Stock Market Live Updates: Benchmark Indices Retreat; Nifty Dips Below 19,750 Following A Volatile Trading Ses

In a turbulent trading session on November 17, benchmark indices experienced a decline, with the Nifty slipping below the 19,750 mark. At the closing bell, the Sensex recorded a loss of 187.75 points or 0.3%, settling at 65,794.73. Similarly, the Nifty was down by 33.40 points or 0.2%, concluding the day at 19,731.80. The market saw 1,926 shares advancing, 1,654 shares declining, and 138 shares remaining unchanged.

Notable losers on the Nifty included SBI, Axis Bank, ONGC, BPCL, and Bajaj Finance, while gainers featured SBI Life Insurance, HDFC Life, Apollo Hospitals, Larsen & Toubro, and Hero MotoCorp.

In terms of sectors, auto, capital goods, FMCG, pharma, and realty each saw a 0.5% uptick, while the PSU Bank index witnessed a 2.5% drop, and the oil & gas index decreased by 1.3%. On a positive note, the BSE Midcap and Smallcap indices closed in the green.

The Indian rupee concluded marginally lower at 83.27 per dollar compared to the previous close of 83.23.

LIVE Feed

Nov 17, 2023, 3:50 pm IST

Benchmark Indices Retreat; Nifty Dips Below 19,750 Following A Volatile Trading Session

In a turbulent trading session on November 17, benchmark indices experienced a decline, with the Nifty slipping below the 19,750 mark. At the closing bell, the Sensex recorded a loss of 187.75 points or 0.3%, settling at 65,794.73. Similarly, the Nifty was down by 33.40 points or 0.2%, concluding the day at 19,731.80. The market saw 1,926 shares advancing, 1,654 shares declining, and 138 shares remaining unchanged.

Nov 17, 2023, 3:09 pm IST

Lupin Gets USFDA Nod For Ganirelix Acetate Injection

Lupin has secured approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Ganirelix Acetate Injection, 250 mcg/0.5 mL Single-Dose Prefilled Syringe. This marks a significant step as Lupin is set to introduce a generic equivalent to the reference listed drug (RLD) of Ganirelix Acetate Injection, 250 mcg/0.5 mL, originally developed by Organon USA LLC. Ganirelix, Lupin's inaugural peptide-based injectable, underscores the company’s dedication to advancing innovative healthcare solutions. The manufacturing of this product will take place at Lupin’s facility in Nagpur, India.

Nov 17, 2023, 2:54 pm IST

Purvankara Hits 52-Week High As Shares Break Above Rs 163 Mark

Purvankara's shares are currently hovering close to their 52-week peak of Rs 163.30, attained earlier today. Notably, the stock has exhibited a remarkable surge of 98.7% over the last six months.

Nov 17, 2023, 2:35 pm IST

Oil Prices Poised For Fourth Consecutive Weekly Drop Amid Supply Surge

Amid concerns over global demand, oil prices remained relatively stable on Friday but were en route to their fourth consecutive week of decline. The previous day saw a significant dip of about 5%, pushing prices to a four-month low. As of 0702 GMT, Brent futures inched up by 7 cents (0.1%) to .49 per barrel, while U.S. West Texas Intermediate crude (WTI) saw a modest increase of 6 cents (0.1%) to reach .96. This marks a notable loss of approximately a sixth of their value over the past four weeks.

Nov 17, 2023, 2:19 pm IST

Adani Energy Solutions Leads The Way In Sustainable Practices With Outstanding ESG Global-Ratings

