NIFTY50 closes above 19,750 and Sensex gains 306 points, IT stocks outperform; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 16 November 2023. We’ll be back with our live coverage at 8:00 am on Friday.

BANK NIFTY index (-0.09%) closes marginally lower at 44,161. Axis Bank(-1,4%), ICICI Bank (-0.6%), SBI(-0.1%) were the major draggers today.

The NIFTY Financial Services (+0.05%) index closed flat today. Bajaj Finserv (+2.7%) and Bajaj Finance (+1.8%) were top gainers, while Axis Bank (-1.4%) and REC (-0.9%) were top losers.

NIFTY Midcap100 index closed higher, up 0.7% at 41,726. Meanwhile, NIFTY Smallcap100 index is up 0.5% to close at 13,869.

After a sluggish opening, NIFTY50 (+0.4%) and Sensex (+0.4%) moved upwards and closed in the green. Gains in major IT stocks like TCS (+2.7%), Infosys (+2.4%) and HCL Tech (+2.8%) helped the markets to close higher.

The pharma major intends to exit the manufacturing site in Bangalore as part of its ongoing strategic review of its global manufacturing and supply network. The company will sell this manufacturing facility in a fully operational manner.

Following the announcement, shares of the company rose 1.2% today.

The UK’s FTSE (-0.2%) and France’s CAC (0.1%) are trading in the red. Whereas, Germany’s DAX is up 0.5%. This comes on the back of favourable data releases from China and the US this week.

Nifty IT index is the top gainer among all sectoral indices, up 3.1%. All 10 stocks in the index are trading in the green.

Coforge Ltd (+6.5%), Mphasis(+4.8%), TCS(+3.5%), Tech Mahindra(+3.1%)and HCL Tech (+3.1%) are amongst top gainers.

Dr. Reddy's has launched Nerivio, a USFDA-approved drug-free non-invasive migraine management device, in India. It is a drug-free wearable device used for acute and prophylactic (preventive) migraine in patients aged 12 years and above.

“It is an area that is seeing increasing adoption by physicians as well as patients due to its potential to reduce pill burden and decrease dependency on non-specific medication in chronic or hard-to-treat diseases,” said the management.

Meanwhile, shares of the pharma company are up 2.7% today.

22 November expiry @ 2:30 PM

• Max call OI: 44,500
• Max put OI: 44,000
• Max pain: 44,300
• PCR: 1.0