Home » Market Spotlight » Share Market Update Today (24-Nov-2023): Sensex and nifty in a tug-of-war

Share Market Update Today (24-Nov-2023): Sensex and nifty in a tug-of-war

A rollercoaster day on Dalal Street today (24-Nov-2023). Read on to know how the day was!

market update today

The Sensex and Nifty had a seesaw day, playing a game of gains and losses, settling marginally lower for the second consecutive session. 

The Sensex slipped 47.77 points, a mere 0.07%, to close at 65,970.04, while the Nifty lost 7.30 points, or 0.04%, to rest at 19,794.70. The culprits? IT stocks, taking a plunge amidst a dearth of fresh buying triggers.

Market movers and shakers: IT blues and Bank bonanzas

The IT stocks took a nosedive, possibly feeling the weight of a lacklustre environment devoid of exciting buying prospects. On the flip side, banking soared, led by Axis Bank, HDFC Bank, and ICICI Bank decided to steal the spotlight.

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Impact on the stock market

Sectorial performance

Information Technology-1.07%
Oil & Gas-0.21%
Real Estate-0.04%

Top gainers today

CompanyPriceChange (%age)
The New India Assurance Company Ltd.₹209.00+19.98%
General Insurance Corporation of India₹307.10+16.46%
Edelweiss Financial Services Ltd.₹70.95+12.89%
Supriya Lifescience Ltd.₹276.30+10.65%
Data Patterns (India) Ltd.₹1979.65+6.87%

Top losers today

CompanyPriceChange (%age)
Future Consumer Ltd.₹0.80-5.88%
Omaxe Ltd.₹80.85-4.77%
DSJ Keep Learning Ltd.₹5.10-4.67%
Future Lifestyle Fashions Ltd.₹3.10-4.62%
KPR Mill Ltd.₹854.20-3.80%

Stocks in the spotlight: 

Mamaearth’s parent company, Honasa Consumer Limited, saw its stock soar by 13.19% on the NSE, trading at ₹479.65. The brand’s integrated marketing campaign for winters featuring Shilpa Shetty Kundra seems to be doing wonders.

Record surge: LIC shares skyrocket by 10% on strong market confidence and strategic growth plans

LIC (Life Insurance Corporation) shares witnessed a stellar performance, soaring by an impressive 10% in a single day, marking its most significant gain since its listing.

This surge in stock value is attributed to the market’s positive response to LIC’s strategic plans to introduce 3-4 new products in the coming months to boost growth in its new business premium (NBP). 

The buoyant investor sentiment is evident in the stock’s robust trading activity, with shares reaching a two-month high at Rs 680 and surpassing its 50-day moving average. 

IPO insights: Gandhar oil refinery and Fedbank financial services take center stage

The IPO drama unfolded with Gandhar Oil Refinery (India) creating a blockbuster show, getting subscribed 41.38 times. Meanwhile, Fedbank Financial Services had its own spotlight moment, with a subscription rate of 1.92 times, leaving investors eagerly waiting for the closing act.

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Oil markets in flux: Brent crude gains ahead of OPEC+ decision

Crude oil futures are navigating volatility in the early stages of Asian trade, witnessing a 0.4% rise in Brent crude to $81.71. 

The market’s attention is keenly focused on the upcoming ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+), slated for November 30, where crucial decisions on potential production cuts are expected. 

With January Brent oil futures standing at $81.41 and January crude oil futures on WTI at $76.47, traders are closely monitoring the outcome of this meeting, anticipating its impact on global oil dynamics and prices.

Conclusion: Navigating the finance maze

In the midst of market fluctuations, IPO euphoria, and stock rollercoasters, the finance maze is a perplexing journey. While some stocks shine like stars, others find themselves in the shadows. 

Whether you’re cheering for IPO winners or decoding market mysteries, the finance fiesta continues, promising both thrills and spills on Dalal Street. 

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