In a listless trading session, Nifty traded in a narrow channel to form a red candle with minor upper and lower shadows on the daily chart. The near-term uptrend status of Nifty remains intact. A sustainable up move above 19900 could pull Nifty towards all-time highs and a decisive move below 19600 is likely to open a near-term downward correction for the market, said Nagaraj Shetti of HDFC Securities. The market would remain shut on account of Gurunanak Jayanti on Monday and trading would resume on Tuesday.
US stock indexes were muted in Friday’s shortened trading session for Thanksgiving, while investors focused on retailers as Black Friday sales kicked off amid signs of slowing economic conditions. The Dow Jones Industrial Average rose 26.87 points, or 0.08%, at the open to 35,299.90. The S&P 500 opened lower by 0.78 points, or 0.02%, at 4,555.84, while the Nasdaq Composite dropped 27.82 points, or 0.20%, to 14,238.04 at the opening bell.
Leading exchanges BSE and NSE have imposed a fine of Rs 5,42,800 each on state-owned Power Grid Corporation for not having the required number of independent directors, including one woman. The NSE and BSE have imposed a fine of Rs 5,42,800 for non-compliance, Power Grid Corporation said in a regulatory filing said. It informed that the company has received notices from NSE and BSE on November 21, 2023, regarding non-compliance with the provision of Regulation 17(1) of the Sebi (LODR) for not having a requisite number of independent directors (including one woman independent director) on the Board during the quarter ended September 30, 2023.
Warren Buffet’s Berkshire Hathaway sold its entire stake in Fintech major Paytm through open market for about Rs 1,370 cr. The transaction was done at Rs Rs 877.2 apiece.
The rupee ended at a record closing low on Friday, weighed down by weakness in its Asian peers and dollar demand from foreign banks. It ended at 83.3675 against the US dollar, lower by 0.03% compared with its close at 83.3425 in the previous session. The rupee hovered in a narrow range of 83.3450 to 83.38 during the day’s session and fell 0.1% this week. The dollar index last quoted steady at 103.7 but appeared on course for its second consecutive weekly loss.
Going beyond expectations, the Rs 3,000-crore initial public offer (IPO) of Tata Technologies received bids worth over Rs 1 lakh crore. The robust demand was led by institutional investors who made bids worth Rs 66,000 crore. The shares of Tata Technologies are in high demand in the unlisted market, commanding a premium of over 80% as compared to the IPO price.
Shares of Life Insurance Corporation (LIC) jumped 10% today to record best single-day gain since listing. Investors appear to be buoyed by the company’s plans to launch 3-4 new products over the coming months to push growth in its new business premium (NBP). Trading at 20 times its 20-day average trading volume, LIC shares hit two-month high at Rs 680 and surpassed above its 50 and 100-DMA levels.
Sensex ended choppy session 48 pts lower. The 30-share BSE benchmark Sensex declined 5 points to settle at 66,017. The broader NSE Nifty dropped 10 points or 0.05% to end at 19,802.
