India’s benchmark equity indices ended their two-day winning streak, falling by 0.5%. This decline was primarily driven by significant financial players such as HDFC Bank, ICICI Bank, SBI, and Bajaj Finance, which contributed to the market’s downturn in the context of a lackluster global sentiment. The Nifty 50 experienced a pullback following its ascent to a new 52-week high of 26,246.65 in the prior session on November 20. At the end of trading, the Sensex declined by 400.76 points, representing a decrease of 0.47%, closing at 85,231.92. Meanwhile, the Nifty 50 fell by 124 points, also a 0.47% drop, to conclude at 26,068.15.
Markets experienced a decline on Friday following recent gains, concluding with a decrease of nearly half a percent due to weak global indicators. Following a subdued opening, the Nifty managed to regain a significant portion of its initial losses in the first half; nonetheless, fresh selling pressure across various sectors pulled the index down towards the day’s low, ultimately closing at 25,068.15. Sectoral performance exhibited a general weakness, with metal, realty, and PSU banks at the forefront of the decline, whereas FMCG emerged as the sole significant outperformer. The mid- and small-cap indices exhibited weaker performance compared to the benchmark, declining by more than one percent. “Investor sentiment was impacted by global weakness after the release of U.S. jobs data, which failed to provide clarity on the near-term trajectory of interest rates,” stated Ajit Mishra.
Equities to Monitor :
- InterGlobe Aviation, the parent company of IndiGo, will be included in the 30-stock Sensex index, taking the place of Tata Motors Passenger Vehicles, starting from the market opening on Monday, December 22.
- Tata Consultancy Services has reported that the U.S. Court of Appeals for the Fifth Circuit has issued an unfavorable ruling in its protracted legal dispute with DXC Technology, upholding a previous decision mandating the Indian IT company to pay damages.
- Rail Vikas Nigam has announced its status as the L1 bidder for a Northern Railway project valued at Rs 180.77 crore. This project entails the enhancement of the UTR–MWP section through modifications to the OHE and the installation of feeder wire work for the 2×25 kV traction system.
- Tata Power has disclosed that it has finalized commercial agreements with Druk Green Power Corporation (DGPC) to collaboratively develop Bhutan’s 1,125 MW Dorjilung hydropower project.
- Natco Pharma reported that the US FDA has issued seven procedural observations after inspecting its Manali API facility. The company expressed confidence that these issues will be resolved.
- Tata Chemicals has revealed that its board has approved an investment of Rs 910 crore aimed at enhancing manufacturing capacities at its facilities located in Mithapur, Gujarat, and Cuddalore, Tamil Nadu.
- Kotak Mahindra Bank has declared its intention to split one share into five, representing its inaugural stock split since September 2010.
- Adani Green has made significant progress in expanding its clean energy portfolio. On Friday, the company announced the establishment of two new step-down subsidiaries aimed at enhancing its renewable power operations in Gujarat.
- The Housing & Urban Development Corporation has entered into a Memorandum of Understanding (MoU) with the IDFC Foundation, aimed at strengthening technical, financial, and leadership capacities within urban institutions.
- Marico’s digital-first brands have achieved an impressive milestone, surpassing Rs 1,000 crore in annual recurring revenue. Media reports indicate that the company expects its foods and premium personal care portfolio to represent 25% of its business in India.
- Hindustan Aeronautics (HAL) shares are anticipated to attract attention on Monday, November 24, following a tragic event last week. A Tejas fighter jet of the Indian Air Force (IAF) crashed in a fireball during an aerial display at the Dubai Air Show on Friday, resulting in the loss of the sole pilot. This marks the second incident involving the indigenous multi-role Light Combat Aircraft within a span of less than two years.
- IDBI Bank shares are anticipated to attract attention, as per report, with Kotak Mahindra Bank positioned as the leading contender to acquire the government’s stake in IDBI Bank, alongside Fairfax and Oaktree Capital also vying for the opportunity.
- Eternal, Swiggy – magicpin and Rapido have formed a strategic alliance to challenge the duopoly of Zomato and Swiggy. This collaboration will enable the country’s third largest food delivery player to integrate its extensive nationwide restaurant network with the Rapido-owned platform Ownly, as reported by PTI. The collaboration will provide Rapido access to magicpin’s extensive restaurant network, as Rapido, which introduced Ownly in August, seeks to expand its operations beyond Bengaluru. Upon completion of the onboarding process, Rapido’s Ownly will gain access to a network of over 80,000 restaurants nationwide, while magicpin will benefit from Rapido’s delivery fleet in select areas.
- UFlex is set to allocate more than ?700 crore for the expansion of its packaging film manufacturing line in Dharwad, Karnataka, as stated by a senior company official. The company is set to increase its capacity by 54,000 MTPA at the plant, elevating its total global packaging film capacity to 690,160 MTPA, an increase from the previous 636,160 MTPA. “We are set to allocate more than Rs 700 crore towards the expansion of our packaging film manufacturing line in Dharwad, Karnataka. This project will add 54,000 MTPA of new capacity, significantly strengthening our portfolio and enhancing our ability to serve customers with scalable, high-quality packaging solutions,” UFlex Ltd Group president and CFO, Rajesh Bhatia, told PTI in an interview.
- Aurobindo Pharma is presently facing losses at its facility in China and anticipates that the plant will reach break-even by the conclusion of the fiscal year, as stated by its CFO S Subramanian. The Hyderabad-based pharmaceutical leader expresses strong confidence in maintaining its growth trajectory and enhancing value across all sectors, he stated. “China (plant), as of the date in the quarter, I will be incurring a loss of around maybe a million dollars, but, probably, we will be able to achieve the break-even between Q3 and Q4, and after that, China will start moving up in the overall contributing to the growth of the EBITDA growth,” Subramanian stated.