Stock Market Live Updates: Sensex, Nifty Give Up Morning Losses To End In Green, Rupee Ends Flat

The Indian equity market closed in the green on Wednesday. At market close, the benchmark index Sensex settled 0.14% higher at 66,023.24 points, while Nifty 50 was up 28.45 points at 19,811.85 level.

The Indian Rupee ended flat at 83.32 against the US dollar on Wednesday, compared to Tuesday's close of 83.35.

Indian stock indices kicked off the trading day on November 22 with a flat opening, influenced by a combination of varied global cues. The Sensex edged up by 10.77 points or 0.02%, reaching 65,941.54, while the Nifty saw a modest increase of 8.60 points or 0.04%, standing at 19,792. The market exhibited a mixed trend with 1425 shares advancing, 651 shares declining, and 112 shares remaining unchanged.

On the Nifty, significant gainers included BPCL, Tata Consumer Products, Tata Motors, Coal India, and Adani Enterprises, contributing to the positive sentiment. Conversely, TCS, Kotak Mahindra Bank, Hindalco Industries, ICICI Bank, and IndusInd Bank faced losses, reflecting a diverse performance among sectoral stocks.

In the intricate dance within a 200-point range, the Nifty 50 challenges bullish resilience, unable to sustain above the 19,800 mark. Despite this, market observers draw comfort from two positive signals: the index, holding firm below 19,800, exhibits resistance against capitulation, and Tuesday's session breaks a three-day streak of higher lows on the daily chart.

As the market anticipates pivotal signals, an IPO surge takes centre stage on Wednesday, featuring notable offerings from Tata Technologies, Gandhar Oil Refinery, Flair Writing Industries, and Fedbank Financial Services. Adding to the fervour, IREDA's subscription is already underway, promising a dynamic mid-week trading session.

In a notable development, the Nifty Bank achieves a milestone by closing above the 43,600 mark for the first time post-November 13, fueled by gains in the financial services index. Wednesday marks the expiry for Nifty Bank weekly contracts, setting the stage for potential market movements.

Reliance Industries CMD Mukesh Ambani unveils plans to invest Rs 20,000 crore in West Bengal over the next three years and explores the establishment of a compressed biogas plant in the state.

Texmaco Rail initiates a Qualified Institutional Placement (QIP) issue to raise Rs 750 crore, including a green shoe option of Rs 200 crore for capex, debt repayment, and working capital. Adani Enterprises' defence arm signs a pact with Elbit Systems, Israel, with Elbit Systems subscribing to a 44% stake in Atharva Advanced Systems.

BPCL is considering an interim dividend at its board meeting on November 29. Wipro collaborates with NVIDIA to provide Generative AI to healthcare insurance companies. TCS faces a setback as the US Supreme Court rejects its petition, mandating the payment of a $140 million punitive damages award, impacting the Q3 balance sheet.

Maruti Suzuki's board meeting on November 25 will assess the allotment of shares to Suzuki Motor Corporation on a preferential basis. Jio Financial Services submitted an application to the Reserve Bank of India for the conversion of the company from an NBFC to a Core Investment Company (CIC).

Shifting our attention to global indicators, Asian markets commence mostly lower following the US Federal Reserve's October meeting minutes, revealing a reluctance for rate cuts. The Kospi in South Korea and the Kosdaq declined, while the Nikkei 225 and Topix in Japan displayed mixed trends. Futures on the Hang Seng signal potential volatility.

On Wall Street, benchmark indices break a five-day winning streak post the Fed minutes, with the Dow Jones and S&P 500 both witnessing a 0.2% decline, and the Nasdaq falling 0.6%. The global market remains on edge as investors grapple with the repercussions of central bank decisions on future economic recovery.

As the mid-week trading session unfolds, investors prepare for a dynamic market influenced by IPO excitement, index dynamics, and global uncertainties. The GIFT Nifty indicates a minor gain, hinting at an opening with slight upward momentum for the Indian market.

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Nov 22, 2023, 3:22 pm IST

Fedbank Financial Services IPO Opens Today: Check Subscription Status Here

The Rs 1,092-crore IPO of Fedbank Financial Services opened for subscription on Wednesday. On the first day, the issue was subscribed 29%, with bids coming in for 1.59 crore shares compared to the issue size of 5.6 crore. Retail investors purchased 50% of their quota of shares, non-institutional investors picked up 14%, while the portion set aside for qualified institutional buyers (QIBs) is still to warm up to the issue.

