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Indian Stock Market Witness Heavy Selling: A Recap of Yesterday’s Stock Market Activity

Market Overview:
Indian Stock Market experienced significant selling pressure on 17.01.2024. The day began with markets opening at a lower level, and unfortunately, the trend continued downward throughout the trading session. The major contributors to this decline were stocks in the banking and financial services sector, dragging down key indices. Notably, the Bank Nifty index plummeted by 4.28%.

Global Market Impact:
The bearish sentiment wasn’t confined to India alone; a similar trend was observed globally. Asian, American, and European markets all closed in the red, reflecting a widespread negative market sentiment.

Top Gainers and Losers:

Top Gainers:

1. Apollo Hospitals: Rs 5,980.35 (▲ 1.28%)
2. HCL Tech: Rs 1,572.95 (▲ 1.13%)
3. Tech Mahindra: Rs 1,333.00 (▲ 0.95%)
4. SBI Life: Rs 1,421.00 (▲ 0.87%)
5. LTIMindtree: Rs 6,280.00 (▲ 0.71%)

Top Losers:

1. HDFC Bank: Rs 1,542.15 (▼ 8.16%)
2. Tata Steel: Rs 131.80 (▼ 3.97%)
3. Kotak Mahindra: Rs 1,778.50 (▼ 3.76%)
4. Axis Bank: Rs 1,080.75 (▼ 3.43%)
5. Hindalco: Rs 560.65 (▼ 3.26%)

Quarterly Results:

Asian Paints:

• Net profit increased by 34.5% to Rs 1,475 crore.
• Revenue increased by 5.4% to Rs 9,104 crore.

LTIMindtree:

• Net profit increased by 17% to Rs 1,169 crore.
• Revenue increased by 5% to Rs 9,017 crore.

Market News and Developments:

1. Government’s Incentive Scheme Success: The production-linked incentive scheme attracted over 1.03 lakh crore investments, resulting in production worth Rs 8.61 lakh crore, according to the Press Information Bureau (PIB).
2. Stocks in the Spotlight:

• LIC: Surpassed SBI to become the most valuable PSU with a market cap of Rs 5.8 lakh crore.
• IREDA: Announced a partnership with Indian Overseas Bank (IOB) for co-financing renewable energy projects.
• Adani Enterprises: To invest Rs 5,000 crore in a green energy-driven 100 MW data centre.
• Ambuja Cements: Plans to invest Rs 1,400 crore in a 6 MTPA cement plant.
• PTC Industries: Subsidiary Aerolloy Technologies Ltd secured a multi-year agreement with Dassault Aviation for titanium casting parts supply.
• Bharat Electronics: Bagged orders worth Rs 1,034 crore.
• Nazara Tech: Planning to raise up to Rs 250 crore via preferential issue of shares to non-promoters.

1. IPO Corner:

• Medi Assist Healthcare: Subscribed 16.25 times, with the retail portion oversubscribed at 3.19 times.

One Day Changes and Long-Term Returns:

One Day Changes:

• Gold: ₹62,070 (▼ 0.46%)
• Silver: ₹71,902 (▼ 0.71%)
• USD-INR: ₹83.15/USD (▲ 0.01%)
• Dow Jones: 37,361.12 (▼ 0.62%)
• Nasdaq: 14,944.35 (▼ 0.19%)

Long-Term Returns (Past 20 Years):

• Sensex: ▲ 13.13% p.a.
• Nifty: ▲ 12.81% p.a.
• Dow Jones: ▲ 6.50% p.a.
• Nasdaq: ▲ 10.20% p.a.

In conclusion, 17.01.2024 marked a challenging day for the Indian stock market, aligning with the global downturn. While some stocks weathered the storm, others faced substantial losses. Investors are advised to stay vigilant and adapt to the evolving market conditions.

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