Stock market ends flat; pharma gains, IT top drag


by mydhanush on 24 November 2023,  5 min read


IT stocks were among the biggest drags while buying was seen in pharma and metal names. The Midcap index ended flat while the Smallcap index ended with marginal gains.

Benchmark indices closed with minor losses on November 24 after a volatile day extending the losing run to the second day in a row. 

Sensex ended lower by 47.77 points or 0.07 percent at 65,970.04, and the Nifty slipped 7.30 points or 0.04 percent at 19,794.70. Market breadth favoured the losers. About 1,721 shares advanced, 1,849 shares declined, and 114 shares unchanged.

IT stocks were among the biggest drags while buying was seen in pharma and metal names. 

Among the pharma names, the top gainers included Granules India which jumped over 4 percent followed by Lupin, Gland Pharma and Cipla which added 2-3 percent each.

On the other hand, IT stocks remained under pressure with the top losers being Mphasis which shed over 2 percent followed by Wiro, TCS, HCL Tech and Tech Mahindra which shed over 1 percent each.

Top Nifty50 Gainers:                                       Top Nifty50 Losers:

Most Active Stocks on NSE in terms of Volumes:

Tata Technologies IPO:

The Tata Technologies IPO’s Rs 3,042.51-crore offer saw 69.24 times subscription at 3:54 PM with bids coming in for 311.8 crore equity shares against an issue size of 4.5 crore on November 24, the final day of bidding.

On Day 3, of the last day of bidding, qualified institutional buyers subscribed 203.41 times of the issue allocated to them while high net-worth individuals (non-institutional investors) booked 62.03 times of their allotted portions.

Retail portion was booked 16.19 times while the employee portion was subscribed to the tune of 3.59 times with the reserved portion booked to the tune of 28.90 times.

Asian Markets close mixed

Nikkei climbed as investors returned after a public holiday, gaining 0.52 percent to hit its highest level since July 3, while the Topix advanced 0.54 percent to end at 2,390.94. South Korea’s Kospi slipped 0.73 percent, finishing at 2,496.63 and snapping a four-day winning streak.

Hong Kong’s Hang Seng index plunged 1.93 percent in the final hour of trading.

European markets trade flat

Europe’s benchmark share index was flat on Friday even as eurozone bond yields remained higher, but was on course for weekly gains, while investors assessed data in Germany for clues about the country’s economic outlook.

The pan-European STOXX 600 was unchanged but on track for weekly gains of 0.6 percent, with investors focusing on corporate earnings and prospects of rate cuts.

The FTSE was trading lower by 0.2 percent at 7,468.69 while CAC added 0.13 percent at 7,287.22 while Germany DAX was up 0.1 percent at 16,011.52.

Brent steady ahead of OPEC+ oil production decision

Brent crude futures were steady on Friday as traders kept their powder dry ahead of an OPEC+ meeting that could bring agreement on further supply cuts.

Brent crude futures were down 8 cents, or 0.1 percent, at $81.34 a barrel. US West Texas Intermediate crude lost 70 cents, or 0.91 percent, from Wednesday’s close to $76.40.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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