Indian stock market 2024 interim budget

Stock Market Updates

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Bearish Mood Grips Stock Market: Key Highlights from Yesterday’s Trading

Markets were in a bearish mood yesterday, with all major indices, including Sensex and Nifty, witnessing a downward trend. The bearish sentiment was particularly pronounced in micro-cap and small-cap stocks, which experienced significant selling pressure. Several sectors, including media, metal, and PSU bank stocks, also bore the brunt of the market’s negative sentiment.

In the Nifty 50 index, there were only two gainers amidst a sea of red. Let’s take a closer look In stock Market at the top gainers and losers:

Top Gainers

  1. M&M
  • Stock Price: Rs 1,565.15
  • Percentage Change: ▲ 0.44%
  1. Bajaj Finance
  • Stock Price: Rs 7,798.90
  • Percentage Change: ▲ 0.38%

Top Losers

  1. LTIMindtree
  • Stock Price: Rs 5,201.75
  • Percentage Change: ▼ 3.96%
  1. Adani Enterprises
  • Stock Price: Rs 2,308.65
  • Percentage Change: ▼ 3.56%
  1. Hindalco
  • Stock Price: Rs 456.70
  • Percentage Change: ▼ 3.19%
  1. Adani Ports
  • Stock Price: Rs 771.45
  • Percentage Change: ▼ 2.80%
  1. UPL
  • Stock Price: Rs 586.70
  • Percentage Change: ▼ 2.78%

In other financial news, it’s important to note that both the BSE and NSE will be closed on October 24th (Tuesday) in observance of the Dussehra festival. Additionally, the BSE has announced an increase in transaction charges in the equity derivatives segment, effective from November 1.

On the global front, the United States has emerged as India’s largest trading partner for the April-September period in the current financial year, surpassing China in this regard.

In the corporate world, Flipkart reported a total revenue of Rs 56,013 crores in the 2023 financial year, but the company also incurred a net loss of Rs 4,834 crores, according to data from Tofler.

Stocks in the Spotlight

  • ONGC will acquire PTC India’s wind power unit for Rs 925 crores.
  • Kotak Mahindra has appointed Ashok Vaswani as the new Managing Director and CEO.
  • Lupin has received approval from US authorities to market its generic Fluconazole tablets.
  • IOC and BPCL have been fined by the new Central Pollution Control Board (CPCB) for not installing pollution control devices at their petrol pumps.
  • Aditya Birla Fashion subsidiary, Aditya Birla Digital Fashion Ventures, is set to acquire a 51% stake in Styleverse Lifestyle for Rs 155 crores.

IPO Corner

  • The Blue Jet Healthcare IPO is scheduled to open on October 25th and close on October 27th, with an issue size of Rs 840.27 crores.
  • Cello World’s IPO, with an issue size of Rs 1,900 crores, will open on October 30th.

Stock Market Movements

  • In the one-day change category, Gold showed a slight positive movement, with a 0.44% increase in its price.
  • Silver also experienced gains, rising by 0.58%.
  • The USD-INR exchange rate saw a minor increase of 0.08%.
  • However, the US stock market had a tough day, with the Dow Jones and Nasdaq both declining by 0.86% and 1.53%, respectively.

Long-Term Returns

Long term return stock market
  • Over the past 20 years, the Indian stock market, as represented by Sensex and Nifty, has delivered robust annual returns of approximately 14.06% and 13.73%, respectively.
  • In comparison, the US stock market, represented by the Dow Jones and Nasdaq, has seen annual returns of 6.38% and 10.09%, indicating the strength and resilience of the Indian market over the long term.

In conclusion, yesterday’s bearish sentiment in the stock market, along with the various corporate developments and IPO announcements, highlights the dynamic nature of the financial landscape. It’s essential for investors to stay informed and make well-informed decisions, especially during periods of market volatility.

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