NIFTY50 and Sensex close flat, Realty stocks outperform; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 23 November 2023. We’ll be back with our live coverage at 8:00 am on Friday.

The NIFTY Smallcap 100 index closed 0.7% higher, outperforming the benchmark indices. On the other hand, the NIFTY Midcap 100 Index closed flat.

The NIFTY Financial Services index was up 0.1% today. REC (+1.4%) and IEX (+1.0%) were top gainers, whereas SBI Life (-1.5%) and ICICI Lombard (-0.9%) were the top losers.

The BANK NIFTY (+0.2%) index closed in the green today. Gains in large banks such as HDFC Bank (+0.6%), IndusInd Bank (+1.1%) and Federal Bank (+1.1%) supported the index.

After opening higher, the NIFTY50 (-0.05%) and Sensex (-0.01%) pared their gains and closed flat. Out of the NIFTY50 universe, 25 stocks declined. On the sectoral front, Realty (+1.0%) and Oil & Gas (+0.9%) are the top gainers, whereas Pharma (-1.5%) and IT (-0.6%) are the top losers.

Source: BSE

On the final day, the IPO of the state-owned lender continues to receive strong traction.

The public issue was subscribed 30.8 times as of 3:15 pm. The retail portion has been subscribed around 7 times. The portion for qualified institutional investors has been subscribed 78 times. The non-institutional investors’ segment has been subscribed 22.8 times.

IREDA is a non-banking finance company (NBFC) which primarily focuses on financing power generation, transmission, distribution and other activities. The loan book stood at around ₹47,000 crore in the September quarter. Click here to know more.

Reasons for the rally in Sunteck Realty’s stock:

1. Experts estimate that the company’s sales could increase by 25% on average annually between FY23 and FY26 – driven by ramp-up in new launches

2. They add that the company has strong cash flow and stable balance sheet

3. The partnership would IFC could lead to a rise in project additions

4. Two new project launches in the pipeline in Kalyan and Nepean Sea Road in Mumbai

The IPO of pure-play engineering research & development company is receiving strong interest from investors.

On day 2, the IPO has been subscribed around 12 times as of 2:30 pm.

Retail investors are flocking towards the IPO with the retail segment being subscribed 9.5 times. The portion for non-institutional investors has been subscribed 23.5 times. The QIB (qualified institutional investors) portion has also been subscribed 6.8 times. Click here to know more.

30 November expiry @ 2:20 pm

• Max call OI (resistance) : 44,000
• Max put OI (support) : 43,500
• Max pain: 43,600
• PCR: 0.9