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.
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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.
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