As per provisional closing data, the barometer index, the S&P BSE Sensex fell 422.59 points or 0.54% to 77,155.79. The Nifty 50 index declined 168.60 points or 0.72% to 23,349.90.

In the broader market, the S&P BSE Mid-Cap index shed 0.37% and the S&P BSE Small-Cap index fell 0.67%.

The market breadth was positive. On the BSE, 1,235 shares rose and 2,737 shares fell. A total of 93 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.09% to 15.99.

IPO Update:

The initial public offer (IPO) of NTPC Green Energy received bids for 52,81,56,774 shares as against 59,31,67,575 shares on offer, according to stock exchange data at 15:15 IST on 21 November 2024. The issue was subscribed 0.89 times.

The issue opened for bidding on 19 November 2024 and it will close on 22 November 2024. The price band of the IPO is fixed between Rs 102 to Rs 108 per share. An investor can bid for a minimum of 138 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index dropped 2.70% to 6,318.90. The index fell 3.30% in two consecutive trading sessions.

Punjab National Bank (down 4.22%), Bank of Baroda (down 3.6%), Canara Bank (down 3.33%), Indian Overseas Bank (down 2.8%), State Bank of India (down 2.75%), Bank of India (down 2.66%), UCO Bank (down 2.54%), Bank of Maharashtra (down 2.33%), Central Bank of India (down 1.99%) and Punjab & Sind Bank (down 1.74%) declined.

Stocks in Spotlight:

Shares of nine Adani group stocks fell by 7% to 24% after U.S. indicted billionaire Gautam Adani and associates for a massive $250 million bribery scandal linked to solar energy projects.

Adani Enterprises (down 23.45%), Adani Energy Solutions (down 20%), Adani Green Energy (down 18.89%), Adani Ports and Special Economic Zone (down 13.11%), Ambuja Cements (down 12.56%), Adani Total Gas (down 10.35%), Adani Wilmar (down 10%), Adani Power (down 9.56%) and ACC (down 7.92%) slump.

Britannia Industries slipped 1.96% after the company informed that it has received a notice from the Food Safety and Standards Authority of India (FSSAI) to prohibit the sale of one batch of its product.

Dr Reddy’s Laboratories (DRL) declined 1.60% after the US Food and Drug Administration (USFDA) concluded its Good manufacturing practice (GMP) inspection with seven observations at API manufacturing facility in Bollaram, Hyderabad.

NBCC (India) slipped 1.69%. The company said that it has bagged a contract worth Rs 202 crore from Rajasthan State Industrial Development & Investment Corporation (RIICO).

Bharat Global Developers was locked in an upper circuit of 5% after the company’s Dubai-based wholly-owned subsidiary received orders for processing and supplying worth Rs 251 crore.

NLC India (NLCIL) surged 8.73% after the company’s board approved to invest Rs 3,720 crore in its wholly owned subsidiary, NLC India Renewables (NIRL) in one or more tranches for the various renewable projects.

Godrej Properties (GPL) added 0.35%. The company announced that it has acquired a 53-acre land parcel in Kolkata with an estimated potential development of 1.3 million square feet of saleable area.

Tata Technologies slipped 1.73%. The company has signed a memorandum of agreement (MoA) with Department of Industries & Commerce, Government of Tripura, Secretariat, Agartala, for ITI Upgrade project for upgrading 19 ITI across Tripura for Rs 95.65 crore.

Praveg declined 1.43%. The company announced its partnership with Lallooji & Sons as the master franchise for marketing and booking of 400 luxury tents at the renowned Rann Utsav 2024-25.

Orissa Minerals Development Company shed 0.21%. The company has reported 58.9% decline in net profit to Rs 0.79 crore on a 40.7% increase in net sales to Rs 23.39 crore in Q2 FY25 as compared with Q2 FY24.

PSP Projects dropped 9.48% amid allegations that US prosecutors have indicted Gautam Adani and his associates for a $250 million bribery scheme.This comes a day after Adani Infra (India) announced a significant stake purchase in PSP Projects. Adani Infra (India), Adani Group’s PMC arm, signed definitive agreements to acquire up to 30.07% stake from PSP Project's existing promoter - Prahladbhai S. Patel. Presently, Prahladbhai S Patel and Family own 60.14% stake in the company.

Rites declined 0.35%. The company said that it has signed a memorandum of understanding (MoU) with the National Institute of Solar Energy (NISE) to collaborate for quality assurance (QA) services for solar and renewable energy projects.

NBCC (India) lost 1.60%. The company has bagged a contract worth Rs 202 crore from Rajasthan State Industrial Development & Investment Corporation (RIICO).

Tata Power Company shed 0.12%. The company has entered into a strategic partnership with Druk Green Corporation, a subsidiary of Druk Holding and Investments, to develop at least 5,000 megawatts of clean energy generation capacity in Bhutan.

BEML added 1.05% after the company said that it has secured a substantial order worth Rs 246.78 crore from Central Coalfields (CCL).

Global Markets:

The Dow Jones index futures dropped 188 points, signaling a negative opening for U.S. stocks today.

European and Asian stocks declined on Thursday, dampened by mixed signals from Nvidia's earnings report, heightened geopolitical tensions and upcoming data. Investors remained cautious, with concerns over Russia-Ukraine conflict weighing on sentiment.

U.S. stocks closed mixed on Wednesday, with Target's disappointing earnings and Nvidia's tempered guidance impacting investor sentiment. While the Dow Jones Industrial Average gained 0.32%, the S&P 500 index ended flat%, and the NASDAQ Composite index fell 0.11%.

Investors were rattled by a nearly 22% slide in Target after the retailer missed expectations for its September quarter earnings. Target steadied in evening trade, although its earnings also raised some questions over weakening retail spending.

Nvidia shares fell more than 1% in aftermarket trade to around $144.0, trimming some losses after falling as much as 2% just after its earnings. Earnings per share rose to $0.81 on revenue of $35.1 billion, higher than expectations of $0.75 in EPS and $33.09 billion in revenue.

Nvidia's quarterly results, while exceeding expectations, fell short of some analysts' hopes for a more significant beat. The company's guidance for the fourth quarter, though slightly above estimates, hinted at a slower pace of revenue growth, raising questions about the sustainability of AI-driven demand. This cautious outlook tempered investor enthusiasm and contributed to the broader market's subdued performance.

Market participants are now focused on a series of U.S. economic indicators, including jobless claims, home sales data, and the Purchasing Managers' Index (PMI). Additionally, several Federal Reserve officials are scheduled to speak, providing insights into the central bank's monetary policy outlook.