Benchmark indices extend losses, IT stocks weigh; pharma and metal stocks see buying

The Sensex concluded with a decline of 47.77 points, equivalent to 0.07 per cent, settling at 65,970.04, and the Nifty experienced a slip of 7.30 points, or 0.04 per cent, closing at 19,794.70

Market update at 3:45 PM: The benchmark indices concluded the session with losses, extending the downturn into the second consecutive session. IT stocks exerted notable downward pressure, while buying activity was observed in pharmaceutical and metal stocks. The Sensex concluded with a decline of 47.77 points, equivalent to 0.07 per cent, settling at 65,970.04, and the Nifty experienced a slip of 7.30 points, or 0.04 per cent, closing at 19,794.70. Market breadth favored decliners, with 1,721 shares advancing, 1,849 shares declining, and 114 shares remaining unchanged.

Top gainers on the Nifty included Divis Labs, Cipla, Adani Enterprises, Hindalco, and Axis Bank, while notable losers comprised HCL Technologies, Wipro, Apollo Hospitals, TCS, and Britannia. The BSE Midcap and Smallcap indices concluded the session with gains of 0.13 per cent and 0.14 per cent, respectively.

Market update at 2:15 PM: The domestic benchmark indices maintained a steady course, with the S&P BSE Sensex holding at the 66,013.25 level, and the Nifty50 trading at 19,788.90 levels.

Leading the gainers on the Nifty are Divis Labs, Cipla, JSW Steel, Dr Reddy's Labs, and NTPC, while the losers include HCL Technologies, Wipro, Apollo Hospitals, Tata Motors, and Britannia. The BSE Midcap and Smallcap indices are both in positive territory, showing gains of 0.22 per cent and 0.32 per cent, respectively.

Nifty Pharma retained its position as the top-performing sector, recording a gain of more than 0.90 per cent, while Nifty IT continued to be the weakest sector for the day, trading down by 0.90 per cent.

Market update at 11:20 AM: Indices continued to trade flat with Sensex trading at 66,013.51 and Nifty 50 trading at 19,809.05. Cipla is the biggest gainer of the day with the stock surging more than 2 per cent while HCL Technologies, is the biggest loser of the day with the stock down 1.8 per cent.

About 1933 stocks are advancing as against 1454 stocks that are declining, while 192 stocks remain unchanged. 

Nifty Pharma remained the best sector with a gain of more than 1.16 per cent while Nifty IT is the worst sector and traded 0.53 per cent down.

Market update at 9:30 AM: The market kicked off on a positive note with the Sensex gaining 66 points, or 0.10 per cent, reaching 66,084.70, and the Nifty 50 showing an increase of 27 points, or 0.14 per cent, closing at 19,829.70. Among the listed stocks, 1615 showed gains, 434 experienced declines, and 121 remained unchanged.

Cipla, Divis Labs, Dr Reddy's Laboratories, Grasim Industries, and NTPC emerged as notable gainers on the Nifty, whereas TCS, BPCL, Kotak Mahindra Bank, Apollo Hospitals, and Bharti Airtel were among the major losers.

In sectoral performance, Nifty Pharma demonstrated the highest positive momentum, while Nifty IT emerged as the weakest performer during the session.

Pre-market update at 8:10 AM: On November 23, the primary market indicators concluded the session with marginal changes. The BSE Sensex experienced a minor dip of 5.4 points, settling at 66,018, while the Nifty50 saw a slight decline of 10 points, closing at 19,802.

In the U.S. market, stocks displayed gains on Wednesday, propelled by a temporary drop in yields to their lowest point in two months. The November market upswing continued into the Thanksgiving holiday. The Dow Jones Industrial Average rose by 184.74 points, or 0.53 per cent, reaching 35,273.03. The S&P 500 saw a 0.41 per cent increase, closing at 4,556.62, and the Nasdaq Composite advanced by 0.46 percent, reaching 14,265.86.

Asian-Pacific markets opened on a positive note as investors evaluated significant economic data from Japan released on Friday. The world's third-largest economy witnessed a rise in its core inflation rate to 2.9 per cent in October, surpassing the 2.8 per cent increase observed in September. The headline inflation rate for October accelerated to 3.3 per cent from the previous month's 3 per cent.

On November 23, oil prices experienced a 1 per cent decline, extending losses amid expectations that OPEC+ might not deepen output cuts next year, following the postponement of the producer group's policy meeting. In futures trading, the Dollar index traded 0.06 per cent lower at 103.32, while the value of one dollar hovered around Rs 83.31.

According to provisional data from the National Stock Exchange, foreign institutional investors net bought shares worth Rs 255.53 crore, while domestic institutional investors purchased Rs 457.39 crore worth of stocks on November 23, 2023. 

Anticipating a marginal uptick, the benchmark Sensex and Nifty indices are poised to open slightly higher on November 24, 2023,  as indicated by trends in the GIFT Nifty, suggesting a positive start for the broader index with a gain of 11 points.