'Market Update Nov 24, 2023: Indices stabilize, Nifty closes below 19,800.'

Updated - November 24, 2023 at 4:39 p.m.

Credit photo: Shapecharge Stock Market.

Market Stocks - Find here all updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for November 24, 2023.

The benchmark indices Sensex and Nifty closed with marginal losses for the second consecutive session on Friday as IT stock prices declined due to lack of fresh buying signals. The Sensex BSE fell 47.77 points or 0.07% to 65,970.04. The Nifty fell 7.30 points or 0.04% to 19,794.70.

The laggards among Sensex companies were HCL Tech, Wipro, Tata Consultancy Services, Tech Mahindra, Nestle, Tata Motors, Infosys, Bharati Airtel, UltraTech Cement and Tata Steel. On the other hand, Axis Bank, HDFC Bank, ICICI Bank, JSW Steel, Mahindra & Mahindra and Kotak Mahindra Bank were the major acquirers.

Indian Rupee'. 'hit a new all-time low amid weakness in regional currencies and demand for the dollar from foreign banks. The rupee ended trading at 83.3675 against the US dollar, down 0.03% from its close of 83.3425 in the previous session.

Fortis Malar Hospitals Limited has entered into a Business Transfer Agreement with MGM Healthcare Private Limited for sale of business operations pertaining to Fortis Malar Hospital located at Gandhi Nagar, Chennai, on a sale on reduction basis to the buyer for a total consideration of approximately 45,50,00,000 ₹.

The Board of Directors of Khadim India has approved the issue of up to 4,08,768 fully converted ordinary shares with an estimated value of Rs. 10 each at an exercise price of Rs. 365 each to one of the sponsors and certain unissued entity in the form of''surebreeze release.

Crompton Greaves Consumer Electricals Limited announced the launch of Surebreeze Starspin (launched in 1200mm brush size) in the electrical induction-sub-economy category.

Standard Capital Markets Limited said it has approved increase in authorized share capital by ₹100 crore to ₹150 crore in July; and approved issue of bonus equity shares of ordinary shares in the ratio of 2:1.

Sensex fell 47.77p to 65,970.04. The Nifty fell 0.04% to close below 19,800.

Zen Technologies has entered into a letter of intent with the Goa government to set up a new research and manufacturing facility.

IL&FS Engineering and Construction Company Limited initiated arbitration against Paschimanchal Vidyut Vitran Nigam Limited (PVVNL) to protect its contractual rights and obligations for rural electrification works in villages''Amroha and Bulandshahr in the state of Uttarapradesh.

Federal Financial Services IPO was subscribed at 1.92 times by 3:00 pm on November 24, 2023. Part Residential was subscribed at 2.85 times, NII 1.26 times, Retail 1.72 times and Employees 1.22 times. The issue closes today.

Gandhar Oil Refinery (India) IPO was subscribed at 41.38 times by 14:57 on November 24, 2023. The QIB portion was subscribed at 54.77 times, NII 58.23 times, retail 26.74 times. The issue closes today.

Mamaearth, from the house of Honasa Consumer Limited, has launched its latest integrated marketing campaign for winter, featuring actor and brand ambassador Shilpa Shetty Kundra and actress Ashaas Channa, who has signed a one-year contract with the brand to represent the face category.

Major acquirer: Cipla (2.37%);''Divi's Lab (2.18%); Adani Enterprises (1.35%); Hindalco (0.93%); JSW Steel (0.92%)

The major losers are Apollo Hospitals (-1.75%); Wipro (-1.65%); HCL Tech (-1.58%); TCS (-1.33%); Britannia (-1.33%).

The BSE as of 3:00 pm on November 24, 2023 advanced 1,796 shares against 1,848 declining shares; 144 shares were unchanged. 3,788 shares were made. The number of shares registering 52-week low was 267 and all that reached 52-week high was 22.

The IPO letter cabinet was subscribed 26.48 times by 2:48 p.m. on November 24, 2023. The QIB portion was subscribed 49.45 times, NII 30.02 times and retail 11.83 times. The issue closes today.

