Indian benchmark indices snapped their six-day rally, with the Sensex slipping 277.93 points or down 0.33% to close at 84,673.02, and the Nifty declining 103.40 points or 0.40% to end at 25,910.05.
US Market Wrap
Share prices of many tech companies have already taken a huge hit following Nvidia's $5 trillion landmark. This trend continued, with tech companies seeing their longest slide since August ahead of Nvidia's earnings.
The S&P 500 lost almost 1%, falling for a fourth straight day. In the run-up to Nvidia Corp.’s results, the shares sank 2.8%, reports Bloomberg.
Asian Market Update
Asian equities swung between small gains and losses as investors weighed the fallout from the selloff in global stocks, with traders watching whether regional markets can stabilize after Wall Street’s sharp losses.
MSCI’s stocks gauge for Asia Pacific fell around 0.1% after the index had its biggest drop since early April, reports Bloomberg.
Commodity Check
Oil prices steadied as traders weighed a report showing rising US stockpiles against concerns about the fallout from sanctions on Russia.
West Texas Intermediate traded below $61 a barrel, after gaining more than 1% on Tuesday, when Brent closed near $65, according to Bloomberg.
Gold prices, meanwhile, steadied as investors weighed a decline in global equities, unease over lofty tech valuations and fading expectations of an interest-rate cut in the US.
Bullion was trading around $4,070 an ounce, having ended the previous session up 0.6%.
Key Events To Watch
Prime Minister Narendra Modi will visit Andhra Pradesh and Tamil Nadu to inaugurate South India Natural Farming Summit in Coimbatore and release 21st PM-KISAN instalment of 180 billion rupees for 90 million farmers.
Stocks In News
TCS: The company is selected by the NHS Supply Chain to provide IT solutions for 5 years, including maintenance of core business systems.
Skipper: The company re-designates Jalaj Kumar Malpani as Chief Operating Officer.
Goel Construction: The company receives a Rs. 173 crore order from Aditya Birla Group for civil works at the Pali cement unit.
Nucleus Software Exports: The company reappoints Parag Bhise as CEO & Whole-Time Director for another 2 years.
CAMS: The company fixes December 5 as the record date for a 1:5 stock split.
Oriental Rail Infrastructure: The company wins a Rs 3.7 crore order from Eastern Railway to supply 4,172 knuckles for freight stock wagons.
Jindal Stainless: The company outlines a three-pronged investment plan of nearly Rs 5,700 crore and targets a dividend payout of up to 20% of PAT on a progressive basis.
Paisalo Digital: The company will meet on November 21 to consider raising funds through NCDs.
STL Networks: The company approves raising up to Rs 300 crore via NCDs on a private placement basis.
HUL: The company appoints Bobby Parikh as Independent Director effective December 1 for five years & company’s demerger of its ice-cream business into Kwality Wall’s India becomes effective December 1; record date for 1:1 share issue is December 5.
Azad Engineering: The company signs an agreement with Canada-based Pratt & Whitney to manufacture aircraft engine components.
Oil India: The company expects oil production to remain steady at 3.5–3.6 MMT for FY25–26 and plans to operationalize raw material and finished product pipeline extensions on schedule, while NRL ramps capacity from 3 MMT to 9 MMT in phases.
MGL: The company appoints Ajay Sinha as Whole-Time Director, designated as Deputy Managing Director.
Vedanta: The company incorporates its new arm, Vedanta Finance IFSC, in Gujarat.
NSDL: The company receives a warning letter from SEBI for non-compliance with disclosure norms.
GR Infraprojects: The company secures a Rs. 262 crore construction tender in the Vadodara division from Western Railways and wins a tender for gauge conversion of a 38.9 km track along with associated works.
Sula Vineyards: The company receives a Rs 21.5 crore demand order from the Nashik tax authority due to unverified exporter shipping bills on the ICEGATE portal.
CG Power & Industrial Solutions: The company receives a Rs 33 crore assessment order from the Income Tax Department for AY 2021–22 and plans to file an appeal against the disallowances and additions.
Emmvee Photovoltaic Power: The company signs an agreement to grant an unsecured loan of Rs. 1,900 cr to its arm Emmvee Energy for general corporate purposes.
Platinum Industries: The company highlights collaborations with major raw-material suppliers and global innovators, and showcases its portfolio at international exhibitions to expand market reach.
Adani Energy: The company receives a Letter of Intent from PFC Consulting for a transmission system project in Gujarat.
Inox Green: The company clarifies that the CERC order revoking grid access for a 300 MW wind project has no material business impact.