Nov 22, 2023, 3:14 pm IST

28.7 Lakh Shares Of Delhivery Swap Hands

On Wednesday, as many as 28.7 lakh shares of Gurgaon based logistics and supply chain company Delhivery changed hands. The stock was spotted trading 3.12% lower at 3:12 pm IST.

Nov 22, 2023, 3:07 pm IST

Top 5 Gainers and Losers Today

Source:NSE

Nov 22, 2023, 2:15 pm IST

CG Power Skyrockets 20% On Plan To Set-Up Subsidy-Backed Outsourced Semiconductor Assembly And Test (OSAT) Facility

CG Power shares gained almost 20% on Wednesday after the company unveiled plan to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project. The company said, "The Company has today filed an application with Ministry of Electronics and Information Technology (MeitY), Government of India seeking approval to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility and the grant of subsidy for the said project under the Modified scheme for setting up of Compound Semiconductors / Silicon Photonics / Sensors Fab/ Discrete Semiconductors Fab and Semiconductor Assembly, Testing, Marking and Packaging (ATMP)/ Outsourced Semiconductor Assembly and Test (OSAT) facilities in India. It may be further noted that, subject to the project and the subsidy being approved, the Company proposes to implement the same as a Joint Venture in partnership with technology providers/anchor customers, which are under discussion." The stock was up 20% at Rs 469.00 per share at 2:02 pm IST.

Nov 22, 2023, 1:56 pm IST

Bharti Airtel Commences IPO Process For Its Subsidiary Bharti Hexacom

harti Airtel Ltd has started the process of IPO for making its subsidiary Bharti Hexacom public, as reported by CNBC-TV18. According to further sources, Bharti Hexacom's IPO valuation is probably set at Rs 20,000 crore, and the listing procedure is probably going to be completed by the beginning of 2024. According to the sources, investment bankers Axis Capital, SBI Cap, IIFL, and ICICI Securities have already been hired by parent firm Bharti Airtel, which holds a 70% stake in Bharti Hexacom, to start the IPO process.

Nov 22, 2023, 1:34 pm IST

MRP Agro Hits Upper Circuit On Setting Up The New Food Processing Unit Worth Rs 503.19 Lakhs

The shares of MRP Agro on Wednesday were trading at upper circuit at Rs 40.15 apiece level during the afternoon deals after the company announced that it is setting up the new food processing unit -Dal Mill at Tikamgarh, Madhya Pradesh with an investment of about Rs 503.19 Lakhs, subject to fulfilment of customary conditions by the company.

Nov 22, 2023, 1:21 pm IST

BSE Imposes Fine of Rs. 11.94 Lakhs On Gujarat State Financial Corporation

Gujarat State Financial Corporation said on Wednesday that, BSE has imposed a fine of Rs. 11,94,160/- for non-compliance with corporate governance requirements for the quarter ended September 30, 2023 vide letter dated November 21,2023.

Nov 22, 2023, 1:07 pm IST

Aurobindo Pharma Hits 52W-High On Receiving USFDA Nod For Ryzneuta (Efbemalenograstim alfa Injection) For ChemotherapyInduced Neutropenia (CIN)

Following the announcement that Aurobindo Pharma's subsidiary Acrotech Biopharma and Evive Biotech were granted approval from the USFDA for the Ryzenuta injection for chemotherapy-induced neutropenia, the company's shares jumped by nearly 2.15% to reach a new 52-week high of Rs 1,042.95 apiece on Wednesday.

Nov 22, 2023, 12:52 pm IST

One of the top environmental consulting firms in India, Techknowgreen Solutions Ltd., revealed that it has received a work order from Cipla Limited and STT Global Data Centres India Private Limited. The orders total amounting to Rs 34.03 Mn.

One of the top environmental consulting firms in India, Techknowgreen Solutions Ltd., revealed that it has received a work order from Cipla Limited and STT Global Data Centres India Private Limited. The orders total amounting to Rs 34.03 Mn.

Nov 22, 2023, 12:20 pm IST

CRISIL Upgrades Its Outlook On Tata Power

CRISIL Ratings Limited has upgraded its outlook on the Company from AA/Stable Outlook to AA/Positive Outlook. While maintaining its rating of "CRISIL AA," CRISIL Ratings modified its outlook on The Tata Power Company Limited's (Tata Power) long-term bank facilities and non-convertible debentures from "Stable" to "Positive." The short-term bank facilities and commercial paper programme of Tata Power have been reaffirmed at 'CRISIL A1+'.

