Today’s Stock Market Round-Up for 16th November 2023
16 November 2023, 3 min read
Nifty IT jumped 2.5 percent while buying was also seen in auto, pharma and the media sectors. The FMCG space however witnessed some selling pressure.
The Indian stock market witnessed a volatile trading day on November 16. In the first hour of trade, Nifty traded in the red but gradually rose, rising as much as 200 points since the opening levels.
At close, Nifty was up 89 points at 19,765 level while Sensex added 306 points and ended the session at 65,982 mark.
Among the sectors, Nifty IT jumped 2.5 percent led by gains from Coforge and Mhasis which jumped 4-6 percent each followed by Tech Mahindra, HCL Tech, TCS, Infosys and LT Mindtree which gained over 2 percent each.
TCS stock price was in focus after India’s biggest IT services player set November 25 as the record date for its Rs 17,000-crore share buyback plan to determine the eligibility of shareholders who can participate in the process.
In a regulatory filing, Tata Consultancy Services said, “The company has fixed Saturday, November 25, 2023, as the Record Date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback”.
The IT player will buy back up to 40.96 million fully paid-up equity shares with a face value of Rs 1 each at Rs 4,150 a share for a total amount not exceeding Rs 17,000 crore. The buyback plan was announced on October 11.
Meanwhile, buying was also seen in auto, pharma and the media sectors.
However, some selling was seen in the FMCG space, the top losers being Tata Consumer Products, Godrej Consumer Products, ITC and Marico which were down 0.5-1 percent each.
Top Nifty50 Gainers: Top Nifty50 Losers:
Most Active Stocks on NSE in terms of Volumes:
Asian markets end mixed:
Hang Seng – down 1.35%
Nikkei – down 0.29%
Kospi – up 0.06%
Shanghai Composite – down 0.72%
India’s GDP to grow 6.7% during 2024-2026, growth prospects remain strong: S&P
India’s economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, said S&P Global Ratings on November 16, 2023.
In a report titled ‘Global Banks Country-By-Country Outlook 2024’, S&P said the banking sector’s weak loans will decline to 3-3.5 percent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices.
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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