Domestic equity barometers ended with limited gains on Wednesday, rising for the second day in a row. The Nifty managed to settle above the 19,800 level after hitting the day?s low of 19,703.85 early afternoon trade. IT, auto and pharma shares advanced while banking, metal and media stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex gained 92.47 points or 0.14% to 66,023.24. The Nifty 50 index added 28.45 points or 0.14% to 19,811.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index fell 0.63%.

The market breadth was negative. On the BSE, 1,624 shares rose and 2,065 shares fell. A total of 141 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3% to 11.87.

IPO Updates:

The initial public offer (IPO) of Tata Technologies received bids for 25,05,30,300 shares as against 4,50,29,207 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (22 November 2023). The issue was subscribed 5.56 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO of Flair Writing Industries received bids for 2,26,52,553 shares as against 1,44,13,188 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (22 November 2023). The issue was subscribed 1.57 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 288-304 per share. An investor can bid for a minimum of 49 equity shares and in multiples thereof.

The IPO of Gandhar Oil Refinery (India) received bids for 9,54,20,864 shares as against 2,12,43,940 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (22 November 2023). The issue was subscribed 4.49 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 160-169 per share. An investor can bid for a minimum of 88 equity shares and in multiples thereof.

The IPO of Fedbank Financial Services received bids for 1,72,11,057 shares as against 5,59,23,660 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (22 November 2023). The issue was subscribed 0.31 times.

The issue opened for bidding on Wednesday (22 November 2023) and it will close on Friday (24 November 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 107 equity shares and in multiples thereof.

The IPO of Indian Renewable Energy Development Agency (IREDA) received bids for 1,86,47,20,860 shares as against 47,09,21,451 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (22 November 2023). The issue was subscribed 3.96 times.

The issue opened for bidding on Tuesday (21 November 2023) and it will close on Thursday (23 November 2023). The price band of the IPO is fixed at Rs 30-32 per share. An investor can bid for a minimum of 460 equity shares and in multiples thereof.

Stocks in Spotlight:

Tata Consultancy Services (TCS) added 0.56%. The United States Supreme Court on 20 November 2023 rejected the company?s petition to file an appeal against the orders passed by the US Court of Appeals, 7th Circuit, which confirmed the punitive damages award of $140 million passed by the District Court of Wisconsin. The company intends to make the balance provision of approximately $125 million in its financial statements as an exceptional item, for the third quarter and nine months ending 31 December 2023.

Wipro shed 0.11%. The IT major announced a collaboration with NVIDIA to help healthcare companies accelerate adoption of generative artificial intelligence (gen AI) through AI-driven strategies, products, and services.

Maruti Suzuki India fell 0.42%. A meeting of the board of directors of the company is scheduled to be held on 24th November 2023, to consider and approve allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation (SMC) on a preferential basis.

Titan Company gained 0.94%. The Competition Commission of India (CCI) has approved acquisition of additional shareholding in CaratLane Trading Private (CaratLane) by Titan Company. The proposed combination relates to the acquisition by Titan of 27.18% share capital of CaratLane held by the Founder of CaratLane Trading Private Limited and his family members.

Adani Enterprises declined 0.79%. The company said that its wholly owned subsidiary Adani Defence Systems and Technologies has signed shareholders agreement and share subscription agreement with Elbit Systems, Israel. Accordingly, Elbit Systems (ESL) will acquire 44% stake in Atharva Advanced Systems and Technologies (AASTL), which is a wholly owned subsidiary of Adani Defence. As per the Agreements, AASTL will issue 7,857 equity shares at a price of Rs10 each to ESL.

Bharat Petroleum Corporation (BPCL) rallied 3.62% after the company announced that its board will meet on Wednesday, 29 November 2023, to consider the proposal of declaration of interim dividend for the financial year 2023-24. On the same day, the board will also fix the ?record date? for the purpose of said dividend payout.

Texmaco Rail & Engineering advanced 3.46% after the company announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 135.90 per share. Meanwhile, the company informed that meeting of the committee is scheduled to be held on Friday, 24 November 2023 to consider and approve the issue price, including a discount if any thereto.

Global Markets:

Most of the European markets advanced while Asian stocks ended mixed on Wednesday.

Minutes from the U.S. Federal Reserve?s recent meeting revealed that policy officials maintained that monetary policy had to be restrictive and had little appetite for rate cuts.

As per latest media reports, U.K. Finance Minister Jeremy Hunt will deliver his Autumn Statement budget shortly after midday London time, amid pressure from within the ruling Conservative Party to implement tax cuts as the country?s economy stagnates.

The reports said that Hunt is expected to announce measures to attract business investment and remove barriers to large scale infrastructure projects, and is under pressure from the right of his party to enact tax cuts.

US stocks dipped on Tuesday while minutes from the Federal Reserve?s most recent meeting showed the central bank is in a position to proceed carefully. The Fed?s minutes from its October 31-November 1 meeting showed the policy makers wrestling with conflicting signals and agreeing to continue with caution after voting to leave the Fed funds target rate at 5.25-5.50%.

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