Sensex Today | Stock Market LIVE Updates: Nifty slips below 23,950, Infosys, HDFC Bank top contributors to its downside

UBS has retained its ‘neutral’ rating of the fintech stock but has raised the target price by 104% to ₹1000 from ₹490 earlier. This implies a potential upside of nearly 9% from the closing price of November 27.

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Honasa Consumer shares have hit upper circuit of 10%

The stock is down 38.05% in the past month

Shares of NBCC Ltd., the state-run buildings and construction company, are trading with gains of up to 5% on Thursday, November 28.

NBCC will be developing a 10-acre industrial plot in Noida at a tentative project cost of approximately ₹600 crore. This will be developed in partnership with Housing and Urban Development Corporation (HUDCO), the company had said in an exchange filing.

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Barring Adani Enterprises, Shriram Finance, SBI, Cipla and Tata Motors, the remaining 45 stocks in the index are trading with losses

State-owned insurer, Life Insurance Corporation of India (LIC) has responded to media reports regarding its potential acquisition of a 50% stake in ManipalCigna Health Insurance. The Economic Times had earlier reported that LIC was in advanced talks to acquire the stake, which could value the company at approximately ₹4,000 crore.

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SpiceJet is actively clearing its financial dues following a crucial ₹3,000 crore infusion from investors through a Qualified Institutional Placement (QIP) in September 2024. The investment provided a lifeline to the struggling low-cost airline, enabling it to address various outstanding obligations and pursue a path toward recovery.

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OPEC+ will delay Sunday’s online meeting on oil production curbs to Dec. 5, according to delegates who asked not to be identified. The group is set to discuss whether to proceed with reviving supplies, beginning with an increase of 180,000 barrels a day in January. Delegates said earlier this week that talks have begun on delaying the move, potentially for several months.

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Godrej Enterprises announced a major brand repositioning, unveiling a refreshed identity centred around a distinct purple logo while retaining the iconic cursive style. The move reflects the company’s shift towards premium consumer-facing businesses and aims to create a unique and consistent presence across all touchpoints.

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The IPO of Enviro Infra Engineers, which was open for subscription from November 22 to November 26, has a fixed price band of ₹140-148 per share. Through this offering, Enviro Infra has raised ₹650 crore.

Will it see healthy listing gains?

The Nifty 50 index has declined over 350 points from the highs of the trading session with most of the losses seen in the last two hours over a potential escalation in geopolitical tensions between Russia and Ukraine. Today is also the monthly expiry for the Nifty 50 contracts.

Take a look at the biggest contributors

Barring Adani Enterprises, SBI, HDFC Life, Coal India, Tata Motors, the remaining 45 stocks in the index are trading with losses.

Here are a couple of stock recommendations by Aditya Agarwala, Head-Research & Investments, Invest4edu:

Buy BHEL for a target price of ₹270 with a stop loss of ₹240
Buy LIC Housing Finance for a target price of ₹665 with a stop loss of ₹615

Parent banks of HDFC Life, Max Life & SBI Life form 85-95% of bancassurance business

For ICICI Prudential, ICICI Bank forms 50% Of its bancassurance business

Matt Orton, Chief Market Strategist at Raymond James Investment, expects foreign institutional investor (FII) inflows into India to pick up pace again as the year progresses.

He views India as a stabilising factor in a US-focused portfolio, and has been increasing his investments here during market corrections.

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Recently listed NTPC Green Energy Ltd., the subsidiary of state-run NTPC Ltd., saw shares surge another 5% after a 12% gain on its listing day on Wednesday.

The stock surged after the company announced the commencement of commercial operation of the first part of its Shajapur Solar Project in Madhya Pradesh.

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The initial public offering (IPO) of Suraksha Diagnostic Ltd., a West Bengal-based diagnostic chain, is set to open for subscription tomorrow, November 29, and will close on December 3.

Ahead of the issue opening, the grey market premium (GMP) for Suraksha Diagnostic shares stood at ₹0.

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

Buy HPCL with a stop loss of ₹375 and a target of ₹400
Buy IOC with a stop loss of ₹135.50 and a target of ₹147

#BEML‘s Chennai Metro Rail Corp order value revised to ₹3,658 cr https://t.co/lfXYc6I2Gq pic.twitter.com/Q7TPnYFTvD

— CNBC-TV18 (@CNBCTV18Live) November 28, 2024

Shares of Indian Renewable Energy Development Agency (IREDA) Ltd. gained as much as 8.5% on Thursday, November 28, as the rebound in many state-run companies continued through the course of this week.

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HDFC Bank shares are down 2% from its all-time high of Rs 1,836.10, which it hit earlier in trade today.

The stock is also among the top contributors towards Nifty 50’s downside at the moment, contributing 19 points.

Nifty 50 is currently at 24,048.85

Infosys, HDFC Bank, M&M are the top contributors towards its downside