BENCHMARKS CLOSE FLAT AMID RANGE-BOUND MARKET; NIFTY HOLDS 19,800

Domestic equity benchmarks ended with minor losses on Thursday. Although the market opened higher, it erased the initial gains and remained range-bound throughout the day. While real estate stocks extended gains, PSU OMC stocks also performed well. The Nifty started on a positive note but came under selling pressure at the higher levels and ended the day with marginal losses. The market is likely waiting for a breakout trigger from state election results ahead of the 2024 general elections. Meanwhile, the decline in US 10-year bond yields and tapering FII sales bode well for the market.

The barometer index, the S&P BSE Sensex declined 5.43 points or 0.01% to 66,017.81. The Nifty 50 index lost 9.85 points or 0.05% to 19,802.

Larsen & Toubro (down 1.11%), TCS (down 0.59%) and Infosys (down 0.55%) were major drags.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.44%.

The market breadth was positive. On the BSE, 1997 shares rose and 1706 shares fell. A total of 141 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 4.63% to 11.32.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.07% to 7.252 as compared with previous close 7.247.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3400, compared with its close of 83.3225 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.06% to Rs 61,061.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.30% to 103.61.

The United States 10-year bond yield gained 0.43% to 4.435.

In the commodities market, Brent crude for January 2024 settlement slipped 71 cents or 0.87% to $81.25 a barrel.

Global Markets:

Most shares in Europe and Asia advanced on Thursday. Japan�s markets were closed due to a public holiday.

In Europe, investors are focused on preliminary purchasing managers` index data for November, offering insights into economic activity in the services and construction sectors. Additionally, attention is on the Dutch election results, particularly after an exit poll suggested a potential significant victory for right-wing populist Geert Wilders and his Freedom Party.

In the US, stocks closed higher on Wednesday as yields briefly dropped to a two-month low. Trading was quiet ahead of the Thanksgiving holiday, with US markets open for only half a day on Friday.

US crude prices dipped approximately 5% on Wednesday following OPEC`s decision to delay a crucial meeting on production cuts until the following week.

Stocks in Spotlight:

Honasa Consumer (Mamaearth) hit an upper circuit of 20% after the company announced Q2FY24 results. The company delivered Rs 496 crore revenue from operations with 21% YoY growth. EBITDA was at Rs 40 crore (+53% YoY growth) and PAT was at Rs 29 crore (+94% YoY growth).

Central Depository Services (CDSL) jumped 4.71%. The company said it crossed a milestone of registering over 10-crore demat accounts.

Cipla dropped 8.10% following the media reports that recent USFDA warning letter issued to the company`s Madhya Pradesh unit highlighted data integrity issues, including product complaints and microbial contamination.

Following the reports, the drug major clarified that it does not believe there are any material risks to its existing commercial product portfolio. The company is implementing risk mitigation plans for the new product while quickly addressing observations.

TVS Motor Company advanced 2.15% after the company announced its entry into Vietnam in collaboration with Minh Long Motors � its distribution partner. TVS Motor Company will offer a range of scooters and underbone motorcycles, across multiple price points, in keeping with its commitment to responsible and sustainable mobility.

InterGlobe Aviation added 0.15%. The company has received orders from the Commissioner of Income Tax Appeals for the Assessment year 2016-17 and 2017-18. A demand of Rs 739.6 crore (AY 2016-17) and Rs 927 crore (AY 2017-18) was raised by the Assessing officer, against which the company had preferred appeal before Commissioner of Income Tax -Appeals.

C.E. Info Systems (MAPMYINDIA) rose 0.43%. The company`s board will consider fund raising on 27 November 2023. The company plans raising funds by way of issuance of equity shares through permissible modes including but not limited to a private placement, a qualified institutions placement, preferential issue or any other method or combination of methods.

Lupin declined 1.85%. The drug maker announced that it has launched fixed-dose triple combination drug (FDC) under the brand name �Vilfuro-G� for the effective management of chronic obstructive pulmonary disease (COPD) in India.

Strides Pharma Science gained 1.85% after its step‐down wholly owned subsidiary, Strides Pharma Global Pte. Singapore received approval from the US Food & Drug Administration (USFDA) for generic Suprep Bowel Prep Kit oral solution.

Welspun Corp fell 2.19%. The firm said that its wholly owned subsidiary, Sintex BAPL has got Odisha Government�s nod for its proposal to invest Rs 479.47 crore for establishing a manufacturing unit for CPVC, UPVC, SWR, Agri Pipes, PVC fittings and Plastic tanks with annual capacity of 37,520 MT in Sambalpur, Odisha.

Power Grid Corporation of India shed 0.31%. The power transmission company on Wednesday announced that its committee of directors on investment on projects has approved two investment proposals aggregating to Rs 367.1 crore.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 66,87,31,680 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 14.85 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 8,80,71,669 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 6.11 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 32,39,33,896 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 15.25 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 5,03,90,152 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 90%.

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 18,27,10,56,020 shares as against 47,09,21,451 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 November 2023). The issue was subscribed 38.80 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.

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