Stock Market Performance on 27.06.2024
Table of Contents
Market Overview
The stock market opened lower than the previous day’s closing point but quickly rebounded. By around 9:45 AM, the market crossed the previous closing level and maintained an upward trajectory for the rest of the trading session. The IT sector showed the most significant gains, while media stocks experienced the most substantial declines. The US markets ended the day on a positive note, whereas most European and Asian markets closed in the red.
Key Market Movements
Top Gainers on NIFTY 50
- Closing Price: ₹11,716.70
- Change: ▲ 5.15%
- LTIMindtree
- Closing Price: ₹5,377.05
- Change: ▲ 3.85%
- Closing Price: ₹2,637.60
- Change: ▲ 3.34%
- NTPC Limited
- Closing Price: ₹377.15
- Change: ▲ 3.31%
- Wipro Limited
- Closing Price: ₹510.80
- Change: ▲ 3.15%
Top Losers on NIFTY 50
- Shriram Finance
- Closing Price: ₹2,951.05
- Change: ▼ 1.27%
- Larsen & Toubro (L&T)
- Closing Price: ₹3,564.40
- Change: ▼ 1.07%
- Bajaj Auto
- Closing Price: ₹9,417.45
- Change: ▼ 0.60%
- Eicher Motors
- Closing Price: ₹4,713.80
- Change: ▼ 0.55%
- Divi’s Laboratories
- Closing Price: ₹4,522.35
- Change: ▼ 0.51%
Significant News and Updates
Government Bonds Inclusion
Indian government bonds will be included in the JP Morgan-Emerging Market Bond Index starting from June 28. This inclusion will be phased over a period of ten months, enhancing the global visibility and attractiveness of Indian bonds.
Brand Value Rankings
The Tata Group has been recognized as India’s most valuable brand with a valuation of $28.6 billion, according to the India 100 report. Infosys and HDFC Group follow, ranking second and third, respectively.
RBI Bilateral Swap Agreements
The Reserve Bank of India (RBI) has released a framework allowing India to enter bilateral swap agreements with South Asian Association for Regional Cooperation (SAARC) countries. This framework will be effective from 2024 to 2027.
IPO Subscriptions
- Vraj Iron IPO: Subscribed 16.93 times overall, with a retail subscription rate of 19.39 times. The subscription period is open until June 28.
- Allied Blenders IPO: Closed for subscription, having been subscribed 23.55 times overall, with a retail subscription rate of 4.51 times.
Corporate Developments
- Adani Group: Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture 70mm rockets in India.
- UltraTech Cement: Plans to acquire a 23% shareholding in India Cements.
- Vedanta Resources: Sold a 2.63% stake in Vedanta through block deals.
- Reliance Jio: Acquired additional spectrum in the 1800 MHz band in Bihar and West Bengal circles for ₹973.63 crore.
- Vodafone-Idea (Vi): Spent ₹3,510 crore to acquire 30 MHz of spectrum in 11 circles.
- HDFC Bank: Announced changes in additional fees for its credit cards, effective from August 1.
- L&T: The company’s chairman mentioned facing a severe shortage of skilled manpower.
Commodity Prices and Currency Exchange Rates
1 Day Change
- Gold: ₹71,394 (▼ 0.02%)
- Silver: ₹87,280 (▲ 0.08%)
- USD-INR: ₹83.56/USD (▼ 0.16%)
Global Market Indices
- Dow Jones: 39,127.80 (▲ 0.04%)
- Nasdaq: 17,802.66 (▲ 0.47%)
Long-Term Returns (Past 20 Years)
- Sensex: ▲ 15.00% p.a.
- Nifty: ▲ 14.83% p.a.
- Dow Jones: ▲ 6.87% p.a.
- Nasdaq: ▲ 11.50% p.a.
The stock market showcased resilience despite starting the day lower, primarily driven by strong performances in the IT sector. The inclusion of Indian government bonds in the JP Morgan-Emerging Market Bond Index is a significant development, potentially boosting the bond market. Corporate actions, IPO subscriptions, and strategic agreements highlighted the dynamic nature of the market, reflecting ongoing growth and adaptation in various sectors. The mixed performance in global markets suggests a cautious yet optimistic outlook among investors.
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