Tata Technologies IPO was subscribed 49.98 times by 14:45 on November 24, 2023.

Greaves Engineering, the engineering arm of Greaves Cotton Limited (GCL), has unveiled biofuel generators at the 14th Agrodelivery India in Nagpur from November 24 to 27, 2023. Greaves Cotton's share price managed to rise by 2.56% on the Wall Street Exchange as it now trades at Rs 136.15.

NSE Nifty is down 0.09% or 16.95 points to 19,785 while BSE Sensex shows 65,938, down 0.12% or 79.28 points at 2 pm on Friday. 3,750 stocks traded, 1,863 acted up, 1,744 declined and 143 remained unchanged.Two hundred and fifty-six stocks hit a 52-week high and 21 reached a 23-week low.

Ramkrishna Forgings Ltd. has taken steps to achieve carbon neutrality through investments in renewable energy. The company has partnered with Prozeal Green Energy Private''to attract more investments from global corporates and investors. Goldman Sachs in its report titled 'Asset Management Outlook for 2024: Embracing New Realities' said India has the advantage of sustained growth and strong demographics. ".. We expect more companies to become important manufacturing partners of global companies, expanding their supply chains in steel, textiles, chemicals, pharmaceuticals and automotive," the report said in a business exclusive.

Jay Bharat Maruti announced the foundation stone laying ceremony at the company's Kharkhoda plant located at Sonipat, Haryana.

India's markets continued to trade in the same area at lunchtime, with IT stocks''were declining after a recent upswing. At 12:10 pm, the NSE Nifty 50 gained a small 0.05% to 19812.10 points, while the S&P BSE Sensex rose marginally by 0.03% to 66,038.62. Despite this, both indices are poised for a fourth consecutive week of gains based mainly on expectations of stabilization in interest rates in the US and Europe.

Nifty Pharma posted notable gains, with the top sellers including Gland Pharma (5.32%), Lupin (2.83%), Glenmark (2.33%), Divi's Lab (2.18%) and Larus Labs (2.13%).

Numerous stocks passed their own 52-week high, including Onelife Capital Advisors (20%), The New India Assurance Company (17.25%), Compucom Software (14.98%), General Insurance Corporation of India (13.58%) and Honasa Consumer (12.57%).

There are 1,989 shares available with 1,522 shares resisting the offer, 161 shares remain unchanged among 3,672''total trades. There are 244 stocks that reached their 52-week record and 18 stocks that reached their 23-week low.

Bhageria Industries has established a subsidiary in Bahrain named Bhageria Industries Holding Company.

Federal Bank announced its partnership with Indraprastha Gas Limited (IGL) to ensure adoption of Digital Rupee, Digital Rupee, the Central Bank of India's Digital Currency (CDC) launched by the Central Bank of India 2022.

The bank sleeve is at ₹ 1,484.25 on the NSE, down 0.12%.

Ramkrishna Forgings has partnered with Prozeal Green Energy Private Limited (PROZEAL) to install 7.82 MW PV solar power plant at Unit 5 and Unit 6&7. The stock is trading at ₹756.80 on the NSE, down 0.54%.

Federal Financial Services IPO subscribed at 1.34 times till 12:57 pm on November 24, 2023. A portion of the QIB was subscribed at''up locked condition on Thursday. The stock is up 72% from its low after listing at ₹275.

The steel ministry plans to introduce 'Made in India' freezer across the globe by March 2024, almost a year after the original deadline. All integrated steel producers (isp) after initial reluctance are already on board with the project, based on a ministry document accessed by Commerce. Tests are due to start from November, pending the completion of which a recession is possible in the current quarter.

Bajaj Finserv Asset Management has announced the launch of Bajaj Finserv Balanced Advantage Fund (BAF), an open-ended dynamic asset allocation fund to attract investors seeking exposure to stocks and shares,''including derivatives and fixed income.