Barometers trade near flat line, IT shares under pressure

The headline equity indices continued to trade near the flat line with some positive bias in mid-morning trade. The Nifty traded above the 19,800 level after hitting the day�s low of 19,786.60 in morning trade. IT shares extended losses for the second consecutive trading session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 22.52 points or 0.03% to 66,040.33. The Nifty 50 index added 13 points or 0.07% to 19,815.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index gained 0.43%.

The market breadth was strong. On the BSE, 2,002 shares rose and 1,490 shares fell. A total of 164 shares were unchanged.

Buzzing Index:

The Nifty IT index lost 1.32% to 32,190.35. The index declined 1.15% in two trading sessions.

HCL Technologies (down 1.31%), Wipro (down 0.97%), Mphasis (down 0.71%), Tata Consultancy Services (down 0.7%), Infosys (down 0.48%), Coforge (down 0.4%), Tech Mahindra (down 0.36%), LTIMindtree (down 0.1%) edged lower.

On the other hand, L&T Technology Services (up 0.86%) and Persistent Systems (up 0.82%) advanced.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 85,51,62,240 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 11:18 IST on Friday (24 November 2023). The issue was subscribed 18.99 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 12,02,74,273 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 11:18 IST on Friday (24 November 2023). The issue was subscribed 8.34 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 41,40,93,328 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 11:21 IST on Friday (24 November 2023). The issue was subscribed 19.49 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 5,70,70,162 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 11:21 IST on Friday (24 November 2023). The issue was subscribed 1.02 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.

Global Markets:

Asian stocks were trading mixed as investors assess key economic data out from Japan on Friday. The world�s third largest economy saw its core inflation rate rise to 2.9% in October, higher than the 2.8% seen in September. The headline inflation rate for October came in at 3.3%, accelerating from the 3% seen in from the month before.

US stocks were closed for Thanksgiving on Thursday, and will come back for a half day of trading on Friday.

The influential oil group reuniting the Organization of the Petroleum Exporting Countries and its allies will hold a virtual meeting to decide crude production strategy on November 30, the OPEC Secretariat said. The group, collectively known as OPEC+, was supposed to convene in person in Vienna over November 25-26 but has since postponed its meeting amid inter-member disgruntlement.

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