Indian stock market 2024 interim budget

Stock Market Weekly Updates

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Stock Market Updates: Indian Economy Outlook: A Glimpse into 2024

As we step into the new year, the Indian economy is buzzing with activity. Let’s delve into the latest updates and market trends for the week, dissecting key indicators and developments that shape the financial landscape.

1. Growth Projections and Telecom Triumphs

GDP Growth Anticipation:
India is poised to witness a robust 7.3% growth in the current financial year, according to advance estimates from the National Statistical Office (NSO). This optimistic forecast sets a positive tone for economic activities.

Telecom Sector Dynamics:
In October 2023, telecom giants showed distinctive trends. Jio led the way by gaining 31.59 lakh mobile users, Airtel followed with an increase of 3.52 lakh subscribers. Meanwhile, Vodafone-Idea faced a setback, losing 20.44 lakh subscribers, as reported by the Telecom Regulatory Authority of India (TRAI).

2. Power Pact with Nepal and Manufacturing Challenges

Nepal-India Power Trade Deal:
A significant stride in regional cooperation, Nepal and India inked a power trade deal. Over the next decade, Kathmandu is set to export 10,000 megawatts (MW) of hydro-electric power to India, fostering energy collaboration.

Manufacturing Activity Deceleration:
India’s manufacturing sector witnessed a growth dip, with the S&P Global measuring it at 54.9 in December, down from 56 in November. Although a figure above 50 still denotes growth, this marks the lowest level in the last 18 months, reflecting challenges in the sector.

3. Financial Innovations and Taxation Adjustments

‘UPI for Secondary Market’ Beta Launch:
The financial landscape welcomes a new phase as the ‘UPI for Secondary Market’ entered its beta stage on January 1, 2024. Investors can now seamlessly buy stocks by blocking funds from their bank accounts using UPI, enhancing convenience in stock trading.

Windfall Profit Tax Adjustment:
India has raised the windfall profit tax on crude oil from Rs 1,300 to Rs 2,300 per tonne. This move aims to manage economic variables in the face of global fluctuations in crude oil prices.

4. Tax Filing Surge and Agricultural Shifts

Income Tax Returns (ITRs) Surge:
The assessment year concluded with a notable surge in Income Tax Returns (ITRs). By December 31, 2023, 8.18 crore ITRs were filed, marking a 9% increase year-on-year.

Agricultural Production Dynamics:
India witnessed shifts in the agricultural sector, with sugar production registering a 7.6% year-on-year decline, touching 112 lakh tonnes between October 1 and December 31. Additionally, tea production fell by 6.18% in November 2023, totaling 127.12 million kg.

5. Market Performance and Global Comparisons

Weekly Market Overview:
The week witnessed fluctuating market indices:

  • Monday: 21,742 (+0.05%)
  • Tuesday: 21,666 (-0.35%)
  • Wednesday: 21,517 (-0.69%)
  • Thursday: 21,659 (+0.66%)
  • Friday: 21,711 (+0.24%)

Comparative Analysis:
Comparing this week’s market closure with the previous week:

  • Sensex: 72,026.15 (-0.30%)
  • Nifty: 21,710.80 (-0.09%)
  • Gold: Rs 62,488 (-1.17%)
  • Silver: Rs 72,250 (-2.50%)
  • Dow Jones: 37,440.34 (-0.66%)
  • NASDAQ: 14,510.30 (-3.34%)

The week unfolds with a mix of economic highs and lows, mirroring the dynamic nature of India’s financial landscape. As the nation navigates through global uncertainties, the resilience of the economy and strategic policy implementations remain pivotal.

Read More Stock Market Daily Updates

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