Barometers trade flat, pharma shares under pressure

The benchmark indices traded near the flat line with with some positive bias in mid-morning trade. The Nifty traded above the 19,800 level. Pharma shares witnessed profit booking after advancing in the past six trading sessions

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 34.34 points or 0.05% to 66,057.58. The Nifty 50 index added 0.20 points to 19,812.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.22% while the S&P BSE Small-Cap index gained 0.62%.

The market breadth was strong. On the BSE, 2,118 shares rose and 1,352 shares fell. A total of 177 shares were unchanged.

Buzzing Index:

The Nifty Pharma index lost 1.32% to 15,857.85. The index rallied 3.7% in the past six trading sessions.

Cipla (down 5.6%), Lupin (down 2.04%), Aurobindo Pharma (down 2.03%), Ipca Laboratories (down 1.82%), Torrent Pharmaceuticals (down 1.36%), Laurus Labs (down 1.35%), Natco Pharma (down 1.07%), Glenmark Pharmaceuticals (down 0.93%), Divis Laboratories (down 0.8%) and Biocon (down 0.66%) declined.

On the other hand, Pfizer (up 1.08%), Sanofi India (up 0.61%) and Granules India (up 0.22%) edged higher.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 40,83,85,350 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 11:18 IST on Thursday (23 November 2023). The issue was subscribed 9.07 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO of Flair Writing Industries received bids for 4,72,80,541 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 11:18 IST on Thursday (23 November 2023). The issue was subscribed 3.28 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 288-304 per share. An investor can bid for a minimum of 49 equity shares and in multiples thereof.

The IPO of Gandhar Oil Refinery (India) received bids for 17,42,97,200 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 11:18 IST on Thursday (23 November 2023). The issue was subscribed 8.20 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 160-169 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.

The IPO of Fedbank Financial Services received bids for 2,84,68,206 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 11:21 IST on Thursday (23 November 2023). The issue was subscribed 0.51 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

The IPO of Indian Renewable Energy Development Agency (IREDA) received bids for 2,76,72,11,420 shares as against 47,09,21,451 shares on offer, according to stock exchange data at 11:21 IST on Thursday (23 November 2023). The issue was subscribed 5.88 times.

The issue opened for bidding on Tuesday (21 November 2023) and it will close on Thursday (23 November 2023). The price band of the IPO is fixed at Rs 30-32 per share. An investor can bid for a minimum of 460 equity shares and in multiples thereof.

Global Markets:

Asian stocks were trading mixed after Wall Street went into the Thanksgiving holiday with a broad based rally. Japan�s markets are closed due to a public holiday.

US stocks closed higher on Wednesday after yields briefly fell to their lowest level in two months. Trading was muted ahead of the Thanksgiving holiday on Thursday. U.S. markets will be open for half a day on Friday.

US crude prices fell about 5% Wednesday after the Organization of Petroleum Exporting Countries delayed a pivotal meeting on production cuts that was scheduled for the weekend. OPEC said in a statement that the meeting of energy ministers is delayed until next Thursday.

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