The benchmark indices, Sensex and Nifty 50, continued their upward trajectory on Wednesday, November 19, buoyed by gains in certain IT and banking giants, even amidst mixed signals from global markets. The Sensex concluded the trading day at 85,186.47, reflecting an increase of 513 points or 0.61%. The Nifty 50 increased by 143 points, representing a 0.55% rise, closing at 26,052.65. The performance across broader markets exhibited variability—the BSE Midcap index experienced a slight increase of 0.34%, whereas the Smallcap index saw a decrease of 0.39%.
“Markets experienced a modest uptick on Wednesday, as the Nifty 50 increased by 0.55% to finish at 26,052.65, countering the declines observed in the prior session.” The index commenced with a favorable outlook and sustained its upward momentum throughout the session, enabling the benchmark to conclude close to the day’s peak. Sectoral performance exhibited a varied landscape: IT and banking stocks demonstrated strong outperformance, whereas realty, energy, and metal sectors underperformed. The overall market sentiment was muted, as the midcap index closed unchanged while the smallcap index experienced a decline of nearly half a percent. The rebound was primarily bolstered by surprising strength in IT giants following Infosys’s announcement of its Rs 18,000-crore share buyback, effective November 20, which enhanced sentiment throughout the sector. “Continued resilience in the banking space also contributed meaningfully to the day’s gains,” stated Ajit Mishra.
Stocks to Monitor :
- Adani Enterprises has secured the endorsement of its creditors for its Rs 14,535 crore proposal to take over the insolvent Jaiprakash Associates, outpacing rival offers from Vedanta and Dalmia Bharat.
- JK Tyre’s unit, JK Tornel, is set to divest 40 lakh shares of Cavendish Industries to SMMS Trust for Rs 130.64 crore, while Cavendish will remain a subsidiary within the group.
- SpiceJet has issued 83,34,091 equity shares—representing 0.55% of the company’s paid-up equity—at a price of Rs 42.32 per share on a preferential basis to non-promoter entity GASL Aviation Holdings. This allocation comes after the transformation of the aircraft lessor’s outstanding liabilities of $4 million into equity.
- Reliance Industries has entered the pet care market with the introduction of Waggies, a pet food brand that provides affordable, scientifically formulated nutrition. The company is launching two product lines—Waggies and Waggies Pro—priced at Rs 199 per kg and Rs 249 per kg, respectively, and will also provide trial packs for ?20.
- NBCC India has successfully obtained a project management consultancy contract valued at Rs 2,966.10 crore from the Nagpur Metropolitan Region Development Authority for the Phase-1 development of Naveen Nagpur.
- Reliance Power has established a new management board aimed at enhancing governance and delivering more robust strategic oversight.
- Dabur India has achieved a measure of relief as the Income Tax Appellate Tribunal has annulled Rs 59 crore of its prior tax demand. Nonetheless, the outstanding balance of Rs 50.96 crore is currently under dispute and awaits resolution from the tax authorities.
- NTPC Green Energy has entered into a Memorandum of Understanding (MoU) with The Singareni Collieries Company to advance the development of renewable energy projects.
- Jyoti CNC Automation’s subsidiary, Huron Graffenstanden SAS, has commenced operations at a newly established production facility situated within its current site in France.
- CG Power has received a tax assessment order totaling Rs 365 crore for FY 2018–19, due to multiple additions made by the Income Tax Department under various sections.
- Vikram Solar, Shreeji Shipping, Patel Retail, Gem Aromatics – Attention will be directed towards the shares of recently listed Vikram Solar, Gem Aromatics, Shreeji Shipping, and Patel Retail on Thursday, November 20, as they reach the conclusion of their three-month lock-in period. The conclusion of the shareholder lock-in period renders the equity shares available for trading. However, this does not imply that every share will be transacted in the open market.