INDICES DECLINE FOR 2ND DAY, NIFTY SLIPS BELOW 19,800; IT STOCKS DRAG

Domestic equity indices ended with small losses on Friday, declining for the second day in a row. The Nifty settled below the 19,800 level after hitting the day�s high of 19,832.85 in early trade. IT stocks dragged, while pharma and metal stocks saw buying activity. The overall market has been range-bound due to a lack of significant triggers, with small-cap stocks continuing to outperform.

The barometer index, the S&P BSE Sensex declined 47.77 points or 0.07% to 65,970.04. The Nifty 50 index shed 7.30 points or 0.04% to 19,794.70.

TCS (down 1.46%), Infosys (down 0.88%) and Bajaj Finance (down 0.71%) were major drags.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.14%.

The market breadth was negative. On the BSE, 1752 shares rose and 1948 shares fell. A total of 114 shares were unchanged.

The domestic stock market will remain shut on Monday, 27 November 2023, on account of Gurunanak Jayanti.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.29% to 7.274 as compared with previous close 7.253.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.375, compared with its close of 83.345 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.17% to Rs 61,175.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.05% to 103.72.

The United States 10-year bond yield advanced 1.44% to 4.480.

In the commodities market, Brent crude for January 2024 settlement declined 39 cents or 0.48% to $81.57 a barrel.

Global Markets:

In Europe, markets saw gains as investors reacted to Germany`s recent GDP figures, which confirmed a 0.1% month-on-month contraction and an 0.8% decline from the previous year. Additionally, attention is focused on a forthcoming speech by European Central Bank President Christine Lagarde.

In Asia, most stock declined as investors analyzed important economic data from Japan, including a rise in core inflation rate to 2.9% in October and an acceleration of the headline inflation rate to 3.3%.

US stocks were closed on Thursday for Thanksgiving and are set for a half day of trading on Friday. Furthermore, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, will hold a virtual meeting on November 30 to decide on crude production strategy, after postponing an in-person meeting in Vienna amid inter-member disagreements.

Stocks in Spotlight:

Lupin rallied 3.89% after the company announced the receipt of tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Canagliflozin Tablets. The said tablets are a generic equivalent of Invokana Tablets of Janssen Pharmaceuticals, Inc.

Union Bank of India rose 0.85%. ICRA has upgraded the ratings as AAA; upgraded from AA+ and revised Outlook to �Stable� from �Positive� of the Instruments of the bank.

Ganesha Ecosphere jumped 2.09% after the company�s board approved the proposal of raising funds through preferential issue upto Rs 150 crore and QIP upto Rs 350 crore.

Loyal Equipments soared 4.3% on securing a new Rs 5.22 crore order from Siemens Energy Industrial Turbomachinery India. The domestic order entails the supply of separators with spares and is scheduled to be fulfilled within 6 months.

Hazoor Multi Projects hit an upper limit of 10% to Rs 151.70 after the company said it secured a contract for rehabilitating and upgrading a segment of NH-66 in Maharashtra.

Prestige Estates Projects added 0.85%. The company announced the launch of Prestige Glenbrook�a highrise residential project situated in the heart of Whitefield, Bangalore`s IT Hub. The development comprises of 285 apartments across two high-rise towers with a developable area of 0.7 Million sft and has a revenue potential of Rs. 550 crore.

Gland Pharma gained 2.85% after the company announced conclusion of US Food and Drug Administration (USFDA) inspection at Pashamylaram Facility in Hyderabad.

RailTel Corporation of India fell 1.78%. The firm announced on Thursday that it has received a work order from Gujarat Informatics aggregating Rs 52.87 crore.

Apar Industries fell 1.35%. The company said that its board has approved the opening of qualified institutions placement (QIP) of equity shares with the floor price of Rs 5,540.33. The issue price will be determined by the company in consultation with the lead managers appointed for the issue.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 3,12,63,92,010 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 69.43 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 67,28,36,983 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 46.68 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 1,36,09,56,344 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 64.06 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 12,30,11,908 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 17:00 IST on Friday (24 November 2023). The issue was subscribed 2.20 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 133-140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

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