“Indian Stock Market Recap: Resilience Amid Mixed Global Cues and Sectoral Divergence”

Stock Market Overview: A Mixed Performance

The Indian stock market opened slightly below its previous closing point yesterday, witnessing a mixed trading session. The Nifty 50 index experienced fluctuations, hitting its lowest point at 12:42 PM before rebounding steadily to close near its opening price. The day was marked by sectoral divergence, with oil and gas and IT stocks leading the gains, while consumer durables and healthcare stocks faced notable losses.

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Sectoral Performance

Top Performers

• Oil and Gas: The oil and gas sector was a major contributor to market gains, driven by strong performances from companies like ONGC.
• Information Technology (IT): IT stocks saw a surge, with TCS and other key players boosting the sector’s overall performance.

Lagging Sectors

• Consumer Durables: Stocks in this sector faced pressure, reflecting weak investor sentiment.
• Healthcare: Healthcare stocks underperformed, with Apollo Hospitals leading the decline.

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Global Market Trends

Global cues provided a mixed backdrop:

• US Markets: Major indices like the Dow Jones and Nasdaq fell by 0.42% and 1.89%, respectively, signaling investor caution.
• European and Asian Markets: Most markets remained flat, providing little momentum to the Indian markets.

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Top Gainers and Losers in Nifty 50

Top Gainers

1. ONGC: ₹271.33 (▲ 2.98%)
2. TCS: ₹4,108.40 (▲ 1.99%)
3. Reliance Industries: ₹1,265.50 (▲ 1.99%)
4. ITC: ₹449.55 (▲ 1.92%)
5. Asian Paints: ₹2,334.35 (▲ 1.82%)

Top Losers

1. Apollo Hospitals: ₹7,142.65 (▼ 3.95%)
2. Trent: ₹6,699.10 (▼ 2.55%)
3. Shriram Finance: ₹2,898.75 (▼ 2.02%)
4. Bajaj Auto: ₹8,642.25 (▼ 1.91%)
5. UltraTech Cement: ₹11,403.55 (▼ 1.85%)

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Key Market News

Expansion at NSE

The National Stock Exchange (NSE) has expanded its colocation facility in Mumbai, adding over 200 new racks. This boosts the total capacity to over 1,200 racks, enhancing speed for high-frequency and arbitrage trading.

Fuel Consumption Hits a Seven-Month High

India’s fuel consumption rose by 2.1% year-on-year in December to 20.67 million tonnes. Petrol sales surged by 10.8% to 3.31 million tonnes, while diesel sales grew by 6% to 8.1 million tonnes.

IPO Highlights

• Standard Glass IPO: Subscribed 183.18 times, with retail participation at 64.99 times.
• Quadrant Future Tek IPO: Subscribed 48.99 times, with retail subscription at 137.21 times. Open until January 9.

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Stock-Specific Updates

1. NTPC: Established a new subsidiary, NTPC Parmanu Urja Nigam Ltd, for nuclear energy.
2. L&T: Secured significant international and domestic orders worth ₹1,000-2,500 crore.
3. Mahindra & Mahindra (M&M): Launched an EV manufacturing facility in Pune, investing ₹4,500 crore.
4. Tata Steel: Reported a 6% year-on-year increase in crude steel production to 5.68 million tonnes in Q3 FY24.
5. RVNL: Signed an MoU with Dubai-based GBH International Contracting LLC for GCC civil infrastructure projects.
6. Lupin: Received a positive inspection report from the US FDA for its Pithampura Unit-1 facility.
7. United Breweries: Suspended beer supply to Telangana Beverages Corporation Ltd over pending dues.
8. Ola Electric: Received an administrative warning from SEBI for inadequate disclosure practices.

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Commodities and Forex

• Gold (10g): ₹77,590 (▲ 0.09%)
• Silver (1kg): ₹90,890 (▼ 0.32%)
• USD-INR: ₹85.84/USD (▲ 0.15%)

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Long-Term Returns

The long-term performance of major indices highlights consistent growth:

• Sensex: ▲ 13.31% p.a. over 20 years
• Nifty 50: ▲ 13.11% p.a. over 20 years
• Dow Jones: ▲ 7.19% p.a. over 20 years
• Nasdaq: ▲ 11.81% p.a. over 20 years

The Indian markets displayed resilience, recovering from intraday lows to close near the opening mark. Sectoral trends and global cues played a crucial role, while stock-specific updates provided momentum in certain segments. Investors are advised to monitor global developments and corporate announcements for better decision-making in the coming sessions.

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