In an effort to rank among the top-ranked companies in ESG (Environment, Social, & Governance) ratings, Adani Energy Solutions Limited (AESL) has been shifting positions. With its expanding range of energy solutions, the company today disclosed the ESG performance ratings it received from several third-party organisations from July to September 2023 (Q2FY24), demonstrating improvements in a number of performance metrics. An outstanding 86% has been given to the organisation by the eminent worldwide ESG performance assessment organisation CSRHUB. The Electric & Gas Utilities industry average across 911 worldwide firms is surpassed by AESL's score. Furthermore, AESL has received an ESG Risk Rating of 31.5 from Sustainalytics, a global leader in ESG research and data that serves the top institutional investors and corporations worldwide. This rating surpasses the average for the Electric Utility Industry globally, which is 32.1; a lower score denotes a better risk profile. This accomplishment puts AESL in the prestigious Global Top 40 in the Electric Utility Industry, demonstrating AESL's dedication to social responsibility and environmental care. Additionally, MSCI has given AESL a consistent ESG grade of 'BBB,' highlighting AESL's commitment to strong ESG performance. Investors use portfolio analytics tools and stock market indices from top worldwide supplier MSCI (Morgan Stanley Capital International) to monitor and evaluate the performance of financial markets and investment portfolios. AESL's inclusion in the FTSE4Good index series has been confirmed by FTSE (Financial Times Stock Exchange), a prominent worldwide index provider. Additionally, our ESG score has improved from 3.3 to 4. This puts AESL much above the average for the worldwide electric utilities industry, which is 2.7. Furthermore, AESL's dedication to ethical business behaviour is demonstrated by its flawless 5/5 governance score, 4/5 social score, and 3.3/5 environment score. With the current percentage of renewable energy (RE) reaching 38%, AESL is well on pace to meet the targets set forth in the UN Energy Compact, including a target of 60% RE share in bulk energy procurement by FY27. In addition, AESL is lowering greenhouse gas emissions significantly, with the goal of doing so by 40% by FY25 compared to the baseline set in FY19. Apart from these achievements, AESL is pleased to declare that it has planted 3.28 million trees and 24.3 million mangroves as part of its 1t.org commitment, showcasing its commitment to environmental conservation and reforestation. Approximately thirty million of the 100 million trees that the Adani Group has pledged to plant by 2023 have already been planted.

Nov 17, 2023, 1:20 pm IST

Add-Shop E-Retail Limited Q2FY24 Result Update

The company's revenue from operations in the first half of FY24 was Rs 876.8 million, demonstrating exceptional success. Profit before Tax was consequently recorded at Rs 101.7 million. The company reported a Rs 76.1 million profit after taxes for the quarter. The company's annualised EPS was Rs 5.38. The revenue from operations and profit after taxes for Q2FY24 was the highest of the quarters. In Q2FY24, revenue from operations was Rs 403.6 million. Consequently, in Q2FY24, Profit before Tax was Rs 31.3 million. The company reported a profit of Rs 23.4 million for the quarter.

Nov 17, 2023, 12:47 pm IST

AGS Transact Technologies Wins Order of Rs 1,100 Crore Over 7 Years from SBI

The largest PSU bank in India, State Bank of India (SBI), awarded an order worth INR 1,100 crore over seven years for the deployment of more than 2,500 ATMs under the Outsourced/Managed Services portfolio to AGS Transact Technologies Limited on Friday. Under the terms of the Total Outsourcing Model, AGS Transact will install these ATMs on a transaction fee basis. The new ATMs will be deployed by the corporation in the next calendar year. AGS Transact Technologies Limited installed, oversaw, or maintained 77,658 ATMs/CRMs across 2200 Indian cities and towns as of September 30, 2023. Commenting on the order win, Mr. Stanley Johnson, Executive Director, AGS Transact Technologies Limited said, “We are excited to announce yet another significant order win. As one of the leading players of ATM Outsourcing in India, addition of these 2,500+ ATMs for SBI will notably strengthen our Payment Solutions business segment. Further, Securevalue India, which is our cash management subsidiary, will be servicing a substantial number of ATMs under this order.”

Nov 17, 2023, 12:43 pm IST

VIP Industries Shares In Green After Mr. Suhas Kshirsagar Resigns

The company on Friday announced that Mr. Suhas Kshirsagar, Vice-President Corporate Quality & CRM of V.I.P. Industries Limited vide letter dated 16th November 2023, tendered his resignation. On Friday, the shares of VIP Industries were trading 1.50% higher at Rs 624.20 apiece during the afternoon deals.

Nov 17, 2023, 12:36 pm IST

Tata Investment Corporation Shares Rally Over 16% After Appointing Vaibhav Goyal As General Manager

On Friday, the shares of Tata Investment Corporation were trading 16.88% higher at Rs 3,807.35 apiece during the afternoon deals after the company appointed Mr. Vaibhav Goyal as general manager effective from February 29, 2024. Chartered financial analyst and chartered accountant Mr. Vaibhav Goyal has over 15 years of expertise in the Indian equity market, working in a variety of key industries in different positions. Moreover, he has over five years of fund management expertise.

