Indian benchmark indices BSE Sensex and NSE Nifty 50 are expected to open mildly in green amid positive global cues. SGX Nifty hinted at a positive start for domestic equities as Nifty futures on Wednesday traded 69 pts or 0.3% higher 18377 level. “In absence of any major event, the performance of the global indices, especially the US markets, will dictate the market trend. Besides, the upcoming expiry of November month derivatives contracts would keep the participants busy. Meanwhile, we suggest continuing with a stock-specific trading approach and focusing on sectors that are showing resilience in the recent dip,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Stocks in focus on 23 November, Wednesday
Nykaa: Lighthouse India Fund III has sold 1.84 crore equity shares in the company in open market transactions. These shares were sold at an average price of Rs 182 a piece. The stake sale was worth Rs 335.72 crore. Meanwhile, Arvind Agarwal resigned as the chief financial officer (CFO) of the company effective from the close of business hours on 25 November.
Vedanta: Anil Agarwal-led Vedanta Ltd has declared an interim dividend of Rs 17.5 per equity share, which will lead to an outgo of Rs 6,505 crore for the mining major. This is the third interim dividend for the fiscal year 2022-23. The company’s board, which met on 22 November, approved the interim dividend, which translates to 1750% of the face value of every share worth Rs 1, according to a stock exchange announcement.
Telecom stocks: India’s total mobile subscriber base fell by 3.7 million in September after rising continuously for six straight months. The fall in total subscribers was largely contributed by Vodafone Idea, which lost 4 million subscribers during the month. Comparatively, Reliance Jio topped the wireless subscribers’ additions for the sixth straight month. In September, the telecom operator added 0.72 million new wireless subscribers on a net basis, compared to 0.41 million new users added by peer Bharti Airtel, Trai data showed.
IndiGo: IndiGo remained at the fourth spot in on-time performance (OTP) at four metro airports, while Tata Group’s Air India, Vistara and AirAsia clinched the top three spots in October. SpiceJet and Go First were the least punctual airlines during the month, according to data provided by the Directorate General of Civil Aviation (DGCA) tracking four airports: Bangalore, Delhi, Hyderabad and Mumbai.
Bharti Airtel: Nxtra Data, a subsidiary of Bharti Airtel, has started the construction of its new hyper-scale data centre in Kolkata. The company will invest Rs 600 crore in the development of the largest data centre in East India that will cater to the underserved markets of east and north-east regions along with the SAARC countries.
Also Read: Nifty may head towards 18800 in December F&O series; bank, IT, auto stocks likely to outperform
Tech Mahindra: Life Insurance Corporation of India bought additional 1.95 crore shares or 2.01% stake in the IT services company through open market transactions. With this, LIC’s shareholding increased to 6.87%, from 4.86% earlier.
