“Yesterday’s Stock Market Recap: Sector Swings, Top Performers, and Key Announcements”
Yesterday, the stock market saw fluctuations throughout the day, with notable movements in various sectors and specific stocks. Here’s a breakdown of what happened:
Table of Contents
Market Overview
Stock markets started the day on a positive note, remaining above a certain threshold until 1:30 PM. However, they experienced a downturn thereafter.
Sector Performance
Healthcare and FMCG stocks witnessed the most significant decline, while the media sector was the sole gainer.
Top Gainers
Among the top performers were:
- Airtel: A rise of 4.05% to Rs 1,265.75.
- Power Grid: Increased by 2.13% to Rs 280.10.
- Bajaj Auto: Saw a 1.15% increase, reaching Rs 9,021.30.
- LTIMindtree: Rose by 0.74% to Rs 4,697.15.
- Hindalco: Gained 0.65% to reach Rs 612.80.
Top Losers
On the other hand, some stocks experienced losses:
- Apollo Hospitals: Declined by 4.11% to Rs 6,074.15.
- Titan: Saw a decrease of 3.31% to Rs 3,525.10.
- Nestle: Fell by 3.28% to Rs 2,462.55.
- Coal India: Experienced a 3.22% decrease, reaching Rs 438.60.
- ONGC: Witnessed a decline of 3.18% to Rs 274.15.
News Highlights
- NSE announced the launch of Nifty Next 50 derivatives (F&O) from April 24, 2024.
- Honda Motorcycles inaugurated a new factory with a daily capacity to produce 60 engines in Manesar, Haryana.
- Volvo Group’s SDLG opened its first factory in India, located in Bangalore.
Stocks Updates
Several companies made significant announcements:
- Infosys declared a final dividend of Rs 20 per share and a special dividend of Rs 8 per share.
- Bajaj Auto announced a dividend of Rs 80 per share along with a notable increase in net profit.
- Muthoot Finance revealed plans to raise Rs 16,500 crore through external commercial borrowings.
- HDFC Life reported a net profit growth of 14% for the Jan-March quarter.
- Airtel disclosed its intention to merge its Sri Lanka operations with Dialog Axiata.
- Tata Communications reported a net profit of Rs 321.20 crore for the Jan-March quarter.
- Biocon partnered with Brazil-based Biomm SA for the commercialization of its diabetes drug in Latin America.
- Ramkrishna Forgings signed a deal with the USA’s largest electric passenger vehicle maker for the supply of power train components.
One Day Change
In terms of one-day changes:
- Gold and silver prices experienced slight increases.
- The USD-INR exchange rate saw a decrease.
- Dow Jones and Nasdaq indices in the US witnessed declines.
Long Term Returns
Over the past 20 years:
- Sensex and Nifty in India showed positive returns averaging over 13% per annum.
- Dow Jones and Nasdaq in the US also demonstrated positive returns, albeit at lower rates.
The stock market remains dynamic, influenced by a myriad of factors ranging from global economic conditions to company-specific news. Investors should stay informed and exercise caution while navigating through the market’s ups and downs.
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