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Stock Market Recap: Yesterday’s Key Movements and Highlights
The stock market experienced notable fluctuations yesterday, demonstrating the dynamic nature of trading activities. The day saw varied performances across different sectors, with significant impacts from both local and global economic factors.
Market Overview
The trading session began on a positive note, with stocks showing an upward trend until 11:45 AM. However, this optimistic start was short-lived. After 11:45 AM, the market experienced a sharp decline, which continued until around 12:19 PM. The market hit its lowest point at 2:19 PM before stabilizing. By the end of the trading day, the Nifty 50 index closed flat, indicating no significant change in its value.
Sector Performance
PSU Bank Stocks Lead the Way
Among the various sectors, PSU bank stocks emerged as the top performers. The robust performance of these stocks provided some support to the overall market amidst the fluctuations.
IT Stocks Face Decline
In contrast, IT stocks faced the most significant decline. The downward trend in this sector contributed to the overall market volatility observed during the day.
Global Market Influence
Global markets had a positive influence on the Indian stock market. US, European, and most Asian markets were up, which generally has a supportive effect on investor sentiment in India. Despite the positive global cues, the Indian market’s performance was mixed due to domestic factors.
Top Gainers on Nifty 50
Several stocks stood out as top gainers on the Nifty 50 index, showcasing strong performance despite the overall market volatility:
- Divi’s Laboratories: Closed at Rs 4,923.85, up by 2.78%
- BPCL: Closed at Rs 337.90, up by 2.77%
- Larsen & Toubro (L&T): Closed at Rs 3,774.95, up by 2.58%
- Bajaj Finserv: Closed at Rs 1,617.15, up by 1.94%
- UltraTech Cement: Closed at Rs 11,873.80, up by 1.72%
Top Losers on Nifty 50
Conversely, some stocks experienced significant declines, marking them as the top losers on the Nifty 50 index:
- Titan: Closed at Rs 3,411.70, down by 2.36%
- Airtel: Closed at Rs 1,481.35, down by 2.18%
- Cipla: Closed at Rs 1,553.95, down by 1.34%
- ITC: Closed at Rs 496.05, down by 1.22%
- Kotak Mahindra Bank: Closed at Rs 1,793.90, down by 1.10%
Key News and IPO Updates
Ola Electric IPO
Ola Electric announced that its IPO will be open for subscription from August 2 to August 6. The price band for the IPO is set between Rs 72 to Rs 76 per share, with an issue size of Rs 6,145.56 crore.
MapMyIndia Lawsuit
MapMyIndia has filed a lawsuit against Ola Electric, alleging that the company stole data to create Ola Maps. This development could have implications for both companies and the broader industry.
Rising Cost of Data Breaches
According to a report by the RBI, the average cost of data breaches in India has risen by 28% since 2020, reaching $2.18 million in 2023. The global average cost stands at $4.45 million.
Akums Drugs IPO
Akums Drugs’ IPO will be open from July 30 to August 1. The price band for this IPO is set between Rs 646 to Rs 679 per share, with an issue size of Rs 1,856.74 crore.
Stock Updates
L&T
L&T secured multiple orders worth between Rs 2,500 crore and Rs 5,000 crore for setting up electricity substations and transmission lines, highlighting the company’s strong order book.
Bharat Electronics
Bharat Electronics reported a 46.21% year-on-year increase in net profit, reaching Rs 776.14 crore in the April-June quarter.
Adani Total
Adani Total reported a quarterly net profit increase of 14.39%, reaching Rs 171.84 crore.
Honeywell Automation
Honeywell Automation has partnered with Air India to maintain the Auxiliary Power Units (APUs) for the airline’s existing and new planes, indicating a strategic collaboration.
Colgate-Palmolive
Colgate-Palmolive reported a 33% increase in quarterly net profit, reaching Rs 363.98 crore.
HPCL
HPCL saw a significant decline in quarterly net profit, falling by 90.63% to Rs 634 crore.
JSW Energy
JSW Energy’s subsidiary received a letter of intent from GUVNL for setting up a 192 MW power project, with an additional 96 MW under the green shoe option.
Indian Bank
Indian Bank reported a 38.96% decline in quarterly net profit, falling to Rs 2,570.4 crore.
NBCC
NBCC’s subsidiary secured an order worth Rs 411.45 crore to build a medical college and hospital in Maharashtra.
PNB
PNB reported a 196.25% increase in quarterly net profit, reaching Rs 3,975.86 crore.
IDFC First
IDFC First reported an 11% decline in quarterly net profit, falling to Rs 681 crore. However, the bank’s net interest income rose by 25% to Rs 4,695 crore, with loans and deposits increasing by 22% and 35.80%, respectively.
Commodity and Currency Updates
Gold and Silver
- 10g Gold: Rs 68,630, up by 0.53%
- 1kg Silver: Rs 81,880, up by 0.78%
Currency Exchange
- USD-INR: Rs 83.74/USD, up by 0.01%
Global Indices
- Dow Jones: 40,589.34, up by 1.64%
- Nasdaq: 17,357.88, up by 1.03%
Long-Term Market Returns
Over the past 20 years, various indices have shown strong annual returns:
- Sensex: 14.83% per annum
- Nifty: 14.63% per annum
- Dow Jones: 7.28% per annum
- Nasdaq: 11.88% per annum
The stock market’s performance yesterday was marked by significant fluctuations, with various sectors experiencing different trends. Key stock movements, global market influences, IPO updates, and company-specific news played crucial roles in shaping the day’s trading outcomes.