Sensex Today Gains 92 Points | Adani Enterprises Falls 3% Ahead of FPO Approval | Smallcap Stocks Outperform

Wed, 23 Nov Closing

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Indian share markets traded in green throughout the session and ended marginally higher, tracking strong global cues and positive US stock futures.

Benchmark indices rose today led by gains in banking stocks but erased some gains during closing hours.

Investors remained cautious ahead of the US Federal Reserve's November policy meeting minutes.

PSU bank stocks rose and continued their upward trend on the back of improved asset quality. Among the best bank stocks, Axis Bank and ICICI Bank gained half a percent.

Shares of Inox Green Energy Services made a tepid debut today, as they listed at Rs 60 apiece, an 8% discount to its issue price of Rs 65 per share.

At the closing bell, the BSE Sensex stood higher by 92 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 23 points (up 0.1%).

Bajaj Finance, Dr Reddy's Lab, and SBI were among the top gainers today.

Power Grid, Tech Mahindra, and Titan, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,275, down by 16 points, at the time of writing.

Broader markets settled on a positive note with smallcap index outperforming benchmark index. The BSE MidCap gained 0.2% while the BSE SmallCap index ended 0.5% higher.

Sectoral indices ended on a mixed note with stocks in the energy sector and banking sector witnessing most of the buying.

While capital goods stocks and IT stocks witnessed selling.

Shares of GE Shipping and Canara Bank hit their 52-week highs today.

Adani Enterprises and Bajaj Finance were amongst the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian share markets ended on a positive note. The Hang Seng gained 0.6% while the Shanghai Composite ended 0.3% higher. The Nikkei ended up by 0.6%.

US stock futures are trading on a positive note today as investors look forward to Fed meeting minutes. Dow futures are trading up by 0.1% while Nasdaq futures are up 0.2%.

The rupee is trading at 81.84 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% at Rs 52,300 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.7% at Rs 61,421 per kg.

Speaking of stock markets, Adani group stocks have been everyone's favourites. These stocks were on fire for a long time.

They have created huge wealth for investors. But what do the charts say now? Is the rally over?

Chartist Brijesh Bhatia answers these question in the below video.

Adani Enterprises Plans Mega FPO

Adani's group's flagship company Adani Enterprises has initiated its much-awaited follow-on public offer (FPO) to raise as much as Rs 200 bn from retail and institutional investors.

The company has mandated Jefferies and ICICI Securities.

The company will hold a board meeting on Friday in Ahmedabad to consider and approve the proposal of raising of funds.

The latest shareholding pattern of Adani Enterprises shows promoter holding at 72.63% as of September 2022.

An FPO will increase the public float in the stock, which is somewhat less compared to similar-sized listed companies such as Reliance Industries and Tata Consultancy Services (TCS).

Deliberations are ongoing and details of the fundraise including size and timing could still change.

Note that Adani group is looking to raise at least US$10 bn in new debt over the next year as it seeks to refinance its high-cost borrowings and fund projects in the pipeline.

So far in 2022, shares of Adani Enterprises are up over 130%. To know more, check out why Adani Enterprises share price is rising.

Upcoming IPO...

Moving on to latest developments from the IPO space, the initial public offering (IPO) of Dharmaj Crop Guard will kick off for subscription on 28 November.

The company has fixed price band at Rs 216-237 apiece.

The issue consists of fresh equity shares worth Rs 2.2 bn and an offer for sale (OFS) of up to 14,83,000 equity shares by the promoters and existing shareholders of the company.

Investors can place a bid of a minimum of 60 equity shares and in multiples thereafter.

The issue will remain open for subscription till 30 November and the anchor book will open for a day on 25 November.

Note that after a long halt, we saw primary markets in action this month. The IPO of Dharmaj Crop will be the ninth public issue getting launched in November.

Eight companies have successfully raised about Rs 95 bn in this ongoing month.

Incorporated in 2015, Dharmaj Crop Guard is an agrochemical company, which is engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations.

Since IPOs interest you, check out the upcoming IPOs on our website.

Nykaa Shares Fall After CEO Resigns

Share price of Nykaa continued to fall, a day after the company's chief financial officer (CFO) Arvind Agarwal resigned.

Agarwal will leave the company and step down from his role on 25 November, the company said in a regulatory filing on Tuesday after market hours.

Yesterday, private equity firm Lighthouse India sold 18.44 million equity shares worth of Rs 3.4 bn of Nykaa through a block deal.

Note that Nykaa shares have remained under pressure since listing and still continue to erode investors' wealth.

To know what lies ahead, check out Tanushree Banerjee's recent editorial: Is Nykaa a Falling Knife?

Why Fertilizer Stocks are Rising

Shares of fertilizer companies were in focus today amid heavy volumes on hopes of healthy demand.

Among individual stocks, RCF share price hit 12-year high after multiple-fold jump in trading volumes. The stock traded at its highest level since November 2010.

The board of directors of RCF is scheduled to meet on 29 November 2022, in order to consider interim dividend for the financial year 2022-23 (FY23).

Check out the top fertilizer companies in India as India pushes its agriculture focus.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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