Stock Market Daily update

Stock Market Update: Nifty 50 and Nifty 100 Experience Declines, Small-Cap Stocks Surge

In today’s stock market action, the Nifty 50 and Nifty 100 indices faced a downturn, registering notable declines. However, small-cap stocks defied the trend and saw a significant rise in their prices.

Sector Performance: Bank and Auto Sectors Shine, Pharma Stocks Struggle

The standout performers of the day were the bank and auto sectors, which recorded impressive gains. Notably, IndusInd Bank, Maruti Suzuki, SBI, M&M, and Bajaj Finserv were among the top gainers in the Nifty 50 index.

On the flip side, pharma stocks bore the brunt of the market’s downward movement, with Dr. Reddy’s, Wipro, Cipla, Bajaj Auto, and UPL experiencing declines.

Regional Comparison: Asian Markets

Turning our attention to the broader Asian markets, it’s worth noting that, apart from Japan, all other Asian markets managed to close the day in positive territory.

Top Gainers in Nifty 50:

• IndusInd Bank: The banking giant saw its stock price rise to ₹1,452.90, marking a 2.95% increase.
• Maruti Suzuki: The automotive powerhouse’s stock climbed to ₹10,535.15, posting a gain of 2.44%.
• SBI: State Bank of India recorded a 1.70% increase, with its stock price reaching ₹598.15.
• M&M: Mahindra & Mahindra witnessed a 1.51% rise, pushing its stock price to ₹1,607.15.
• Bajaj Finserv: The financial services company also made gains, with its stock price reaching ₹1,543.70, marking a 1.15% increase.

Top Losers in Nifty 50:

• Dr. Reddy’s: The pharmaceutical company experienced a decline of 2.67%, with its stock price at ₹5,517.05.
• Wipro: Wipro saw a 2.44% decrease, with its stock price at ₹418.50.
• Cipla: The pharmaceutical giant’s stock price dropped to ₹1,185.90, down by 1.70%.
• Bajaj Auto: Bajaj Auto’s stock price dipped to ₹5,001.05, marking a 1.65% decline.
• UPL: UPL registered a 1.64% decrease, with its stock price at ₹614.80.

Stock Market Highlights and News:

• JP Morgan’s Inclusion of Indian Bonds: JP Morgan is set to add Indian bonds to their emerging markets government bond index starting in June 2024, signifying increased confidence in the Indian market.
• Bank of Japan Holds Rates Steady: The Bank of Japan decided to maintain its existing interest rates during its recent meeting, signaling a status quo in its monetary policy.
• Private Equity and Venture Capital Investments Surge in India: India witnessed a substantial uptick in private equity and venture capital investments, with a remarkable 18% increase in August compared to the previous month and an impressive 127% surge compared to the same period last year, according to EY India.

Stock Market Stocks in the Spotlight:

• Glenmark Pharma: Glenmark Pharma has struck a deal with Nirma to divest a 75% stake in Glenmark Life Sciences for ₹5,651.5 crore, valuing each share at ₹615.
• Vedanta: The board of directors at Vedanta has approved raising ₹2,500 crore through non-convertible debentures via private placement.
• Berger Paints: The board of directors of Berger Paints has declared bonus shares in a 1:5 ratio, potentially benefiting shareholders.
• Wipro: Wipro’s Chief Financial Officer, Jatin Dalal, has resigned, with Aparna Iyer set to take over the role.

IPO Update:

• Signature Global IPO: The Signature Global IPO garnered significant interest, being oversubscribed 11.88 times, with retail investors subscribing 6.82 times.
• Sai Silks (Kalamandir) IPO: This IPO was subscribed 4.40 times, with retail investors subscribing 0.88 times.
• Manoj Vaibhav Gems N Jewellers IPO: The IPO has been subscribed 0.13 times, with retail investors subscribing 0.25 times. The IPO remains open for subscription until September 26.

Word of the Day: Overdraft

An overdraft is a financial arrangement provided by banks that can be likened to a short-term loan. It allows individuals to continue spending money from their bank account even after their balance reaches zero. Banks typically set predetermined overdraft limits for account holders, and exceeding these limits can result in additional costs.

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Market Snapshot – 1 Day Change:

• Gold: The price of gold increased by 0.16% to ₹58,888.
• Silver: Silver prices surged by 2.39% to ₹73,470.
• USD-INR Exchange Rate: The USD-INR exchange rate experienced a slight decline of 0.14%, with ₹82.94 per USD.
• Dow Jones: The Dow Jones index decreased by 1.08%, closing at 34,070.42.
• Nasdaq: The Nasdaq index declined by 1.82%, ending the day at 13,223.99.

That wraps up today’s stock market report, summarizing the key movements, sector performances, and significant developments. Stay tuned for more updates on the dynamic world of finance and investments