NIFTY50 and Sensex close higher, Oil & Gas stocks outperform; Stock Market Highlights

Thank you, readers! That's all from Upstox.com's live market coverage on 28 November 2023. We’ll be back with our live coverage at 8:00 am on Wednesday.

The NIFTY Smallcap 100 index closed 0.3% higher. On the other hand, the NIFTY Midcap 100 Index closed in green, up 0.5%.

The NIFTY Financial Services index was up 0.2% today. Bajaj Finserv (+2.4%) and HDFC AMC (+1.9%) were the top gainers, whereas ICICI Prudential Life (-0.7%) and SBI Card (-0.7%) were the top losers.

The BANK NIFTY (+0.4%) index closed in the green today. Gains in large banks such as Axis Bank (+1.06%), SBI (+0.7%) and PNB (+3.4%) supported the index.

NIFTY50 (+0.4%) and Sensex (+0.3%) closed higher today. Out of the NIFTY50 universe, 39 stocks closed higher. On the sectoral front, Oil & Gas (+2.2%) and Metal (+1.8%) are the top gainers, whereas Pharma (-0.3%) and FMCG (-0.17%) are the top losers.

International Brent crude oil prices rose today, up 1.2% at $80.8 per barrel, supported by a weak dollar and expectation of an oil supply cut by OPEC+ producers group amid concerns over subdued oil demand. OPEC+ nations are scheduled to meet on 30 November.

In October 2023, TCS announced a share buyback for its shareholders. Here are the complete details on this buyback.

TCS buyback price: The Indian IT major has declared a buyback of shares at ₹4,150 per share.

TCS buyback date: The offer will open on 1st December 2023 and it will remain open till 7th December 2023.

TCS buyback record date: The record date for the buyback of shares has been fixed on 25th November 2023 on ex-date basis.

TCS buyback size: In this buyback offer, the company intends to buy back over four crore equity shares at ₹4,150 per share for an aggregate amount not exceeding ₹17,000 crore

TCS buyback acceptance ratio: As per experts, there could be a high number of applications against the TCS buyback issue, especially from short-term investors, as buyback price is nearly 20% premium to the current market rate. However, investor returns will depend on the acceptance ratio, which is the proportion of shares accepted in relation to those tendered.

UK’s FTSE is down 0.5%, while Germany’s DAX is trading 0.33% lower. France’s CAC is also trading 0.69% lower.

Shares of Adani Total Gas were locked in the upper circuit of 20% today after a favourable verdict from the supreme court regarding the Adani-Hindenburg case.

Meanwhile, the company also launched the pioneering ‘Green Hydrogen Production and Blending Pilot Project’. As part of the project, the company will employ the latest technologies to blend Green Hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers at Ahmedabad, Gujarat.

Grey market premium (GPM) is a premium amount at which IPO shares are traded before they are officially listed on the exchange. In simple words, the stock of the company that came up with the IPO bought and sold outside the stock market.

The GPM reflects how the IPO might react on a listing day. For example, if the company introduces an IPO at ₹100 and the grey market premium is around ₹20 then we can assume the IPO to list around ₹120 on listing day. However, stock exchanges and SEBI do not back GMP figures and it's only an indicator.