PSU insurers zoom, Lupin rises on diabetes drug nod & more

NIFTY50: 19,794 ▼ 7.3 (-0.04%)
SENSEX: 65,970 ▼ 47 (-0.07%)

• Benchmark indices ended flat, after trading in a tight range throughout the day
• In all, 33 of the NIFTY50 stocks closed in the red
• The 10-year US Treasury yield climbed to 4.48% rebounding from two months lows, influenced by positive economic signals from Europe

Among the NIFTY sectoral indices, Pharma (+0.8%) and Metal (+0.6%) were the top gainers, while IT (-0.9%) and FMCG (-0.4%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ PSU insurance stocks see strong gains

PSU insurance companies witnessed strong investor traction today led by a 9.7% jump in shares of Life Insurance Corporation of India (LIC). The LIC management said that it expects double-digit growth in FY24 guided by an uptick in individual retail business.   

Further, General Insurance Corporation (GIC) soared 15.4%, hitting a 52-week high today. New India Assurance Company Limited (NIACL) joined the rally, surging 20% to a fresh 52-week high, the day after its investor meet announcement.

⭐ Lupin rises on USFDA nod

Shares of the pharma company closed 3.7% higher today after it received provisional approval by the USFDA for a new drug application. The approval is for Canagliflozin tablets, which are used in the treatment of Type 2 diabetes. As of September 2023, the estimated annual sales for these tablets in the US is $561 million. 

⭐ Prestige Estates gains on project launch

Shares of the real estate developer rose 1.6% in early trade but closed 0.1% lower. The company has launched its new residential high-rise project in Bengaluru, featuring 285 apartments spread across two towers with a total developable area of 0.7 million square feet. The project holds a revenue potential of ₹550 crore.

⭐ Gland Pharma surges on USFDA inspection closure 

Shares of Gland Pharma closed 2.8% higher today. This was after the company received an Established Inspection Report from the USFDA for its Hyderabad plant. This indicates closure of inspection.  

⭐ JSW Steel invests ₹750 crore in JSW Paints

Shares of the steel manufacturer rose 0.5% today, following its investment of ₹750 crore in JSW Paints. With this investment, the company now holds an 11.85% stake in JSW Paints. This move is aligned with the company's broader efforts to expand its business beyond traditional steel manufacturing activities.

IPO Corner

⭐ On the final day, the Tata Technology IPO was oversubscribed by around 69.4 times. The shares of Tata Technologies are expected to be listed on BSE and NSE on December 5.

⭐ The IPO of Gandhar Oil Refinery was subscribed 64 times on the third day. The shares of Gandhar Oil are expected to be listed on BSE and NSE on December 5.

⭐ On Day 3, Fedbank Financial Services’ IPO was subscribed 2.2 times overall. The shares of Fedbank Financial are expected to be listed on BSE and NSE on December 5.

⭐ Flair Writing Instruments IPO has been subscribed 46.6 times on its final day. The shares of Flair Writing are expected to be listed on BSE and NSE on December 5.

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A simple moving average is the average market price movement of a stock over a specified period. It is referred to as the ‘moving’ average since it is plotted on a chart bar by bar and forms a line that moves along the chart as the average price changes. The simple moving average is calculated by adding the share price over a period say one week and then dividing that figure by the number of periods.

Suppose a stock moves 100, 105, 110, 115, 120 in five trading day, then its 5-day simple moving average will be ₹110.

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