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After a muted opening, Indian share markets traded in a narrow range throughout the session and ended the choppy session on a flat note.

Benchmark indices failed to find momentum amid volatility in crude oil prices, falling dollar index, and mixed global cues.

At the closing bell, the BSE Sensex closed 0.1% lower at 65,970 levels.

Meanwhile, the NSE Nifty closed flat at 19,794.

Axis Bank and JSW Steel were among the top gainers today.

HCL Tech and Wipro were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The Gift Nifty was trading at 19,835, down by 42 points, at the time of writing.

Broader markets ended positively. The BSE Midcap index and BSE SmallCap index, both, ended 0.1% higher.

Sectoral indices ended mixed with stocks in the finance sector, pharma sector, and metal sector witnessing buying.

Meanwhile, stocks in the IT sector, FMCG sector, and telecom sector witnessed selling.

Shares of Bajaj Auto, Colgate, and JK Cement hit their 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on a positive note. The Hang Seng ended 2% in red, while the Nikkei ended 0.5% in green. Meanwhile, the Shanghai Composite closed 0.7% lower.

The rupee is trading at 83.37 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.1% higher at Rs 61,145 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading flat at Rs 72,872 per kg.
 

Lupin Share Price is Rising. Here's Why...

On Friday, 24 November 2023, the share price of Lupin Limited opened higher than the previous close and saw over 3% increase in early trade.

This positive sentiment can be attributed to two reasons.

First, the rally is the outcome of the company's announcement that they have received tentative approval from the United States Food and Drug Administration (USFDA) for its type two diabetes medication called canagliflozin tablets.

The company also announced that it plans to market them from its Pithampur facility.

If we look at some numbers, these diabetes tablets have an estimated annual sales figure of US$561 million in the United States. So, Lupin may get a pie from the cake.

Apart from this, the company has also received another USFDA approval for its bromfenac ophthalmic solution which is used after a cataract surgery. This has established Lupin as the first generic alternative to Bausch & Lomb's prolensa ophthalmic solution.

Second, the company reported a robust second quarter result with a net profit spike of 277% to Rs 4.9 billion (bn) as compared to the same quarter last year.

Moreover, the earnings before interest, taxes, depreciation, and amortization (EBITDA) margins reached 19.4% as compared to 11.4% during the same period a year ago.

In the last one year, the share price of Lupin has offered returns of over 70%.

Why Insurance Stocks Are Rising

The shares of PSU insurance giants, Life Insurance Corporation of India Ltd. (LIC) and General Insurance Corporation of India Ltd. (GIC) were in the limelight and hit their respective 52 week high today.

The reason behind the rally in LIC is that the company announced plans to launch 3-4 new products in the coming months. With this new addition, the company is aiming for double-digit growth in the current financial year.

About GIC, the rise in share price came after the company announced that AM Best has reaffirmed its existing ratings and has also assigned India National Scale Rating (NSR) to the company.

AM Best is a leading credit rating agency that assesses the creditworthiness of insurance companies.

Another insurance stock New India Assurance has also been in the limelight.

For the first half of the financial year 2023-24, the company showcased resilience amid challenges, reporting a 3.4% YoY increase in total income, reaching Rs 191 billion (bn) compared to Rs 184.7 bn the previous year.

This positive trajectory was primarily fuelled by an impressive 8.1% YoY growth in Gross Written Premium (GWP), escalating from Rs 191.9 bn in H1 2022-23 to Rs 207.6 bn in H1 2023-24.

The noteworthy expansion in GWP was predominantly steered by robust performances in Motor OD (32.54%), Health (6.35%), and Others (9.01%) segments.

The future of the insurance industry in India looks promising owing to several changes in the regulatory framework, technological advancements, government support, and increasing awareness.

The insurance industry in India is likely to introduce new trends like product innovation, multi-distribution, better claims management, and regulatory trends in the Indian market as incomes rise and purchasing power and household savings grow exponentially.

New India Assurance shares have gained 27% in the last month and more than 86% in 2023 so far.

Why Paytm Share Price Fell Today

On Friday, 24 November 2023, the shares of One 97 Communications (Paytm) fell by 3.3%. The reason behind this decline is linked to reports of a block deal that took place today during early trade.

According to a report by The Economic Times, 17.8 million shares were sold worth Rs 14.4 bn, today during early trade.

In the last year, shares of Paytm have offered a return of 102%.
 

Tata Tech IPO

The Rs 30 bn initial public offer (IPO) of Tata Technologies received bids worth over Rs 1 trillion. The robust demand was led by institutional investors who made bids worth Rs 660 bn.

The shares of Tata Technologies are in high demand in the unlisted market, commanding a premium of over 80% as compared to the IPO price.

Tata Tech was one of the most anticipated IPOs of the year. Are the valuations offered by the company justified?

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