Ventive Hospitality: The company invests Rs 110.5 crore in Soham Leisure Ventures through optionally convertible debentures.
Authum Investment: The company receives shareholder approval to issue up to 2.45 cr NCRPS worth Rs. 2,450 cr to Mentor Capital.
Infosys: The company’s share buyback opens on Nov 20 and closes on Nov 26, Entitlement factor is 18.1% for small shareholders and 2.4% for the general category.
Aditya Birla Capital: The company raises Rs. 175 cr via NCDs on a private placement basis.
KEC International: The company has been excluded from participating in Power Grid tenders for 9 months, with no impact on existing Power Grid projects or its overall operations.
Waaree Energies: The Income Tax Department conducted visits to the company’s offices and facilities for investigation, and the company is fully cooperating.
NTPC Green: The company’s arm has declared commercial operations of 75.5 MW out of its 1,255 MW solar PV project at Khavda, Gujarat, taking total installed capacity to 7,639.075 MW.
IPO Listing
Tenneco Clean Air India: The company's shares will debut on the stock exchange on Wednesday. The issue price is Rs 397 apiece. The public issue was subscribed to 58.83 times on day 3 . The bids were led by Qualified institutional investors (166.42 times), non-institutional investors (40.74 times), retail investors (5.11 times).
New IPO Offering
Excelsoft Technologies: The IPO with a size of Rs 500 crore (OFS: Rs 320 crore and fresh issue of Rs 180 crore) will open today. The price band is Rs 114 to Rs 120 per share. The company operates in global vertical SaaS space specializing in the learning and assessment market.
Bulk & Block Deals
BlackBuck: Discovery Global Opportunity Mauritius bought 13 lakh shares (0.73%), Bandhan MF bought 3.96 lakh shares (0.22%), TIMF Holdings bought 3.69 lakh shares (0.21%) while Promoter Rajesh Kumar Naidu Yabaji sold 20 lakh shares (1.13%), Promoter Chanakya Hridaya sold 8 lakh shares (0.45%), Promoter Ramasubramanian Balasubramaniam sold 8 lakh shares (0.45%) at Rs 676.4 apiece.
Akzo Nobel India: Hdfc Mutual Fund bought 3 lakh shares (0.65%) at Rs 3320 apiece, while WF Asian Smaller Companies Fund Ltd sold 5.28 lakh shares (1.16%) at Rs 3320 apiece.
Kaynes Technology Ind: Motilal Oswal Mutual Fund sold 3.52 lakh shares (0.6%) at Rs 5960.05 apiece.
One 97 Communications: Saif Iii Mauritius Company Limited sold 83.7 lakh shares (1.31%) at Rs 1305 apiece, Saif Partners India Iv Limited sold 35.53 lakh shares (0.56%) at Rs 1305 apiece, Societe Generale bought 32.44 lakh shares (0.51%) at Rs 1305 apiece
Emcure Pharmaceuticals: BC INVESTMENTS IV sold 46 lakh shares (2.42%) at Rs 1326 apiece.
Mphasis: BCP Topco Ix Pte. sold 1.8 crore shares (9.54%) at Rs 2625.59 apiece while ICICI Prudential Mutual Fund bought 16.63 lakh shares (0.88%) at Rs 2625 apiece, HDFC MF bought 12.57 lakh shares (0.66%) at Rs 2625 apiece, Kotak Mahindra MF bought 11.77 lakh shares (0.62%) at Rs 2625 apiece, ICICI Prudential MF bought 19.96 lakh shares (1.04%) at Rs 2625 apiece.
Trading Tweaks
List of securities shortlisted in Short - Term ASM Framework Stage : GE Power India.
Price Band change from 20% to 10%: Groww.
Stocks going ex-dividend: Banco Products (Interim Dividend - Rs 7), CARE Ratings (Interim Dividend - Rs 8), NBCC (Interim Dividend - Re 0.21) and Shipping Corporation Of India (Interim Dividend - Rs 3).
F&O Cues
Nifty Nov futures is down 0.48% to 25,933.90 at a premium of 23 points.
Nifty Nov futures open down by 2.49%
Nifty Options 25th Nov Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 26,000.
Securities in ban period: SAIL
Also Read: FPIs Invest Rs 7,833 Crore In India's Primary Market Amid IPO Frenzy: Equity Sell-Off Extends In Nov
Currency/Bond Check
Rupee closed 3 paise stronger at 88.61 against US Dollar.
The yield on the benchmark 10-year government bond was flat at 6.52%
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