 2023, 8:37 am IST

OPEC+ Meeting Delay Fuels Bearish Sentiment, Pushing Oil Prices Down 1%

In early Thursday trading, oil prices experienced a 1% decline, extending the losses seen in the previous session. This downturn follows the decision by OPEC+ to postpone a ministerial meeting, raising concerns that producers may not implement output cuts as extensively as initially expected. Brent futures dropped by 81 cents, or 1%, settling at .15 per barrel, after a notable 4% decrease on Wednesday. Meanwhile, US West Texas Intermediate crude saw a dip of 72 cents, or 0.9%, reaching .40, following a substantial 5% decline in the preceding session.

Nov 23, 2023, 8:24 am IST

GIFT Nifty Flat, Indicates Mutes Start For Indian Market

The GIFT Nifty is maintaining a stable position in comparison to the Nifty Futures' Wednesday closing, suggesting a potentially quiet beginning for the Indian market.

Nov 23, 2023, 8:22 am IST

Asian Markets Open Mixed Despite Rally On Wall Street

Despite the rally on Wall Street, many Asian markets experienced a lackluster beginning to the trading day. South Korea's Kospi saw a modest increase of 0.2%, and the Kosdaq followed suit, mirroring the gain and expecting its fourth consecutive day of upward movement. In contrast, Hang Seng's futures indicated a negative start. Japanese markets, on the other hand, remained closed due to a holiday.

Nov 23, 2023, 8:21 am IST

US Indices Rally Ahead Of Thanksgiving, Dow Jones & Nasdaq Up 0.5%

In the US, Wall Street witnessed a pre-Thanksgiving rally, seeing the Dow Jones rise by 0.5%, the S&P 500 by 0.4%, and the Nasdaq by 0.5%. It's worth highlighting that 63% of Nasdaq constituents concluded the day with gains.

Nov 23, 2023, 8:17 am IST

Nifty 50 Surges Past 19,800, Nifty Bank Faces Volatility

In Wednesday's trading session, the Nifty 50 displayed resilience by surpassing the 19,800 mark for the first time since October 17. Although the market's movements remained confined to a narrow trading range, a noteworthy recovery unfolded in the final 60 minutes of trade, propelling the index over 100 points from its intraday low. Conversely, the Nifty Bank encountered volatility, witnessing a decline of 250 points during its weekly options expiry session and closing below the 43,500 mark for the first time since November 3. In contrast to the Nifty, the Nifty Bank operated within a 400-point range, indicating a more uncertain market outlook. The majority of index constituents concluded the session on a downward trajectory.