Market Close: Benchmark indices ended lower but off day’s low as buying in metal and energy stocks helped Nifty to hold above 11,900.
At close, the Sensex was down 215.76 points or 0.53% at 40359.41, while Nifty was down 54 points or 0.45% at 11914.40. About 1220 shares have advanced, 1306 shares declined, and 184 shares are unchanged.
Bharti Infratel, Infosys, Asian Paints, TCS and UPL were among major losers on the Nifty, while gainers included Eicher Motors, Tata Steel, Zee Entertainment, JSW Steel and NTPC.
On the sectoral front, selling seen in the IT, FMCG, bank, while metal, auto and energy saw buying.
Lupin launches Hydrocortisone Valerate Cream: The company launched Hydrocortisone Valerate Cream USP, 0.2%, having received an approval from the United States Food and Drug Administration (USFDA) earlier.
RBL Bank jumps 6%: Shares of RBL Bank rallied 6 percent on November 22 and second top gainer in the BSE Midcap index. Chola Securities feels the stock would be market performer, especially after strong earnings growth barring weak asset quality in Q2FY20.
DHFL locked in 5% upper circuit: Shares of Dewan Housing Finance Corporation were locked in 5 percent upper circuit on November 22 after a media report indicated that Adani Group showed interest to acquire the company.
Dr. Reddy’s Lab launches Doxercalciferol Injection in US market: The company launched Doxercalciferol Injection, 4 mcg/2 ml (2 mcg/ml) Multiple-Dose Vials, the therapeutic generic equivalent of Hectorol (doxercalciferol) Injection 4 mcg/2 ml (2 mcg/ml) MultipleDose Vials, approved by the US Food and Drug Administration (USFDA).
Motilal Oswal bullish on Eicher Motors, says can hit Rs 25K in FY21
Eicher Motors share price gained 1.6 percent intraday on November 22 after Motilal Oswal advised buying the stock with a target of Rs 25,000, implying 14 percent potential upside from current levels.
At upper end of the price band of Rs. 195, the issue is valued at a P/BV of 2.2x which we believe is at a premium as compared to other listed small private Banks with better ROE profile. We recommend investors with medium risk appetite to “SUBSCRIBE the issue for listing gains, said AJCON Global.