Indian equity benchmark indices settled in red on Friday amid selling in banking and oil & Gas stocks even as most of the global indices ended on a higher note. The Nifty Bank and Nifty Financial Services stocks took a hit amid concerns that RBI’s new norms on personal loans would hurt lending growth going ahead.
The BSE Sensex ended 188 points or 0.28 per cent down at 65,794.73. The NSE Nifty 50 settled 33 points or 0.17 per cent down at 19,731.80 on Friday.
"The domestic markets ended the week on a positive note, buoyed by global cues and favourable Indian macroeconomic indicators hinting at controlled inflation. Softer-than-expected inflation figures in the US, UK, and at home bolstered investor optimism, fueling hopes for an end to the interest rate cycle. This sentiment propelled gains across the broader market, particularly in small and mid-cap stocks. Confidence in export-oriented sectors like IT and Pharma resurged, anticipating increased spending, while the auto and real estate sectors gained favour during the festival season,” said Vinod Nair, Head of Research at Geojit Financial Services.
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“Towards the week's end, however, banking stocks were impacted by the RBI's decision to raise risk weights for unsecured loans. Despite this, the market is anticipated to maintain its positive momentum in the short term, supported by declining oil prices and moderating US yields," Nair added.
Top Stocks To Watch On 20 November:
Bajaj Finance
The non-banking financial company (NBFC) has temporarily stopped issuing member identification cards (EMI Cards) to new customers until certain deficiencies observed by the RBI are rectified to the regulator’s satisfaction.
Adani Power
Ardour Investment Holding Ltd, bought 1.93 per cent stake in Adani Power between 26 September to 16 November, and Emerging Market Investment DMCC acquired 0.13 per cent stake on 29 September. Promoters Now own 71.14 per cent stake in the company.
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Larsen & Toubro
Qatar’s General Tax Authority has fined the company 4,86,80,120 QAR ( around Rs 111.31 crore) for 2016-17 and 5,58,22,856 QAR (Rs 127.64 crore) for 2017-2018. The company has filed an appeal against the levy of penalty, saying the fines are arbitrary and unjustified.
Kotak Mahindra Bank
The Government of Maharashtra Department of Goods & Service Tax (GST) has sent an order to the private sector lender, charging an amount of Rs 34,99,796 towards GST and interest and a penalty of Rs 1,64,936 for the alleged excess claim of GST credit and non-payment of GST under reverse charge in certain instances during the assessment period July 2017 to March 2018.
Delhivery
Softbank, through its entity SVF Doorbell (Cayman), sold 1.83 crore equity shares, equivalent to 2.49 per cent of paid-up, in the logistics company through open market transactions for total amount of Rs 738.64 crore at an average price of Rs 403.51 per share. SVF owned a 14.46 per cent stake in Delhivery at the end of September 2023.
