RIL, banks, IT stocks drag Sensex 188 pts down, Nifty below 19,750

Closing Bell on November 17, 2023: The broader markets, on the other hand, notched gains with the BSE MidCap and SmallCap indices rising 0.27 per cent and 0.36 per cent, respectively

4:06 PM

Tech View :: Key levels to watch on Nifty50

The Nifty has largely traded within a range, showing a predominantly bullish sentiment. Over the past two to three days, a 'buy on dips' approach has been loved by the Street since the Nifty crossed the crucial 19,500 mark.

The trend is expected to stay positive as the Nifty consistently concludes trading sessions above the critical moving averages. Support levels are situated at 19,630/19,500 on the lower end, while resistance is placed at 19,850/ 20,000 on the higher end.

Views by: Rupak De, Senior Technical analyst at LKP Securities.

 

3:48 PM

Comment :: 'Drop in oil prices, US yields to support sentiment'

The RBI's action to raise risk weights for unsecured loans dampened banking stocks and caused a temporary disruption in the broader indices' resurgence. Despite this, a positive undercurrent prevails, buoyed by the conclusion of a robust earnings season.

Investors are awaiting eurozone inflation data later today, which is expected to show a softening trend. Sharp drop in oil prices, and the moderation of US yield will help the market to sustain buoyancy in the short-term.

Views by: Vinod Nair, Head of Research at Geojit Financial Services 

3:45 PM

Currency check :: Rupee ends 3 paise weaker

3:44 PM

SmallCap Heatmap :: Index ends 0.36% higher; check top gainers and losers of the day

3:41 PM

MidCap Heatmap :: Index ends 0.27% higher; check top gainers and losers of the day

3:40 PM

Sectoral trends :: PSBs suffer the most as RBI reveals new diktat on unsecured loans

3:38 PM

Sensex Heatmap :: Bank stocks end as top laggards, consumer stocks rally

3:37 PM

CLOSING BELL :: Nifty holds 19,700

3:36 PM

CLOSING BELL :: Sensex sinks 188 pts amid a drop in bank stocks

3:25 PM

Global check:: US stock futures marginally up; UK rally up to 1%

Source: Investing.com

3:15 PM

ALERT:: Lupin gets US FDA nod for Ganirelix Acetate Injection; stock flat

Lupin today in an exchange filing announced that it has received approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application for Ganirelix Acetate Injection, 250 mcg/0.5 mL Single-Dose Prefilled Syringe, to market a generic equivalent to the reference listed drug (RLD), of Ganirelix Acetate Injection, 250 mcg/0.5 mL of Organon USA LLC.

 

Ganirelix Acetate Injection had estimated annual sales of $84 million in the US (IQVIA MAT September 2023), the release added.

3:07 PM

Rail stocks in demand: Titagarh, IRCON, RailTel, RVNL rally up to 19%

The Indian Rail Freight Industry is experiencing significant growth and improvements, with ambitious plans and increased investment aimed at enhancing capacity, efficiency, and sustainability. READ MORE

2:59 PM

India's FY24 power demand to rise 7% amid strong industrial activity: Fitch

Amid robust industrial activity in the country, India's power demand is expected to rise around 7 per cent in 2023-24 (FY24), Fitch Ratings said on Friday in its "India Power Monitor – 1HFY24". In the first half of the year, the power demand grew by 7.1 per cent. However, FY24 demand will be lower than the 9.5 per cent recorded in FY23. READ MORE

2:50 PM

ALERT:: Brigade to develop 2 mn sq. ft. of residential housing space in Bengaluru; stock up 3%

Real estate developer Brigade Enterprises plans to develop 2 million sq. ft. of residential housing spread over 14 acres in Yelahanka, Bengaluru, at a gross development value estimated at Rs 2,100 crore. The company said it has signed a joint development agreement (JDA) with Krishna Priya Estates and Micro Labs for the work. READ MORE

2:37 PM

SBI to soon launch Yono Global app in Singapore and US, says official

State Bank of India (SBI) will soon launch its banking mobile app Yono Global' in Singapore and the US, offering digitalized remittance and other services to its customers, Vidya Krishnan, Deputy MD (IT), said. READ MORE

2:26 PM

Market check:: Rail related - Titagarh, Railtel, ICRON among top smallcap gainers

