10 Stocks Setting the Market Tone Today
- Markets slipped 0.5% as weak global cues and selling in financial heavyweights dragged indices lower.
- IndiGo, TCS, RVNL, Tata Power, Kotak Bank among the top stocks in focus due to major corporate developments.
- Sectoral weakness dominated, with metal, realty and PSU banks falling, while FMCG was the only notable outperformer.
India’s benchmark indices ended their two-day winning run on Friday, November 21, as weak global cues and selling pressure in heavyweight financial stocks pulled the markets down. The Sensex slipped 400.76 points, or 0.47%, to close at 85,231.92, while the Nifty 50 fell 124 points, or 0.47%, to 26,068.15. This came just a day after the Nifty had touched a fresh 52-week high of 26,246.65.
Market sentiment remained soft throughout the session. According to Ajit Mishra, SVP – Research at Religare Broking, the early losses were recovered partly in the first half, but renewed selling across most sectors pulled the indices back to the day’s lows. Metal, realty, and PSU bank stocks led the decline, while FMCG was the only major sector that managed to stay positive. Mid- and small-cap indices also mirrored the broader weakness and ended more than 1% lower. Global pressure increased after U.S. jobs data failed to give clear signals about upcoming interest rate decisions, adding to uncertainty.
IndiGo (InterGlobe Aviation): Shares of IndiGo will be in focus as its parent company, InterGlobe Aviation, is set to join the 30-stock Sensex starting Monday, December 22. The stock will replace Tata Motors Passenger Vehicles in the index, marking a major milestone for the airline.
Tata Consultancy Services (TCS): TCS investors will track the stock closely after the U.S. Court of Appeals for the Fifth Circuit delivered an unfavourable ruling in the company’s long-running legal case with DXC Technology. The court upheld an earlier decision requiring TCS to pay damages, putting pressure on the stock.
Rail Vikas Nigam Ltd (RVNL): RVNL announced that it has emerged as the L1 bidder for a Rs 180.77 crore project under Northern Railway. The project involves upgrading the UTR–MWP rail section through OHE modifications and feeder wire works for the 2x25 kV traction system.
Tata Power: Tata Power said it has entered into commercial agreements with Bhutan’s Druk Green Power Corporation (DGPC) to jointly develop the 1,125 MW Dorjilung hydropower project. The deal strengthens Tata Power’s renewable and hydropower portfolio.
Natco Pharma: Natco Pharma reported that the US FDA issued seven procedural observations after inspecting its Manali API facility. The company said the issues are procedural in nature and is confident of resolving them.
Tata Chemicals: Tata Chemicals’ board has approved a Rs 910 crore investment to expand its manufacturing capacities at its Mithapur (Gujarat) and Cuddalore (Tamil Nadu) plants. The expansion aims to support future demand and strengthen its production capabilities.
Kotak Mahindra Bank: Kotak Bank announced a stock split in which one share will be divided into five. This marks the bank’s first stock split since 2010 and is expected to improve liquidity and affordability for retail investors.
Adani Green Energy: Adani Green has set up two new step-down subsidiaries to support its growing renewable energy operations in Gujarat, marking another step in its capacity expansion.
HUDCO: Housing & Urban Development Corporation has signed an MoU with the IDFC Foundation to improve technical, financial and leadership capabilities within urban institutions.
Marico: Marico’s digital-first brands have crossed Rs 1,000 crore in annual recurring revenue. The company expects that its foods and premium personal care products could soon contribute 25% of its India business, according to media reports.
