GIFT Nifty ended up by 90.50 points or 0.39% at 23,457.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Here are the top stocks to watch on Friday November 22, 2024.
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
GIFT Nifty ended up by 90.50 points or 0.39% at 23,457.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday the NSE Nifty 50 ended down by 168.60. points or 0.72% to settle at 23,349.90 while the BSE Sensex plunge 422.60 points or 0.54% to 77,155.79.
“Markets edged lower and lost over half a percent, in continuation to the prevailing downtrend. The tone was negative from the beginning however buying in select heavyweights from IT and banking space capped the decline as the day progressed. Consequently, the Nifty index hovered in a range for most of the session and settled at 23,349.90 level. On the sectoral front, realty and IT performed well while energy, metal and FMCG closed in the red,” said Ajit Mishra – SVP, Research, Religare Broking.
Mishra also added that the Markets have been gradually trending lower, though the pace of decline has moderated due to selective rebounds in heavyweight sectors, particularly IT and banking. Similarly, the broader indices are also under pressure but are currently finding support near their long-term moving average, the 200-day exponential moving average (DEMA). Traders are advised to adopt a cautious stance and prioritize a hedged approach to navigate the current market conditions.
Stocks to Watch on November 22, 2024
Adani Stocks
Shares of all Adani Group companies are expected to draw attention on November 22, following charges from U.S. prosecutors against Gautam Adani. Adani has been accused of participating in a scheme that allegedly involved promising to pay over $250 million in bribes to Indian government officials to secure solar energy contracts. The charges have intensified scrutiny on Adani-owned companies, which have already experienced a sharp decline, losing Rs 2.6 lakh crore in market capitalization to date.
Protean eGov Technologies
NSE Investments is poised to divest up to 20.31% of its stake in the company through an upcoming offer for sale (OFS). The OFS will include a base issue of 10.16% equity, along with a green shoe option to sell an additional 10.16% equity if demand permits. The floor price for the OFS has been set at ₹1,550 per share, providing potential investors an entry point as NSE Investments reduces its holdings in the company.
Afcons Infrastructure
The company has emerged as the lowest bidder for a major project worth Rs 1,274 crore, awarded by the Uttarakhand Project Development and Construction Corporation (UPDCC). This project, focused on developing essential infrastructure, is part of Uttarakhand’s strategic initiatives to strengthen its transport and energy sectors.
SJVN
State-run energy company SJVN has signed a memorandum of understanding (MoU) with the Rajasthan government’s Energy Department to develop extensive renewable energy projects across the state. The agreement, announced on Tuesday, details SJVN’s commitment to invest in 5 GW of pumped storage capacity and 2 GW of floating solar projects.
Nippon Life India Asset Management
The company has announced the signing of a definitive agreement with One Place Commercials Private Limited to acquire commercial office premises in Mumbai. The new office space, located at One Lodha Place in Lower Parel, spans a carpet area of 52,162 square feet, marking a strategic expansion in a prime business location.
Read More: Sensex Falls 400 Points, Nifty Below 23,350; Adani Group Stocks Down Up To 20%
Hyundai Motor India
The company has signed a Power Purchase and Shareholder Agreement with Fourth Partner Energy to establish two renewable energy plants in Tamil Nadu.
Through this agreement, the company will invest Rs 38 crore in the development of these facilities, reinforcing its commitment to sustainability.
LTIMindtree
Life Insurance Corporation of India (LIC) has increased its stake in LTIMindtree, raising its holding from 5.033% to 7.034%. The stake hike occurred over the period from March 20 to November 19, 2024, signaling LIC’s growing investment interest in the company.
Vedanta
The company has delayed its planned dollar bond issuance, citing concerns that the recent indictment of Adani Group Chairperson Gautam Adani by a U.S. court could raise borrowing costs for Indian firms, according to reports from Reuters and Bloomberg on Thursday. The decision comes shortly after Adani Green Energy Ltd. also withdrew its planned dollar bond issuance earlier in the day
Infosys
The Georgia Department of Labor in the USA has imposed a penalty of $3.28 million on the company, covering the period from the third quarter of 2019 through the first quarter of 2024. The company is currently in the process of seeking clarifications regarding the outstanding tax amounts and the associated penalties.
Mphasis
The company has been appointed as the ‘Official Digital Partner’ of the MoneyGram Haas F1 Team, marking the beginning of a multi-year, technology-focused partnership. This collaboration aims to leverage the company’s expertise to enhance the team’s on-track performance and improve operational efficiency off the track, signaling a strategic alliance in the realm of Formula 1 innovation.
Zinka Logistics Solutions
The Shares of Zinka Logistics Solutions is scheduled to list on Friday, November 22. According to stock market observers, the grey market premium (GMP) for Zinka Logistics Solutions shares is currently Rs 0 per share, indicating they are trading at par with the IPO price of Rs 273 apiece.
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