Gift Nifty Shows a flat Opening
* Indian equity benchmarks Sensex and Nifty declined due to a sharp drop in Adani group stocks, influenced by allegations against Gautam Adani in the US.
* Market analyst Riyank Arora recommends a buy-on-dips strategy for Paytm and suggests buying IndiGo at current prices, while advising caution for Varun Beverages, which is showing signs of weakness.
* Paytm is trading above key resistance levels, indicating strength, while IndiGo’s bullish momentum is expected to drive it towards Rs 4500, contrasting with Varun Beverages’ negative technical structure.
* Gold prices are on track for a weekly gain, driven by safe-haven demand amid escalating geopolitical tensions.
* Spot gold was steady at $2,669.99 per ounce, reflecting a rise of over 4% for the week, while U.S. gold futures edged down slightly.
* The Adani Group’s bonds are under significant pressure following fraud charges against founder Gautam Adani by U.S. prosecutors, leading to a loss of approximately $27 billion in market value.
* Despite the group’s denial of the allegations and assurances of being a law-abiding organization, the indictment has spooked investors, causing a decline in the trading value of its bonds.
* Enviro Infra Engineers’ IPO opens today with a price band of Rs 140-148 per share, aiming to raise funds for working capital, subsidiary investment, and debt repayment.
* The IPO includes a fresh equity sale worth Rs 572 crore and an offer for sale of nearly Rs 78 crore, with subscription closing on November 26 and listing expected on November 29.
* Analysts recommend subscribing to the IPO for long-term investment, citing the company’s diversified order book and strong financial growth, with revenue increasing from Rs 224 crore in FY22 to Rs 729 crore in FY24.
* Bitcoin is nearing the $100,000 milestone, driven by Donald Trump’s pro-crypto stance and expectations of a favorable regulatory environment, with significant investments flowing into bitcoin ETFs.
