Stock Market Daily Updates

Indian Stock market displayed resilience as they opened higher than the previous day’s closing point, setting a positive tone for the day.

The bullish momentum continued throughout the trading session, ultimately pushing the markets to close with a notable gain of over 1%. Notably, the Information Technology (IT) sector stole the spotlight, witnessing a remarkable surge of over 5%. However, the Healthcare and Media sectors didn’t fare as well, closing in the red.

Global Market Overview

In contrast to most other Asian markets, which closed in negative territory, the Indian market’s positive performance stood out. On the European front, all markets closed in the green, showcasing a positive sentiment globally.

Top Performers and Laggards on NIFTY 50

Winners’ Circle

The NIFTY 50 index’s top gainers included major players:

  1. Infosys: Rs 1,615.00, ▲ 8.08%
  2. ONGC: Rs 224.00, ▲ 5.74%
  3. Tech Mahindra: Rs 1,308.00, ▲ 4.69%
  4. HCL Tech: Rs 1,553.90, ▲ 4.65%
  5. LTIMindtree: Rs 6,236.00, ▲ 4.63%

Downside Movers

Meanwhile, the top losers on the NIFTY 50 index were:

  1. Cipla: Rs 1,309.70, ▼ 1.20%
  2. Apollo Hospitals: Rs 5,807.45, ▼ 1.06%
  3. Bajaj Finserv: Rs 1,652.30, ▼ 1.02%
  4. UltraTech: Rs 9,822.00, ▼ 0.99%
  5. Power Grid: Rs 239.65, ▼ 0.95%

Quarterly Results Highlights

Wipro’s Performance

Wipro reported a challenging quarter with a year-on-year net profit decline of 11%, amounting to Rs 2,694.2 crores. The revenue also witnessed a 4.4% decrease, standing at Rs 22,205 crores. The dividend declared was Rs 1 per share.

HCL Tech’s Positive Growth

On the flip side, HCL Tech showcased positive growth, with a 6.2% increase in net profit to Rs 4,350 crores. The revenue rose by 6.5%, reaching Rs 28,446 crores. Shareholders were delighted with a dividend of Rs 12 per share.

Economic Snapshot of India

Inflation and Imports

India experienced a slight uptick in retail inflation, reaching 5.69% in December compared to 5.55% in November and 5.72% in December 2022. In the realm of trade, edible oil imports declined by 16% year-on-year in December to 13.07 lakh tonnes, as reported by the Solvent Extractors’ Association of India (SEA).

Industrial Output and Auto Sales

The Index of Industrial Production (IIP) showed a growth of 2.4% year-on-year in November, a notable slowdown compared to the 11.7% growth in October 2023. However, the domestic passenger vehicle wholesales in December rose by 4%, reaching 2.86 lakh units, showcasing resilience in the auto sector.

Stocks in the Spotlight

Corporate Movements

Several stocks made headlines:

  • LIC received two demand notices totaling Rs 3,529 crores from the Assistant Commissioner of Income Tax, Mumbai.
  • Indian Oil announced plans to open 300 ethanol fuel stations, aligning with the government’s focus on renewable energy.
  • Tata Motors commenced production at its new facility in Sanand, Gujarat, acquired from Ford India for Rs 725.7 crores.
  • DMart expanded its retail presence, acquiring 47,000 square feet of space in a commercial project in Delhi for Rs 108 crores.
  • REC revealed plans to raise around Rs 3,500 crores through the issuance of green bonds.
  • UltraTech announced intentions to acquire a 26% stake in Amplus Ages, based in Delhi, for Rs 49 crores.
  • Zydus Group earmarked Rs 5,000 crores for investments in Gujarat, focusing on sectors such as new-generation biotech products and hospitals.

Market Snapshot: 1 Day Change

Commodity and Currency Movements

  • Gold: ₹62,449, ▲ 0.41%
  • Silver: ₹72,172, ▼ 0.11%
  • USD-INR: ₹82.99/USD, ▼ 0.05%
  • Dow Jones: 37,711.02, ▲ 0.04%
  • Nasdaq: 14,970.18, ▲ 0.00%

Long-Term Returns

20-Year Insights

Reflecting on the past two decades, long-term returns for major indices were as follows:

  • Sensex (India): ▲ 13.21% p.a.
  • Nifty (India): ▲ 12.87% p.a.
  • Dow Jones (USA): ▲ 6.63% p.a.
  • Nasdaq (USA): ▲ 10.32% p.a.

Despite challenges in individual sectors, the Indian market exhibited strength, defying the red trend in many Asian markets and echoing positive sentiments seen in European counterparts. The long-term returns further underline the resilience of Indian indices over the years.

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