2:14 PM

Banks to revalue McLeod Russel's gardens amidst falling tea price

Promoters of country's largest bulk tea producer had made OTS offer of Rs 1,030 cr to lenders last year against entire outstanding loan and interest. However, tea market has deteriorated since then. READ MORE

2:03 PM

COMMENT:: Increase in risk weight for unsecured loans a welcome step for macro financial stability

"The immediate impact of the RBI action to increase the risk weight on certain categories of unsecured loans, loans to NBFCs and credit card loans is that this will increase the capital requirements of banks, which, in turn, will increase their cost of capital. Since the credit demand in segments like unsecured retail loans is robust, banks can easily pass on the increased cost to borrowers. So, there will be a marginal increase in the cost of credit to borrowers. The impact on banks' profitability will be negligible. From the perspective of macro financial stability this is a welcome decision."

 

- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

1:53 PM

ALERT:: Indian Hotels incorporates new step-down arm; stock down 0.5%

Indian Hotels in an exchange filing said its Wholly-owned subsidiary of 'Taj Sats Air Catering Limited' has incorporated a new arm 'Nekta Food Solutions Limited’, thus making the latter a step-down subsidiary of the company.

1:43 PM

In rare move, US revokes sanctions on China lab after Xi's fentanyl deal

The US has taken China's Institute of Forensic Science off the Commerce Department's entity list, paving for the fentanyl deal with Xi in a bid to deal with drug overdose crisis in the US. READ MORE

1:30 PM

UCO Bank recovers Rs 649 crore of Rs 820 crore-wrong credits; stock down 2%

The erroneous transfers happened due to internal IMPS glitch and the bank is working on recovering the balance amount, it said.

1:14 PM

Vodafone Idea up 3% on lowest ever monthly subscriber loss in Aug

The telecom operator in August logged lowest monthly user loss so far at 49,782, according to data from Trai.

1:01 PM

JSW Infra soars 8% on Rs 4,119-cr project win from Karnataka government

The stock of India’s second largest commercial port company, and part of JSW Group was trading at its highest level since its market debut on October 3. Currently, JSW Infra was quoting 85 per cent higher against its issue price of Rs 119 per share. A combined 12.6 million equity shares had changed hands on the NSE and BSE till 12:03 PM. Read

12:44 PM

DRI seeks to restart Adani coal imports probe on alleged overvaluation

Indian investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show. Read

12:30 PM

Amid muted earnings, Infosys to hand out 80% variable pay for Q2FY24

IT major Infosys is going to award quarterly performance bonuses to its employees for the July-September period at an average of 80 per cent this month, The Economic Times (ET) has reported.
 

The variable pay applies to employees working at position level 6 (PL6-manager) and below band. In other words, employees below the manager category, barring those working at the entry-level, will receive variable pay, the ET report said. Read

12:15 PM

Axis Bank, Bajaj Fin can dip up to 7%; GIC Hsg likely to gain, show charts

The Reserve Bank of India (RBI) on Thursday, November 16, mandated banks and non-banking financial companies (NBFCs) to increase the risk weighting on unsecured loans like personal loans and those on the credit card from 100 per cent to 125 per cent. Read

12:01 PM

Mark Mobius joins hedge fund elite planning Dubai investing venture

Dubai, where Mobius has lived for the past three years, has emerged as a favored destination for investment banks, asset managers and hedge fund traders, who are drawn by its ease of doing business, tax-free status and allure as a global travel hub. It’s also a more friendly time zone for portfolio managers who have global investments spanning North America to Asia. READ MORE

11:44 AM

Bumper listing: Stock of this SME debutant doubles against its issue price

The company has a class A foundry and manufactures products such as MG coupler components, CI brake blocks, adapter for WDG4 loco, bearing housing for electrical loco, corner casting for containers motor hub traction motors etc. READ MORE

11:27 AM

Indian equity markets gain significant heft in emerging market basket

“The increase in weighting over the years is owing to several factors. On the quantitative front, a growing number of Indian companies with large free-float market capitalisation have been added to the index. In qualitative terms, India offers far better diversification across industries compared to, say, Taiwan, where there is a high concentration in just the semiconductor sector. READ MORE

11:13 AM

ALERT :: Affle (India) files 5 new patents in India; stock up 0.8%

>> These are out of the set of patents that the company is working upon to further expand its tech IP assets.

>> These newly filed 5 patents in India will power innovations in the domain of Artificial Intelligence and Automation.