Stock Market Highlights: Indices reverse Tuesday's gains, Nifty 50 ends at five-month low

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Adani Group stocks slide as US court indicts Gautam Adani and others in a case

Adani Group stocks erase market capitalisation of more than ₹2 lakh crore, stocks fall 7-23%

Sensex falls 423 points to 77,156 and Nifty 169 points to 23,350

Midcap index slips 163 points to 54,385 and Nifty Bank 254 points to 50,373

Power Grid continues to see buying, ends the day as top Nifty gainer

Indian Hotels hits record high as company looks to double its revenue by 2030

Suzlon moves higher, hits upper circuit for third straight session

NLC’s ₹3,720 crore investment announcement helps company gain 6%

UPL rises 2% on Alpha Wave Global’s 12.5% stake buy in arm, Advanta Ent

Paytm rises more than 3% following positive brokerage note from Bernstein

Swiggy snaps six-day losing streak, rises nearly 2%

PSP Projects slips 10% after Adani Enfra announces 30% stake buy at ₹642 per share

Sammaan Capital extends Tuesday’s gains as Moody’s reaffirms rating, up 7%

Market breadth remains in favour of declines, advance-decline ratio at 1:3

Adani Group stocks are under pressure today but the street may choose to look at the group on a bottoms up basis and maybe dip into stocks with tangible assets with better prospects.

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The Nifty PSU Bank index on November 21 recorded its sharpest intraday fall in over five months, plunging nearly 5% amid a broad market sell-off. Investor sentiment took a hit as public sector bank stocks saw sharp declines, with State Bank of India (SBI), Bank of Baroda, and Punjab National Bank (PNB) among the hardest hit.

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Risdiplam is used to treat spinal muscular atrophy, a rare nerve & muscle disorder

Vedanta Resources Ltd., controlled by Indian billionaire Anil Agarwal, is reassessing timing for a potential sale of dollar bonds, after a US indictment of the founder of separate conglomerate Adani Group fueled market volatility, people familiar with the matter said.

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Shares of Suzlon Energy Ltd. are locked in an upper circuit of 5% at ₹65.33 on Thursday, November 21. The stock has gained for four days in a row. With today’s surge, the stock is up 22% from recent lows.

On the charts, Suzlon’s Relative Strength Index (RSI) stood at 42.7 . An RSI reading below 30 is considered ‘Oversold’ and above 70 means that the stock is in ‘Overbought’ territory.

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#FromReuters | There is no basis’ to investigate matter w.r.t charges on Adani Group. Have not got any documents over charges by the U.S., says head of Solar Energy Corporation of India pic.twitter.com/rsrsEWxkWb

— CNBC-TV18 (@CNBCTV18Live) November 21, 2024

Here are a couple of stock recommendations by Jay Thakkar, ICICI Securities:

Buy Alkem Labs with a stop loss of ₹5,550 and a target of ₹5,750
Buy Indian Hotels with a stop loss of ₹775 and a target of ₹840-860

Gold prices saw a fourth consecutive day of gains on Thursday (November 21), driven by a surge in safe-haven demand as geopolitical tensions escalate, particularly the ongoing Russia-Ukraine conflict.

Spot gold rose by 0.3%, reaching $2,657.40 per ounce, the highest since November 11.

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The stock’s gain was further bolstered by upbeat assessments from leading brokerages Jefferies and Morgan Stanley, which reiterated their positive outlook on the stock

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The Adani Group issued a media statement on Thursday, November 21, after a US District Court and the SEC charged Gautam Adani and other group executives of bribery over certain solar projects.

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“All possible legal recourse will be sought, we are fully compliant with all laws. All the allegations are baseless,” says Adani Group

Adani Group stocks are trading with losses between 10% to 25% after the US district court and the SEC, indicated Gautam Adani and other group executives on bribery charges. These charges pertain to the certain solar energy contracts.

Here’s how events shaped up between Adani, Azure, SECI

In response to the recent developments involving the Adani Group, shares of PSP Projects declined as much as 9% during Thursday’s trading session. The stock has been an underperformer so far this year, trading negatively on a year-to-date basis.

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In or about March 2023, FBI special agents took steps in furtherance of the FBI investigation and the grand jury investigation that revealed the existence of those investigation, as well as certain crimes and individuals under investigation to the defendent Sagar Adani, which information was shared with the defendent Gautam Adani, the US District Court order said.

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Here are a couple of stock recommendations by Sacchitanand Uttekar, Tradebulls
Buy M&M with a stop loss of ₹2,910 and a target of ₹3,100
Buy Divi’s Laboratories with a stop loss of ₹5,920 and a target of ₹6,070

A US court indicting Adani Group and its Chairman Gautam Adani for bribing Indian government officials has eroded the combined market value of the group’s stocks by ₹2.6 lakh crore ($30 billion) by 10:45 am on November 21, but that may just be the start of a series of challenges, according to experts.

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The indictment of #AdaniGroup‘s Chairman & other senior officials on bribery charges is #credit #negative for the group’s companies: #Moody‘s on Adani Group

Our main focus when assessing #AdaniGroup is on the ability of the group’s companies to access capital to meet their… pic.twitter.com/gZ1MdiA64R

— CNBC-TV18 (@CNBCTV18Live) November 21, 2024

Here are a couple of stock recommendations by technical analyst Mitessh Thakkar:

Buy Jubilant Foods with a stop loss of ₹603 and a target of ₹630
Sell ITC with a stop loss of ₹463 and a target of ₹450

Adani Group stocks eras market cap of nearly Rs 2 lakh crore aftre US court and SEC’s criminal indictment and civil complaint

Adani Green Energy Ltd. has cancelled plans on Thursday to raise $600 million in US dollar-denominated bonds. The bond had been priced but was pulled after US prosecutors charged Gautam Adani in an alleged $250 million bribery scheme.

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#OnCNBCTV18 | We will consistently grow at a higher growth rate than seen in the past, wind turbine business may be cyclical, but will continue to grow the service biz as well: JP Chalasani, #SuzlonGroup says pic.twitter.com/xGxysMgXPi

— CNBC-TV18 (@CNBCTV18Live) November 21, 2024