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Nifty above 19,800 level, Adani Enterprises spurts over 10%

Published on Nov 28, 2023 13:33

The frontline indices traded sideways in afternoon trade. The Nifty traded above the 19,800 level. Oil & gas, metal and PSU bank shares advanced while IT, healthcare and pharma stocks declined.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 21.34 points or 0.03% to 65,948.70. The Nifty 50 index added 27.75 points or 0.14% to 19,822.45.

In the broader market, the S&P BSE Mid-Cap index and S&P BSE Small-Cap index gained to 0.14%.

The market breadth was positive. On the BSE, 1,959 shares rose and 1,779 shares fell. A total of 168 shares were unchanged.

Gainers & Losers:

Adani Enterprises (up 10.32%), Adani Ports and Special Economic Zone (up 5.84%), Tata Motors (up 3.14%), Bharat Petroleum Corporation (BPCL) (up 2.59%) and UltraTech Cement (up 1.90%) were major Nifty gainers.

Eicher Motors (down 1.09%), SBI Life Insurance Company (down 0.94%), Apollo Hospitals Enterprise (down 0.88%), LTIMindtree (down 0.82%) and ICICI Bank (down 0.71%) were major Nifty losers.

Stocks in Spotlight:

Maruti Suzuki India added 0.11%. The company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market.

Newgen Software Technologies hit an upper circuit of 5% after the company announced that its board has approved to issue 1 bonus equity shares for each share held. The company has set record date as on Friday, 12 January 2024.

Netweb Technologies India jumped 8.47% after announcing collaboration with NVIDIA to advance AI and high-performance computing capabilities.

Vascon Engineers rallied 3.73%. The company announced that its board will meet on Thursday, 30 November 2023 to consider fund raising by issuing equity shares or any other eligible securities.

Global Markets:

Markets in Europe declined while Asian stocks traded mixed on Tuesday, as investors remained convinced the US Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.

Investors will focus this week on the Fed`s preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on the where inflation is headed. Fed Chair Jerome Powell is due to speak on Friday. His words will be scrutinized by traders to gauge where rates may head.

European Central Bank President Christine Lagarde said on Monday the central bank`s fight to contain price growth is not yet done, citing a still strong wage growth and an uncertain outlook even as inflation pressures in euro zone ease.

US stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked into high gear.

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