Stock Market Weekly Updates

A Weekly Roundup of India’s Economic Landscape: Stock Market Trends and Key Indicators

In the dynamic world of finance, the past week in India brought forth a mix of highs and lows across various sectors. Let’s take a closer look at the key happenings and notable market trends.

Energy and Commodities:

• India’s electricity consumption saw a robust growth of 8.5% YoY, reaching 119.64 billion units in November.
• Government-run companies experienced a surge in petrol sales by 7.5% in November 2023, with airline fuel sales also on the rise by 6.1%. However, diesel and LPG sales witnessed a decline of 7.5% and 0.9%, respectively.

Government Initiatives:

• The Indian government made strategic moves to stimulate economic activity. It reduced the windfall gains tax on crude oil from Rs 6,300 to Rs 5,000 per tonne, leading to a 4.6% reduction in airline fuel prices.
• The price of commercial cooking gas (LPG) was increased by Rs 21 per 19-kg cylinder.

Economic Indicators:

• India’s GDP growth for the July-September 2023 quarter stood at an impressive 7.6%, surpassing RBI estimates of 6.5%.
• The Defence Acquisition Council (DAC) gave the nod for the procurement of Rs 2.23 lakh crore worth of defence equipment from domestic companies.

Infrastructure and Real Estate:

• Key infrastructure sectors in India exhibited significant growth, recording a 12.1% increase in October compared to 9.2% in September.
• The real estate market showed a substantial demand for ultra-luxury properties, with Rs 4,063 crore in sales in 2023. A total of 588 ultra-luxury homes were sold across the top 7 cities, according to Anarock Research.

Fiscal and Economic Outlook:

• India’s fiscal deficit for April-October stood at 45% of the full-year target, a marginal decrease from 45.6% during the same period last year.
• Vehicle retail sales during the 42-day festive period experienced a noteworthy 19% YoY growth, reaching 37.93 lakh units, according to FADA.

Market Performance:

• The stock market witnessed fluctuations throughout the week. After a holiday on Monday, the SENSEX and NIFTY showed positive momentum, closing at 67,481.19 and 20,267.90, respectively. Gold prices rose by 1.84%, reaching Rs 62,629, while silver recorded an impressive 6.39% increase, reaching Rs 77,523.
• In the global market, Dow Jones gained 1.92%, closing at 35,950.89, while NASDAQ experienced a slight dip of 0.28%, closing at 14,226.22.

As the week unfolded, India’s economic landscape showcased resilience and growth in various sectors, providing investors and enthusiasts with valuable insights into the nation’s financial health. It remains crucial to stay tuned to emerging trends and government initiatives for a comprehensive understanding of the economic dynamics at play.

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