Nov 22, 2023, 11:52 am IST

Titan Shares Hit New Record High

Titan Company shares touched a new all-time high of Rs 3,429.20 apiece on BSE. The company has announced huge plans for the next five years. It aims to achieve Rs 1,00,000 crore business while offering over 3,000 jobs ahead.

Nov 22, 2023, 11:51 am IST

Tata Tech IPO

The much-awaited Tata IPO made a bumper opening on Wednesday with issue fully-subscribing in just less than an hour of the launch in the primary market. All categories right from institutional to retail, have oversubscribed the IPO. Its grey market premium (GMP) witnessed a strong rally as well. The majority of brokerages are optimistic about the company and have recommended subscribing. Bidding in the IPO will be available till November 24.

Nov 22, 2023, 10:03 am IST

Tata Motors Shares Approach Record High

Tata Motors witnesses a surge in its stock value, trading in proximity to its all-time high of Rs 687.65 per share, attained earlier in the day. Displaying a consistent positive trend, the stock has maintained gains in five out of the last six trading sessions. Year-to-date, Tata Motors has demonstrated an impressive growth of 73.4%, reflecting its robust performance in the market.

Nov 22, 2023, 10:02 am IST

Vardhman Textiles Ltd Shares Witness 9% Rally Intraday

Vardhman Textiles shares witnessed a rally of 9% in trade today to 416.95 per share. Vardhman Textiles share BSE gained 12% in last 1-week span and offered a return of 26% in last 1-year. The company has a market capitalisation of Rs 12,058.59 crore. In last 3-years, Vardhman Textiles shares soared 150%.

Nov 22, 2023, 9:56 am IST

Cipla Hits Record High

In a notable market development, Cipla's stocks have surged to an all-time high, nearing the pinnacle of Rs 1,279.9 per share achieved earlier today. The pharmaceutical company's stock performance has been remarkable, recording a substantial gain of 38.2% over the last six months.

Nov 22, 2023, 9:53 am IST

BPCL Leads Nifty 50 As Top Gainer With 1% Surge

BPCL emerges as the top gainer in the Nifty 50, experiencing a notable 3.1% increase in its trading value. The state-owned company announced plans on Tuesday to evaluate a proposal for declaring an interim dividend for the financial year 2023-24, with a decision expected on November 29. Notably, the company has closed its trading window from November 22, 2023, to December 1, 2023, in accordance with 'The Code for Prevention of Insider Trading in the securities of BPCL.' With a robust performance, the stock has accumulated a nearly 20% gain year-to-date.

Nov 22, 2023, 9:41 am IST

Sun Pharma Achieves Record High

Sun Pharma's stocks are currently hovering near an all-time high of Rs 1,208.8 per share, achieved earlier today. Demonstrating a bullish trend, the stock has maintained a positive trajectory in five out of the last six trading sessions. Year-to-date, Sun Pharma has recorded a remarkable gain of 21.3%, underlining its robust performance in the market.

Nov 22, 2023, 9:36 am IST

Recommendations by Mr. Aditya Gaggar, Director of Progressive Shares

An attempt to violate its stiff hurdle of 19,840 can be seen in today's trade while the support level has been shifted to 19,700. Among the sectors, the Auto segment will extend its upmove as it resumes its uptrend after a pause of a day (2W stocks look promising- Bajaj Auto, Eicher Motors, and Hero Motocorp). From the Energy space, heavyweight Reliance has given a breakout from an Inverted Head and Shoulder formation which will push the sector as well as the index higher. An early indication of a hidden bearish divergence was spotted in the IT sector, post the confirmation, we can see a corrective move in it. The metal counters are likely to extend their rally as they have regained their lost momentum. The Pharma and Realty sectors stand at their record levels so do many of its components as well which indicates a continuation of its journey toward the north. Almost all the Railway stocks have given a breakout and currently, they are in the process of giving a confirmation.

Nov 22, 2023, 9:24 am IST

Market Opens Flat Tracking Mixed Global Cues

Indian stock indices kicked off the trading day on November 22 with a flat opening, influenced by a combination of varied global cues. The Sensex edged up by 10.77 points or 0.02%, reaching 65,941.54, while the Nifty saw a modest increase of 8.60 points or 0.04%, standing at 19,792. The market exhibited a mixed trend with 1425 shares advancing, 651 shares declining, and 112 shares remaining unchanged.

