NIFTY50 and Sensex close in the red, Auto stocks face heat; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 20 November 2023. We’ll be back with our live coverage at 8:00 am on Tuesday.

The IPO market will see a busy week ahead , with as many as five companies ready to bring their IPOs to raise ₹7,377 crore from the public. Here is a brief update on these upcoming IPOs.

⭐ The ₹2,150 crore IPO of the Indian Renewable Energy Development Agency (IREDA) will open for subscription between 21 to 23 November. Click here to pre-apply for the IPO.

⭐ Tata Group company, Tata Technologies, will launch its ₹3,042 crore IPO on 22 November. This will be the first IPO from Tata Group in nearly two decades. This IPO will remain open till 24 November. Click here to pre-apply for the IPO.

⭐ The IPO of Gandhar Oil Refinery India, a prominent manufacturer of white oils will be open for subscription between 22 to 24 November. The company plans to raise ₹500 crore through this public issue. Click here to pre-apply for the IPO.

⭐ Fedbank Financial Services, a subsidiary of Federal Bank which primarily offers gold and MSME loans, will launch its IPO on 22 November. ₹1,092 crore IPO will remain open till 24 November. Click here to pre-apply for the IPO.

⭐ Flair Writing IPO opens for subscription on 22 November. The writing instruments company plans to raise ₹593 crore through this IPO. Click here to pre-apply for the IPO.

The NIFTY Financial Services (-0.1%) index closed in the red today. PFC (+2.7%) and REC Ltd (+2.1%) were top gainers, while Bajaj Finance (-2.1%) and SBI Life (-1.9%) were top losers.

The NIFTY Midcap 100 index closed higher, up 0.1%. Meanwhile, the NIFTY Smallcap100 index closed marginally lower by 0.07%.

The BANK NIFTY index closed flat today at 43,584 level. PNB (+0.7%), AU Small Finance Bank (+0.6%), Kotak Bank (+0.3%) were amongst top gainers. Meanwhile, Bandhan Bank(-1.3%), IDFC First Bank(-0.7%), Axis Bank(-0.6%) closed lower.

The Indian markets closed lower for a second straight session. The NIFTY50 index (-0.1%) closed below the 19,700 mark. Sensex (-0.2%) was down 139 points. Weakness in Bajaj Finance (-2.1%), M&M (-1.9%), L&T (-0.7%), ITC (-0.6%) was a drag on the markets.

The NIFTY Auto index is the top loser among sectoral indices, down 0.73%. 11 out of the 15 stocks that constitute NIFTY Auto index trades in red, with Balkrishna Industries (-5.4%) and Mahindra And Mahindra (-2.1%) amongst top losers for today.

Shares of L&T traded lower, down 0.7% after the Qatar Tax Authority imposed a penalty of ₹111.3 crore on the company for FY17 and ₹127.6 crore for FY18 tax period. The company has filed an appeal against the levy of this penalty as it believes the penalty is arbitrary and unjustified.