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In recent trading news, the NSE Nifty index rose by 61.3 points to 19,584.85 on Friday, September 29, 2023. This increase was largely driven by buying in frontline blue chip stocks. Among the top gainers were NTPC, Dr. Reddys, Hindalco, Sun Pharma and Cipla. However, stocks such as LTIMindtree (NS:), Adani Ent., Infosys (NS:), HCL Tech and Tech Mahindra traded in the red.
Shares of Zodiac Clothing, Puravankara, Eris Lifesciences, Aurobindo Pharma and BEW Engineering hit their fresh 52-week highs at 11:00 AM (IST) on NSE. Conversely, Navin Fluorine, CMM Infraprojects, FutureLifestyleFash, Shree Ram Proteins and Delta Corp touched their fresh 52-week lows. Overall, 33 shares traded in the green in the Nifty50 index, while 17 traded in the red.
The was also trading up by 150.72 points at 6,5659.04 at 11:00AM (IST). Traders were seen accumulating positions in Telecommunications, Metals – Non Ferrous, Airlines, Media & Entertainment and Pharmaceuticals sectors. Meanwhile, selling was visible in Defence, Banks, Term Lending Institutions, Building Materials and Irrigation & Allied Services sectors.
Pharmaceutical stocks were particularly in focus with Cipla, Sun Pharma, Dr Reddy’s, Divis Labs and Glenmark Pharmaceuticals trading strong on Friday. NTPC also saw a significant rise of almost 4 percent at Rs 278 ($1 = Rs 83.11) while Glenmark Pharmaceuticals traded 6.2 percent higher.
On the other hand, IT stocks experienced a downturn with LTIMindtree, Infosys Technologies, HCL Technologies, and Tech Mahindra trading in the red. Among other losers on NSE were Adani Enterprises and Axis Bank.
In other news, Abu Dhabi-based International Holding Company PJSC (IHC) announced on Thursday that it is selling its stake in Adani Green Energy and Adani Energy Solutions. This comes less than 18 months after the strategic investment company invested ₹15,400 crore (Rs 1 crore = $120,252) in three Adani group companies.
Looking ahead, online sellers, major brands and ecommerce platforms are preparing for robust sales through the festive season, as the online shopping ecosystem recovers from a relatively muted first half of the year, according to industry executives.
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