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What happened on Dalal Street today (22nd Nov 2023)?

The stock market showcased its twists and turns on November 22, 2023. Let's dive into the whirlwind of financial events that shaped the day.

Market Update Today (22-Nov-2023)

As the closing bell rang, the Indian markets ended the day marginally higher, with Sensex up 92.47 points or 0.14% at 66,023.24 and Nifty was up 28.40 points or 0.14% at 19,811.80. A volatile session indeed!

Sectoral performance

Information Technology+ 0.4%
Healthcare+ 0.5%
Oil & Gas+ 0.39%
Real Estate– 0.79%
Banks– 0.77%

Top gainers today

CompanyPriceChange (%age)
Tube Investments of India Ltd.₹534.25+16.72%
Vardhman Textiles Ltd.₹419.00+9.06%
Euro Panel Products Ltd.₹180.45+7.09%
The New India Assurance Company Ltd.₹176.45+7.00%
Carborundum Universal Ltd.₹1170.05+6.89%

Top losers today

CompanyPriceChange (%age)
Motilal Oswal Financial Services Ltd.₹1124.80-6.25%
Jindal Saw Ltd.₹455.45-5.21%
Sonata Software Ltd.₹1302.30-4.84%
Future Lifestyle Fashions Ltd.₹3.30-4.35%
Solar Industries India Ltd.₹6649.25-4.25%

TCS triumphs in Spain

In the global arena, Tata Consultancy Services (TCS) emerged victorious, securing the second position for customer satisfaction in Spain. TCS stock celebrated the triumph with a 0.58% gain, reaching Rs 3,530.50 on the NSE.

You may also like: Major IT players buy back their stocks

Stocks in the spotlight: 

  • Infosys’ Strategic move: Infosys announced a strategic long-term collaboration with TK Elevator, propelling its stock up by 1.22% to ₹1,457 on BSE.
  • Sandu Pharmaceuticals’ Shuffle: Sandu Pharmaceuticals witnessed a change in leadership as Rakesh Parekh tendered his resignation from the post of Chief Financial Officer. The stock, however, embraced the news, rising by 5% on the BSE, trading at ₹70.35.
  • Techno Electric & Engineering’s Data: Techno Electric & Engineering Company and Keppel Data Centres joined forces for a joint data centre campus development, causing a modest uptick of 0.27% in Techno stock.
  • Datamatics Global Services: Recognized in Forbes Asia’s 200 Best Under a Billion Companies 2023 list but faced a 1.99% fall on the NSE.
  • Bondada Engineering Ltd: Received work orders from Bharti Airtel, yet witnessed a 4.99% decline on the NSE, trading at ₹427.30.

Flair Writing IPO

Flair Writing Industries marked a triumphant IPO debut, garnering overwhelming investor interest on its first day, starting November 22. 

The subscription status at 3:35 pm revealed an impressive 1.61 times oversubscription, with bids reaching 2.32 crore equity shares against the available 1.44 crore shares. Noteworthy subscription figures included the retail category at 2.18 times, QIB at 0.52 times, and NII at 1.75 times. 

The Grey Market Premium (GMP) stood at ₹60 per share, reflecting a 19.74% premium over the ₹304 issue price. If this momentum holds, Flair Writing shares are poised for an exciting listing at an estimated ₹364 each. 

The IPO, open until November 24, aims to raise ₹593.00 crore, with the listing anticipated on December 5 on the BSE and NSE. With a lot size of 49 shares and a minimum investment of ₹14,896 for retail investors.

Also Read: What is the grey market? How is it relevant?

Rupee’s tumble and forex follies

The Indian rupee took a modest tumble, dropping by 3 paise to close at 83.31 against the US dollar. This came as no surprise, given the strong American currency overseas and a muted trend in domestic equities. 

However, a correction in oil prices provided a silver lining, offering some support to the faltering rupee.

Parting thoughts: Market drama unfolds

As the market navigates its emotional rollercoaster, investors brace themselves for more twists and turns. Will the IPOs steal the show?

Can the Nifty sustain its positive momentum? Stay tuned, fellow investors, as the market drama unfolds, promising a mix of excitement, surprises, and perhaps a dash of wittiness.

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