Stock Market Today: All You Need To Know Going Into Trade On Nov. 22

Asia markets declined as the rally in U.S. benchmarks stalled after Federal Reserve minutes reiterated the central bank’s cautious approach. Nvidia Corp. slipped in late trading after investors were underwhelmed by its latest quarterly update.

Australian stocks were little changes, whereas, South Korean and Japanese shares declined. Futures for equity indexes in Hong Kong pointed down, along with those for the U.S.. Asian artificial intelligence stocks may also slip after Nvidia failed to meet sky-high expectations.

U.S. benchmarks lost steam on Tuesday after the S&P 500’s $6 trillion rally on the back of the artificial intelligence boom, Corporate America’s resilience and bets the Fed will pivot to rate cuts next year. The gains left the index about 5% away from reclaiming its all-time high.

Meanwhile, the yield on the 10-year U.S. bond was trading at 4.39% and Bitcoin was below 36,000-level. Brent crude was above $82 a barrel, whereas WTI Crude was above $77-mark.

The GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India closed down on Tuesday by 22 points or 0.11% at 19,827.5.

India's benchmark stock indices advanced on Tuesday, snapping two days of decline as Reliance Industries and HDFC Bank led.

Intraday, the Nifty Midcap 150 and Smallcap 250 hit lifetime highs. Among sectoral indices, realty, metals, and consumer durables advanced the most, while fast-moving consumer goods and public sector banks faced pressure.

Overseas investors remained net sellers of Indian equities for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 455.6 crore, while domestic institutional investors continued to remain buyers and mopped up stocks worth Rs 721.5 crore, the NSE data showed.

The Indian rupee ended flat at around 83.35, which was the lowest-ever close against the U.S. dollar on Tuesday.

• Reliance Industries: Chairman and managing director Mukesh Ambani said the company plans to invest Rs 20,000 crore in West Bengal in the next three years.

• TCS: The U.S. Supreme Court rejected the company’s petition to appeal an earlier court verdict. The company will make a $125 million provision in its third-quarter earnings related to a case involving Epic Systems Corp.

• Maruti Suzuki India: The company will consider the allotment of 1.23 crore equity shares of the company to Suzuki Motor Corp. on a preferential basis on Nov. 24.

• SBI: The government named Vinay M. Tonse as Managing Director until Nov. 30, 2025.

• Jio Financial Services: The company denied news reports that it is planning its maiden bond issue. It has no plans to raise money by way of bond issuance or otherwise, and the news circulated is "speculative", it said.

• Adani Enterprises: Unit Adani Defence Systems and Technologies signed a shareholders' agreement and share subscription agreement with Israel-based Elbit Systems. Pursuant to this, ESL will be subscribing to a 44% stake in Atharva Advanced Systems and Technologies.

• KEC International: The company bagged multiple new orders worth Rs 1,005 crore.

• Lupin: The pharma major received tentative U.S. FDA approval for its Dapagliflozin tablets. Dapagliflozin is a generic of Farxiga tablets.

• Texmaco Rail & Engineering: The board approved the opening of QIP on Nov 21. The floor price of QIP is set at Rs 135.9 apiece. 

• Life Insurance Corp: The company's has increased shareholding in Bank of Baroda. The current stake stands at 5.031%.

• Bharti Airtel: The Department of Telecommunications, Madhya Pradesh, imposed a penalty of Rs 1.31 lakh for an alleged violation of subscriber verification norms. The company's OneWeb also received a regulatory nod to launch its commercial satellite broadband services in the country.

• BPCL: The board will meet on Nov. 29 to consider the proposal of declaring an interim dividend for FY24 and fixing the record date.

• Aurobindo Pharma: The company's chief operating officer, Sanjeev I. Dani, died on Nov. 21.

• AstraZeneca Pharma: The Central Drugs Standard Control Organisation gave permission to import pharmaceutical formulations of new drugs and permission for the additional indication of Olaparib film-coated tablets.

• JK Tyre: The tyre manufacturer appointed Dr. Jorg Nohl as an additional director in the category of independent director for a term of five consecutive years w.e.f. Nov. 21, 2023.

• NHPC: The company resumed head-race tunnel works at the Teesta-VI project in Sikkim.

• Wipro: The IT Major announced a collaboration with NVIDIA to help healthcare companies accelerate the adoption of generative artificial intelligence through AI-driven strategies, products, and services.

• Power Finance Corporation: PFC Consulting has incorporated a wholly owned subsidiary as Ramakanali B. Panagarh.

• Genus Power: The company incorporated two wholly owned step-down subsidiaries, namely “Himachal Pradesh C Zone Smart Metering Pvt.” and “Garhwal Smart Metering Pvt.” on Nov. 21, 2023.

• Sical Logistics: The company's arm, DSPL Mining, received an order worth Rs 135 crore from the Coal India unit.

• JK Paper: The company received an income tax and penalty demand worth Rs 65.6 crore for AY 2020–21.

