Indian equity indices ended with minor losses on Friday, declining for the second day in a row. The Nifty closed around the 19,800 level after hitting the day?s high of 19,832.85 in early trade. Pharma, healthcare and metal stocks were in deamd while, IT, FMCG and PSU bank shares declined.
As per provisional closing data, 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.
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, 1,802 shares rose and 1,876 shares fell. A total of 136 shares were unchanged.
The domestic stock market will remain shut on Monday, 27 November 2023 on account of Gurunanak Jayanti.
IPO Updates:
The initial public offer (IPO) of Tata Technologies received bids for 2,88,94,80,960 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 15:33 IST on Friday (24 November 2023). The issue was subscribed 64.17 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 60,52,03,655 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 15:33 IST on Friday (24 November 2023). The issue was subscribed 41.99 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 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 1,20,00,49,664 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 15:33 IST on Friday (24 November 2023). The issue was subscribed 56.49 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 11,39,99,726 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 15:33 IST on Friday (24 November 2023). The issue was subscribed 2.04 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.
Stocks in Spotlight:
Lupin rallied 3.75% 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 0.71%. ICRA has upgraded the ratings as AAA; upgraded from AA+ and revised Outlook to ?Stable? from ?Positive? of the Instruments of the bank.
Prestige Estates Projects added 0.15%. 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 2.32% after the company announced conclusion of US Food and Drug Administration (USFDA) inspection at Pashamylaram Facility in Hyderabad.
RailTel Corporation of India fell 0.85%. The firm announced on Thursday that it has received a work order from Gujarat Informatics aggregating Rs 52.87 crore.
Apar Industries fell 1.20%. 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.
Global Markets:
Markets in Europe advanced as investors in the region digested the GDP figures released by Germany earlier in the day.
Final German gross domestic product figures for the third quarter on Friday confirmed an earlier reading of 0.1% month-on-month contraction. GDP was down 0.8% on the previous year.
Investors will also be monitoring a speech by European Central Bank President Christine Lagarde due mid-morning.
Meanwhile, Asian stocks traded 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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