Nov 17, 2023, 12:14 pm IST

Kotak Mahindra Bank Appoints Ashok Vaswani As MD & CEO For A Period of 3 Years

At their meeting today, the Bank's Board of Directors of Kotak Mahindra Bank designated Mr. Ashok Vaswani as a Director, Managing Director, CEO, and Key Managerial Personnel. This appointment will be effective on January 1, 2024, and will last for three years, subject to the approval of the Bank's members. The appointment will happen on December 31, 2023, when Mr. Dipak Gupta's tenure as the bank's managing director and CEO and a key managerial personnel comes to an end.

Nov 17, 2023, 12:09 pm IST

Jindal Stainless Shares Gain Over 3% On Organizing Investors Plant Visit In Odisha

On Friday, the shares of Jindal Stainless were trading 3.20% higher at Rs 492.50 during the afternoon deals after the company announced that it organizing an investors’ plant visit at Jajpur, Odisha on Wednesday, 22"d November, 2023.

Nov 17, 2023, 11:57 am IST

Govt Planning To Restart Probe Into Adani Group For Alleged Coal Import Overvaluation: Report

The share price of Adani stocks remained in focus on Friday after there were reports that the government is planning to restart investigation into Adani Group for alleged coal import overvaluation. The share price of Adani Enterprises traded higher today, up 0.36% at Rs 2213.00 per share at 11:35 am IST.

Nov 17, 2023, 11:16 am IST

Flair Writing Industries IPO: Price Band Fixed At Rs 288-304 Per Share

The initial public offering (IPO) of Flair Writing Industries will open for subscription on November 22. The company has set the price band for its public issue at Rs 288-304. The company is looking to raise Rs 593 crore through this IPO.

Nov 17, 2023, 11:05 am IST

Rupee Falls 2 Paise To 83.25 Against The US Dollar

The India rupee fell 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the domestic unit opened unchanged at 83.23 against the US dollar following overnight losses in oil prices.

Nov 17, 2023, 9:14 am IST

Stocks To Watch

Friday, November 17th, is predicted to see some price activity in the stocks like PFC, TVS Motor Company, Divi's Lab, SJVN, and Brigade Enterprises are among the top 10 stocks that will likely be under the attention of market observers.

Nov 17, 2023, 9:12 am IST

Vaishali Parekh's Bank Nifty Outlook

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "BankNifty once again attempted to breach above the 44400 zone but failed to do so and in the last hour witnessed some heavy profit booking to close near the 44150 zone. The close above the significant 100 period MA level of 44500 is important to sustain the positive bias and anticipate for further upward move. Bank Nifty would have a daily range of 43900–44500 levels."

Nov 17, 2023, 9:11 am IST

Vaishali Parekh Nifty Forecast

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "Nifty after opening on a flat note picked up momentum with positive bias as the day progressed to cross the 19850 zone where it witnessed resistance and slipped to some extent closing on a positive note. The index needs to breach above the hurdle of 19850 zone for further upward movement and anticipate for retesting the previous peak zone. The support for the day is seen at 19650 while the resistance is seen at 19900."

Nov 17, 2023, 9:10 am IST

Rupee Price Outlook

Rahul Kalantri, VP Commodities, Mehta Equities: Examining the technical setup, the pair has a support zone around 83.05-82.92, with resistance positioned at 83.40-83.55, as depicted on the daily technical chart. A sustained trading below the 83.22 levels could potentially lead to further weakness, targeting the support levels of 83.05-82.92. Conversely, the pair may face resistance and struggle to advance beyond the 83.40-83.55 range.

Nov 17, 2023, 9:10 am IST

Crude Oil Prices Outlook

Rahul Kalantri, VP Commodities, Mehta Equities: Pessimistic economic indicators in the U.S. and recession apprehensions within the European Union contributed to the downward pressure on oil prices. Nevertheless, a positive adjustment in global oil demand forecasts by OPEC+ and the IEA may provide some support to prices at these reduced levels. Anticipating ongoing volatility in today's session, crude oil finds support in the range of .30–71.50, with resistance at .90-74.50. In terms of INR, crude oil has support at Rs 5,940-5,850 and resistance at Rs 6,135-6,190.