• Titan: The Competition Commission of India approved the acquisition of an additional stake in CaratLane Trading by Titan.

• IndusInd Bank: The bank denied the news report 'Hindujas raise Rs 8,000 crore by pledging IndusInd stake' factually incorrect. Promoter entities’ current pledge of 6.87% of the paid-up share capital of the bank has remained unchanged.

• GMR Power and Urban Infra: The company acquired an additional 29.14% stake in subsidiary GMR Energy for $28.5 million. It raised the total stake in the subsidiary to 86.90%.

• Auto Ancillaries Stocks: India is closing in on an agreement with Tesla that would allow the U.S. automaker to ship its electric cars to the country starting next year and set up a factory within two years, according to Bloomberg.

• IREDA: The IPO was subscribed 1.96 times on day one. The bids were led by non-institutional investors (2.73 times), portion reserved for employees (2.11 times), retail investors (1.97 times), and institutional investors (1.34 times).

• Tata Technologies: The IPO will open for bids on Wednesday. It will comprise a fresh issue of Rs 3,042 crore and an offer for sale of 6.08 crore shares. The price band is fixed at Rs 475–500 apiece. The company has raised Rs 791 crore from anchor investors.

• Gandhar Oil Refinery: The IPO will open for bids on Wednesday. It will comprise a fresh issue worth Rs 302 crore and an offer for the sale of 1.18 crore shares, worth up to Rs 198.69 crore. The price band is fixed at Rs 160–169 per share. The company has raised Rs 150.2 crore from anchor investors.

• Fedbank Financials: The IPO will open for bids on Wednesday. The offer has a fresh issue of Rs 600 crore, and the rest of it is an offer for sale. The price band is fixed at Rs 133–140 apiece. The company has raised Rs 330 crore from anchor investors.

• Flair Writing Industries: The IPO will open for bids on Wednesday. The price band is fixed at Rs 288–304 apiece. It will comprise a fresh issue of Rs 292 crore and an offer for sale of Rs 301 crore. The company has raised Rs 178 crore from anchor investors.

• Cressanda Solutions: Satyanarayan Jagannath Kabra bought 21.5 lakh shares (0.5%) at Rs 24 apiece. 

• Fiem Industries: Divya Mahesh Vaghela bought 75,489 shares (0.57%) at Rs 2012.79 apiece. 

• Linc: Promoter Ekta Jalan bought 5,000 shares on Nov. 20. 

• Paisalo Digital: Promoter Equilibrated Venture Cflow bought 60,000 shares on Nov. 21. 

• TVS Motor: To meet analysts and investors on Nov. 24. 

• Advanced Enzyme Technologies: To meet analysts and investors on Nov. 24. 

• Dodla Dairy: To meet analysts and investors on Nov. 24. 

• RR Kabel: To meet analysts and investors on Nov. 24. 

• Jammu and Kashmir Bank: To meet analysts and investors on Nov. 28. 

• Ashok Leyland: To meet analysts and investors on Nov. 24. 

• Antony Waste Handling Cell: To meet analysts and investors on Nov. 24. 

• Apcotex: To meet analysts and investors on Nov. 24 and Dec. 4. 

• Bosch: To meet analysts and investors on Nov. 27. 

• Rolex Rings: To meet analysts and investors on Nov. 23. 

• VA Tech Wabag: To meet analysts and investors on Nov. 28. 

• Minda Corporation: To meet analysts and investors on Nov. 24. 

• Shriram Finance: To meet analysts and investors on Nov. 24. 

• Piramal Pharma: To meet analysts and investors on Dec. 5. 

• Sapphire Foods: To meet analysts and investors on Nov. 24. 

• Ex/record date interim dividend: Crisil, Ingersoll-Rand, IPCA Laboratories, National Aluminium, Oil India, Pearl Global Industries, and T D Power Systems. 

• Move into short-term ASM framework: Manoj Vaibhav Gems N Jewellers, Tata Investment Corp, Techno Electric & Engineering Co.

• Move Out of short-term ASM framework: Orient Green Power

• Nifty November futures rose 0.45% to 19,841.30 at a premium of 57.9 points. 

• Nifty November futures open interest rose by 0.62% to 1260 shares. 

• Nifty Bank November futures rose 0.11% to 43791.85 at a premium of 102.7 points. 

• Nifty Bank November futures open interest fell by 8.85% to 12826 shares. 

• Nifty Options Nov 23 Expiry: Maximum call open interest at 19,800 and maximum put open interest at 19,700. 

• Bank Nifty Options Nov 22 Expiry: Maximum Call Open Interest at 45000 and Maximum put open interest at 43500. 

• Securities in the ban period: Bharat Heavy Electricals, Chambal Fertilizers, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, India Cement, Manappuram Finance, MCX, NMDC, RBL Bank, and Zee Entertainment. 

The Indian rupee ended flat at around 83.35, which was the lowest-ever close against the U.S. dollar on Tuesday.

Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.