Stock Market Recap: Sectors Decline, Asian Markets Mixed, and Brent Crude Surges

In a turbulent day for the financial markets, all sectors and Stock market capitalization-based indices experienced a decline. Micro-cap and small-cap stocks bore the brunt of the downturn, while select sectors, notably PSU banks and media stocks, emerged as the top losers. Simultaneously, the Asian markets displayed a mixed picture, with Hong Kong and Taiwan posting gains, while China and Japan grappled with losses.

Amidst the market fluctuations, here are some key highlights:

Top Gainers: In Stock Market

  1. NIFTY 50: The NIFTY 50 index showed resilience, with gains of 1.29%. Dr. Reddy’s, HCL Tech, Tata Consumer, HUL, and TCS were among the top performers.

Top Losers: In Stock Market

  1. NIFTY 50: Adani Ports, Hero Moto, HDFC Life, M&M, and BPCL bore the brunt of the market decline, with Adani Ports experiencing the steepest drop of 4.90%.

Oil Prices Surge: Brent crude prices surged by $2.25 per barrel, reaching $86.83. This price increase was partially attributed to the ongoing Israel-Gaza conflict, which heightened geopolitical tensions in the region.

Demat Accounts Surge: In September, the number of demat accounts in India witnessed a remarkable 26% year-on-year increase, totaling 12.97 crore. Approximately 30.6 lakh new demat accounts were opened during the month, highlighting the growing interest in stock market participation.

Improvement in Urban Unemployment: India’s urban unemployment rate improved slightly to 6.6% in the first quarter of 2023-24, compared to 6.8% in the preceding Jan-March period, indicating some recovery in job prospects.

Record-Breaking Performance in Non-Life Insurance: India’s non-life insurance companies achieved a historic milestone in September, recording the highest-ever revenue. Gross premium underwritten surged by 29.1% year-on-year to reach Rs 29,476 crore.

Stocks in Focus:

  • Glenmark Life Sciences announced a dividend of Rs 22.5 per share.
  • TCS is set to consider a share buyback at its board meeting on October 11.
  • Inox Wind’s subsidiary, Inox Green Energy Services, plans to divest its entire stake in Nani Virani Wind Energy.
  • Bajaj Finance has scheduled a meeting on October 31 to seek approval for a fundraise of Rs 10,000 crore.

IPO Corner:

  • Upcoming in the IPO space is Krystal Integrated Services, which has filed for an initial public offering.

Market Snapshot – 1 Day Change:

  • Gold prices rose by 1.63% to reach ₹57,400 per 10 grams.
  • Silver prices surged by 2.82% to ₹68,735 per kilogram.
  • The USD-INR exchange rate showed a minor uptick, with ₹83.29 per USD.
  • In the US, the Dow Jones index gained 0.87%, while the Nasdaq Composite Index saw a robust increase of 1.60%.

Long-Term Returns (Past 20 Years):

stock market
  • In India, the Sensex exhibited impressive growth, averaging 14.08% annually.
  • The Nifty index also displayed strong performance, with an annual growth rate of 13.67%.
  • In the US, the Dow Jones index delivered a steady annual return of 6.43%.
  • The Nasdaq Composite Index outperformed with an annual return of 10.29%.

Also Read Stock Market Daily updates

In conclusion, today’s market dynamics were marked by sector-wide declines, notable stock performances, geopolitical factors impacting oil prices, and promising developments in India’s financial landscape. Investors continue to navigate a complex and ever-changing global economic environment.

Leave a comment