Sensex, Nifty end flat; broader indices up; IT shares weak, Adani rallies

Closing Bell on Friday, November 24: 8 of 10 Adani Group stocks surged as Sebi presented its findings in the Adani-Hindenburg case

Stock market highlights: Benchmark indices ended lower after a tepid session Friday as IT stocks, along with certain heavyweights like Tata Steel, Tata Motors, Bajaj twins, Bharti Airtel, and ITC weighed.

The S&P BSE Sensx closed at 65,970, down 48 points or 0.07 per cent, while the Nifty50 shut shop at 19,791, down 11 points or 0.06 per cent.

The broader markets, on the other hand, continued to rise from strength to strength with the BSE MidCap and SmallCap indices adding 0.13 per cent and 0.14 per cent, respectively. 

Among sectors, the Nifty IT index fell 1 per cent, followed by the Nifty FMCG (down 0.45 per cent), and the Nifty PSU Bank index (down 0.37 per cent).

All other sectoral indices gained led by the Nifty Pharma index (up 0.71 per cent), and the Nifty Metal index (0.82 per cent).

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3:52 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
The Nifty opened on a flat note and consolidated for most part of the day to close marginally in the red down ~7 points. On the daily charts, we can observe that the consolidation between 19620 – 19875 has been going on for the past seven trading sessions. the daily momentum indicator has a positive crossover and thus this consolidation should be used as a buying opportunity. On the downside, until the zone of 19630 – 19600 is held we can expect the upside momentum to resume over the next few trading sessions which can take the Nifty towards 19900 – 19930 zone.

 

Bank Nifty

Bank Nifty witnessed the continuation of the pullback and closed well in the green. The pullback has more steam left and we expect it to continue till 44000 – 44200. On the downside 43300 is the crucial support that should not be breached for the pullback to continue.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:51 PM

Comment :: 'It is a healthy correction in Nifty'

It is a healthy consolidation in the Nifty so far and we feel only a decisive gap-up move above 19,850 could pave the way for a new high else range bound bias would continue. Participants should keep a close watch on the US markets and the performance of the banking majors for cues. Meanwhile, stay selective and avoid contrarian trades.   

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:50 PM

IPO Update :: Final hours of bidding underway

Tata Tech: 65.05x | Check details here

Gandhar Oil: 61x | Details here

Flair Writing: 44.75x | Details here

Fedbank Financial: 2.05x | Details here 

3:44 PM

SmallCap Heatmap :: Index ends 0.14% up; check top gainers and losers

3:41 PM

MidCap Heatmap :: Index ends 0.13% higher; check top gainers & losers of the day

3:40 PM

Sectoral trends :: IT, FMCG shares see profit booking; Pharma shines

3:39 PM

Nifty Heatmap :: Pharma, steel stocks, Adani Ent settle as top gainers

3:38 PM

CLOSING BELL :: Nifty gives up 19,800 at close

3:37 PM

CLOSING BELL :: Sensex ends lower for 2nd day

3:28 PM

ALERT :: SC hears Adani-Hindenburg case

Petitioner says

>> Sebi had info since 2014; actions doubtful

>> In 2014, DRI estimated over invoicing of equipment worth Rs 6,700 crore

>> Sebi links ignorance of this letter to then Sebi chairman

3:21 PM

ALERT :: SC hears Adani-Hindenburg case

>> Sebi says it is not seeking extension of time

>> Investigation in 22 of 24 cases complete

>> For the remaining, need information from foreign regulators; not in control of the timeline

>> Have started concluding investigation in 22 cases

3:13 PM

Credit card spending in India rises to Rs 1.78 trn in Oct, sets record

The credit card industry is likely to see loan growth moderating after the Reserve Bank of India (RBI) last week asked commercial banks and non-banking financial companies to increase the risk weight for unsecured lending. READ MORE

3:03 PM

ALERT:: Greaves Cotton arm unveils Biofuel Gensets; stock up 1%

Greaves Engineering, the engineering division of Greaves Cotton Limited (GCL), unveiled Biofuel Gensets at the 14th Agrovision India 2023 Agri Summit, held in Nagpur between November 24 and 27, 2023, the company said in an exchange filing.

2:49 PM

ALERT:: European markets marginally in red day after ECB minutes

Source: Yahoo Finance

2:35 PM

ALERT:: Bondada Engineering wins Rs 20 cr order; stock down 1%

Bondada Engineering in an exchange filing said it won Rs 20.18 crore order for supply of 100 Qty of 40 mtr ground based towers 200 KMPH to Gujarat and 100 Qty to Maharashtra. 

 

The stock trades under the SME segment.