Nov 22, 2023, 9:09 am IST

Rupee At Open

The Indian rupee initiated Wednesday's trading session at 83.30 per dollar, marking a 5 Paise increase compared to the previous day's closing rate of 83.35.

Nov 22, 2023, 9:05 am IST

TCS Experiences Setback as US Supreme Court Rejects Appeal in EPIC Systems Case

TCS reported a setback on Tuesday, revealing that the United States Supreme Court has declined the company's petition to appeal the decision of the US Court of Appeals. The ruling sustains the punitive damages award of 0 million in the EPIC Systems Corporation case, initially issued by the District Court of Wisconsin, as disclosed in a regulatory filing by the IT giant.

Nov 22, 2023, 8:59 am IST

Coal India Plans Capital Expenditure Of Rs 16,500-18,000 Crore Over Five Years, Foresees Workforce Reduction

In an investor call, Coal India revealed its intention to allocate between Rs 16,500 crore and Rs 18,000 crore for capital expenditure over the next five years. Alongside this financial strategy, the company underscores its commitment to achieving a production target of 780 million metric tons by the financial year 2024. Impressively, the company has already achieved half of this ambitious target within the initial seven months of the current financial year.

Nov 22, 2023, 8:53 am IST

Oil Prices Slightly Changed Amidst Anticipated OPEC+ Output Cuts

Amidst Asian trade on Wednesday, oil prices show minimal fluctuations, as the prospect of a substantial increase in US crude inventories offsets the positive impact of expected supply reductions from the OPEC+ producers group. Brent crude futures inch up by 0.1%, reaching .56 per barrel, while US West Texas Intermediate crude futures experience a modest 0.2% increase, reaching .91.

Nov 22, 2023, 8:49 am IST

Market Insights by Prashanth Tapse, Mehta Equities: Navigating Nifty's Surge Amid Global Influences

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd says "In yesterday's trading, Nifty surged on hopes of Chinese stimulus, positive global cues, a dovish Federal Reserve, and a weakened US Dollar. The Federal Reserve's cautious stance, revealed as breaking news, prompts caution for Nifty bulls amid the aftermath of hawkish November FOMC minutes. Technical support is seen at 19,681, with victory for bulls above 19,889. Nifty's likely trading range is 19,100-19,800. Wall Street is closed Thursday for Thanksgiving, with a half-day on Friday. Subscribe ratings are assigned to Tata Technologies, IREDA, and Fedbank Financial Services IPOs. Preferred trades involve Nifty, Bank Nifty, and bullish outlooks for select stocks. PI INDUSTRIES is recommended for immediate consideration. The finance ministry's October report underscores ongoing inflationary risks.”

Nov 22, 2023, 8:27 am IST

US Indices Snap Winning Streak Post Fed Minutes, Adding To Global Economic Uncertainties

In the financial epicenter of Wall Street, benchmark indices halt a five-day winning streak following the release of the Federal Reserve's minutes. Both the Dow Jones and S&P 500 witness a 0.2% decline, while the Nasdaq experiences a more pronounced 0.6% fall. The global market teeters on the edge as investors navigate the implications of central bank decisions on the prospect of future economic recovery.

Nov 22, 2023, 8:24 am IST

Global Markets Respond To Fed Minutes As Asian Indices Begin With Mixed Trends

Asian markets initiate trading on a predominantly lower note after the release of the US Federal Reserve's October meeting minutes, indicating a hesitancy towards rate cuts. The Kospi and Kosdaq in South Korea experienced declines, while the Nikkei 225 and Topix in Japan showed varied trends. The futures on the Hang Seng index hint at potential volatility ahead.

Nov 22, 2023, 8:18 am IST

Nifty Stays Within 200-Point Range Amidst IPO Surge and Positive Market Signals

The Nifty 50 grapples with bullish resilience, struggling to maintain its position above the 19,800 mark within a 200-point range. Despite this challenge, market observers find solace in two encouraging indicators: the index, standing steadfast below 19,800, showcases a robust resistance against capitulation. Additionally, Tuesday's session brings a welcome deviation as it concludes a three-day streak of higher lows on the daily chart. As the market eagerly awaits pivotal signals, all eyes turn to an impending surge in Initial Public Offerings (IPOs) set to captivate Wednesday's trading session. The spotlight shines on prominent offerings from Tata Technologies, Gandhar Oil Refinery, Flair Writing Industries, and Fedbank Financial Services. The excitement amplifies as IREDA's subscription is already in progress, promising a lively and dynamic mid-week trading session filled with potential market movements.