Nov 17, 2023, 9:10 am IST

Gold Outlook

Rahul Kalantri, VP Commodities, Mehta Equities: We anticipate continued volatility in gold and silver prices. Gold has support levels at 71-1956, with resistance at 98-2011. For silver, support is at .55-23.40, and resistance is at .10-23.25. In INR, gold finds support at Rs60,580-60,460, with resistance at Rs61,010-61,230. Silver's support in INR is at Rs72,650-72,280, and resistance is at Rs73,870-74,430.

Nov 17, 2023, 9:08 am IST

Trade Recommendations

Prashanth Tapse, Senior VP (Research), Mehta Equities: Yesterday's trading on Dalal Street painted a positive short-term outlook for Nifty, with bulls likely to drive further gains following a significant drop in inflation. Technical analysis indicates solid support for corrective declines around Nifty 19657, with a key milestone at 19889 for fresh upside. Positive catalysts include rising copper prices, a decline in WTI crude futures, easing US-China tensions, optimism about Fed rate hikes, strong FIIs net buying, a weakened US Dollar, lower US Treasury yields, and diplomatic efforts in the Middle East. Trade recommendations include buying Nifty at 19765 and Bank Nifty at 44161, with specific targets and stops. Bullish prospects are noted for SIEMENS, NTPC, ASHOK LEYLAND, ASIAN PAINTS, and L&T FINANCIAL. HOMEFIRST FINANCE COMPANY is recommended as a buy with an entry price of 951, a target of 1201, and a stop loss at 821, holding for 0-365 days.

Nov 17, 2023, 9:02 am IST

Market Outlook Today

Mr. Aditya Gaggar, Director of Progressive Shares said, "The 16th November trade was dominated by the Tech stocks which helped the Index to settle the weekly expiry day higher at 19,765.20. Nifty50 has made a strong bullish candle on the daily chart but a sharp up-move has already been seen in the last two sessions and we feel that, there will be a profit-booking activity that will drag the Index lower. A level of 19,850 will continue to remain as immediate resistance while a zone of 19,580-19,550 will be a strong support area. There is a possibility of forming an Inverted Head and Shoulder as well but it is too premature to say. Overnight, bond yield and Crude oil corrected further which will restrict the downside for equities. Considering the above observations, we feel that there will be a choppy session ahead. As mentioned yesterday, the Auto sector has given a congestion breakout and so have some of the components as well, one should opt to buy on dips strategy. OMC's, Paints, and Tyre stocks will remain in focus as a correction in crude oil is positive for such Industries. The Pharma sector gave a breakout but we will wait for a confirmation on the same. The Infra sector is performing as per our expectations which is boosting our confidence to remain bullish on the sector (Capacite Infraprojects- Ascending Triangle Breakout)."

Nov 17, 2023, 8:40 am IST

Bank Nifty Hurdles

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities: The Bank Nifty index encountered resistance at 44,500, where notable selling pressure emerged in the last half-hour of trading. The index continues to adopt a "buy on dip" strategy, with a support level at 43,700, aligning with its 20-day moving average (20 DMA). A close above 44,500 is anticipated to trigger additional short-covering, potentially propelling the index towards the 45,000 mark.

Nov 17, 2023, 8:40 am IST

Nifty Hurdles

Rupak De, Senior Technical analyst at LKP Securities: The index encountered resistance near 19850, the consolidation high, on the daily chart, resulting in a sharp intraday decline. However, the index displayed strength by closing above the previous session's high. In the short term, the market outlook suggests a 'buy on dips' strategy as long as the index maintains levels above 19500. A breakthrough above 19850 could propel the Nifty towards the 20000 mark.

Nov 17, 2023, 8:38 am IST

Trade Guide

Ajit Mishra, SVP - Technical Research, Religare Broking: Nifty tested the target zone of 19,850 in no time after the breakout and we expect a breather now. All sectors are participating in the move on a rotational basis however banking is still not performing on the expected lines. Amid all, we suggest focusing on pockets that are witnessing consistent interest and using intermediate dips to accumulate them. Needless to say, the prevailing buoyancy in midcap and smallcap packs is adding to the offerings so traders should plan their positions accordingly.

Nov 17, 2023, 8:35 am IST

Market Performance November 16

Sensex neared its 66,000 mark, by rising 306.55 points or 0.47% to end at 65,982.48. Nifty 50 surged by 89.75 points or 0.46% to settle at 19,765.20.