Some of the top Nifty gainers were Adani Enterprises, Adani Ports, Tata Motors, BPCL, and Coal India. Cipla, Apollo Hospitals and Hindustan Unilever were among the top losers
The Indian benchmark indices made a strong close in yet another volatile session on November 28, with the Nifty surpassing 19,900 led by buying in oil & gas, power, auto and metal names. At close, the Sensex was up 204.16 points or 0.31 percent at 66,174.20, and the Nifty was up 95.00 points or 0.48 percent at 19,889.70.
Adani Enterprises: The Adani Group flagship entity soared 13 percent to Rs 2,512 a share on the NSE. The Supreme Court on November 24 reserved its verdict in the Adani-Hindenburg case. Experts say Adani stocks could be rising because the court said it didn’t find a reason to doubt SEBI’s probe into the case, while others advised booking profits .
Adani Ports & Special Economic Zone: The sharp upside seen across Adani Group stocks trickled gains into Adani Ports & SEZ as well. The stock jumped over 7 percent to Rs 854 a share.
Tata Motors: The auto major stock raced over 3 percent to Rs 694 a share 28 ahead of listing of its subsidiary Tata Technologies. Tata Tech’s IPO was subscribed by 69.2 times (x), led by aggressive demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs). Shares of Tata Tech were enjoying a premium of 82 percent in grey markets, suggested data from IPOwatch.in.
BPCL: Shares of this oil refinery firm surged over 3 percent to hit a 52-week high of Rs 426 after brokerage firm HSBC projected better earnings prospect for the company. HSBC upgraded its call to “buy” from “hold” on BPCL, upgrading target price to Rs 555 a share from Rs 340.
Coal India: Shares of this coal mining major surged 3 percent to day’s high of Rs 342 per share on November 28 as India plans to revive its underground coal mining system in order to meet the country’s fast-growing energy requirements.
Cipla: Shares of this pharma major declined over 2 percent to close at Rs 342 per share on November 28 following the US Food and Drug Administration (USFDA) warning to its Pithampur facility. The USFDA inspection of Cipla’s Pithampur unit resulted in issuance of Form 483, listing eight observations related to data integrity issues.
Apollo Hospitals and Enterprises: The hospital stock declined a percent to Rs 5,341. The stock has been declining after it hit a 52-week high of Rs 5,595 on NSE on November 20.
Hindustan Unilever: The stock of this FMCG major slipped 0.5 percent to close at Rs 2,502 per share on November 28 following weakness in the FMCG pack. Oveall, Nifty FMCG index was down 0.1 percent.
Sun Pharmaceutical Industries: Shares of this drugmaker was down 0.4 percent to Rs 1,190 per share on November 28. The company saw consolidation post it touched its 52-week high of Rs 1,214 apiece on November 22, 2023.
ITC: Shares of this cigarette-to-tobacco conglomerate slipped 0.4 percent to Rs 435 apiece on November 28 amid heavy volumes. Around 9.1 million equity shares of ITC exchanged hands at both BSE and NSE as against an average of 5.9 million equity shares in one month, suggested data
Lovisha Darad Lovisha is passionate about domestic and global equity market development. She writes stories exclusively on equities from a fundamental perspective, gathering insights from niche market gurus.
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