Top Nifty gainers and losers at mid-day: Hero Moto, BPCL in green, IndusInd, M&M fall

Frontline equity indices traded flat in a range-bound movement while small-cap stocks shed gains. The markets echoed the lacklustre sentiment from Wall Street, which snapped its five-day winning streak overnight. At 12:25, Sensex was down 235.65 points or 0.36 percent at 65,695.12, and the Nifty was down 66.60 points or 0.34 percent at 19,716.80. About 1242 shares advanced, 1860 shares declined, and 104 shares were unchanged.

BPCL Ltd: Shares of the petroleum major rose 3 percent to Rs 399 on November 22, a day after it fell over 1 percent. Volumes were high as 75 lakh shares changed hands as against the 1-week average of 54 lakh shares on the bourses.

Cipla Ltd: Shares of the pharmaceutical major rose nearly 2 percent to Rs 1,277 on November 22, rallying for the second day in a row. The company recently received a warning letter from the United States Food and Drug Administration (US FDA) for the routine current Good Manufacturing Practices (cGMP) inspection conducted at its Pithampur manufacturing facility from February 6 to 17, 2023.

Hero Motocorp Ltd: Shares of the triumph maker surged 1.5 percent to Rs 3,425 on November 22, extending gains for the eighth day in a row. The shares have been on the rise ever since the Delhi High Court stayed the order of ED in the money laundering case against Pawan Munjal.

Power Grid Corporation Limited: Shares of the electricity major rose 1.2 percent to Rs 211, snapping its two-day losing streak on the bourses. Volumes were low as 65 lakh shares changed hands as against the 1-week average of 2 crore shares on the exchanges.

Dr Reddy’s Laboratories Ltd: The scrip traded at Rs 5,708, higher by a percent on November 22, rallying for two straight sessions. The company recently introduced Nerivio, a United States Food and Drug Administration (USFDA) approved wearable therapy device, for drug-free management of migraine in India.

Adani Enterprises Ltd: Shares of the flagship Adani firm declined over a percent to Rs 2,170, a day after it surged over 2 percent. The drop comes after investors rushed to book profits. Recently, its subsidiary incorporated a wholly-owned subsidiary in Macau. The company has been incorporated for bidding for duty-free liquor and tobacco shops at Macau International Airport.

IndusInd Bank Ltd: Shares of the company fell 1.5 percenet to Rs 1,480 on November 22. In response to recent media speculation, IndusInd Bank’s promoters have denied claims of raising funds by pledging their stake in the bank. The controversy stemmed from a Business Standard article titled “Hindujas raise Rs 8000 crores by pledging IndusInd stake,” which the lender labelled as “malicious and factually incorrect.”

Kotak Mahindra Bank Ltd: Shares of the private lender tanked over a percent to Rs 1,744 on November 22. Recently, the Maharashtra GST department slapped a penalty of around Rs 35 lakh. The authorities alleged an excess claim of GST credit and non-payment of GST under reverse charge in certain instances during the assessment period from July 2017–March 2018.

Mahindra and Mahindra Ltd: Shares of the tractor and automobile major fell 1 percent to Rs 1,542. Volumes were low as 6 lakh shares changed hands as against the 1-week average of 28 lakh shares on the exchanges.

Adani Ports and Special Economic Zones Ltd: Shares of the port major fell 0.9 percent to Rs 793 on November 22, plummeting for the fourth trading session in a row.