The Indian stock market witnessed significant volatility on November 21, as benchmark indices plunged amidst weak global cues and negative domestic developments. The Sensex closed at 77,156 (-0.5%) and the Nifty ended at 23,350 (-0.7%). Investor sentiment was further rattled by bribery allegations against Gautam Adani, leading to a sharp selloff in Adani Group shares.

Top Gainers

1. Power Grid Corporation of India

   • CMP: ₹325 | Change: +3%
   • Shares gained after Power Grid was chosen to acquire Khavda V-A Power Transmission Ltd for ₹18.95 crore, which will establish transmission systems for renewable energy in Gujarat.

2. One97 Communications (Paytm)

   • CMP: ₹844 | Change: +4%
   • Stock rallied as Bernstein reaffirmed a bullish stance, upgrading the target price to ₹1,000 from ₹750, citing improved growth optimism.

3. Indian Hotels Company

   • CMP: ₹785 | Change: +4%
   • Stock climbed after announcing the ‘Accelerate 2030’ strategy, targeting ₹1,000 crore in management fees by FY30. Jefferies raised its target price to ₹900.

4. UPL

   • CMP: ₹556 | Change: +2%
   • Gains came after UPL announced a $350 million investment by Alpha Wave Global in its seed subsidiary, Advanta Enterprises.

5. NLC India

   • CMP: ₹256 | Change: +8%
   • The stock surged on news of ₹3,720 crore investments in renewable energy projects and stake acquisition in NLC India Renewables.

Top Losers

1. Adani Group Stocks

   • Adani Enterprises and others: Down by 20% after Gautam Adani was indicted in the U.S. for alleged bribery and fraud involving over $250 million linked to solar energy contracts.

2. PSU Banks

   • Nifty PSU Bank index: Down 2.7%.
   • Major banks like SBI, Bank of Baroda, and PNB fell by up to 7%, reacting to their exposure to Adani Group stocks amidst the controversy.

3. PSP Projects

   • CMP: ₹609 | Change: -9%
   • Shares declined sharply after Adani Infrastructure announced a 30.07% stake acquisition at ₹642.06 per share, causing uncertainty among investors.

4. Nykaa (FSN E-Commerce Ventures)

   • CMP: ₹168 | Change: -1.4%
   • Stock fell after Bank of America downgraded it to ‘Underperform’ and cut the target price to ₹150, citing slower margin improvements.

5. Dr. Reddy’s Laboratories

   • CMP: ₹1,193 | Change: -2%
   • Declined after the USFDA issued a Form 483 with seven observations for its Hyderabad facility.

Sectoral Performance

Sectoral indices painted a grim picture, with 10 out of 13 in the red.

• Nifty PSU Bank (-2.7%) and Nifty Energy (-2.2%) led the losses.
• Sectors like IT and Auto managed minor gains amidst broader market weakness.

Market Outlook

The Indian markets remained under pressure from:

1. Weak global cues: Concerns over geopolitical tensions and tighter monetary policies weighed on equities worldwide.
2. Adani Group controversy: Allegations against Gautam Adani fueled fears of regulatory crackdowns and impacted public sector lenders.
3. Mixed earnings: While some companies like Power Grid and Paytm showcased positive developments, others like Nykaa and PSP Projects struggled with investor confidence.

As uncertainties persist, market participants will closely monitor geopolitical developments, corporate earnings, and central bank policies for further direction.

The Upcoming IPOs in this week and coming weeks are C2C Advanced System, Enviro Infra, Rajesh Power Services, Rajputana Biodiesel, Apex Ecotech, Agarwal Toughened, Ganesh Infraworld, Rosmerta Digital, Avanse Financial and Nisus Finance.

The Current active IPO is NTPC Green Energy and Lomosaic India.

For more insights into financial trends , visit our Top News Headlines. You can also explore investment opportunities in the market and apply for upcoming IPOs through our Best IPO to Apply Now section.