In today’s stock market update, we observed some notable trends. Mid-cap and Nifty Next 50 stocks experienced a decline, while the banking and financial services sectors faced the most significant losses. Conversely, the pharmaceutical sector saw gains.
Top Gainers in NIFTY 50 In Stock Market
- Cipla: The stock rose by 3.16% to reach Rs 1,210.60.
- Dr. Reddy’s: It gained 2.41% with a share price of Rs 5,677.45.
- Tata Motors: Up 1.95% to Rs 668.50.
- Sun Pharma: Gained 1.46% and reached Rs 1,153.40.
- SBI Life: It saw a modest increase of 0.59% at Rs 1,356.35.
On the other hand, the Top losers in NIFTY 50 In Stock Market
- Bajaj Finance: The stock declined by 2.80% and was priced at Rs 7,866.55.
- Bajaj Finserv: It dropped by 1.78% to Rs 1,628.20.
- NTPC: A decrease of 1.61% brought it to Rs 242.00.
- Axis Bank: It lost 1.51% and was valued at Rs 992.85.
- HDFC Bank: The stock fell by 1.39% to reach Rs 1,519.75.
In the broader economic landscape, several important developments occurred:
- The Union Cabinet approved a Productivity Linked Bonus for eligible Railway employees, equivalent to 78 days’ pay.
- The Finance Ministry reduced the windfall tax on crude oil to Rs 9,050 per tonne, lowered the duty on diesel exports to Rs 4 per litre, and reduced the tariff on jet fuel to Rs 1 per litre.
- The government permitted the export of 10.35 lakh tonnes of non-basmati white rice to seven countries, including Nepal, Cameroon, and Malaysia.
- An increase of 2 to 7% in Minimum Support Prices for mandated Rabi crops was approved.
- The dearness allowance for central government employees and dearness relief to pensioners were raised from 42% to 46%.
Stock-related news:
- Wipro approved the merger of five of its wholly-owned subsidiaries.
- Piramal Enterprises is set to issue Rs 1,000 crore Non-Convertible Debentures starting on October 19.
- Zomato signed an agreement with IRCTC to provide more food options to railway passengers.
- REC and Bank of India agreed to co-finance projects worth Rs 30,000 crore over the next five years.
- HUDCO plans to sell up to 7% stake in the company through an Offer for Sale (OFS) at a floor price of Rs 79 per share.
In the IPO corner, IRM Energy IPO has been subscribed 1.72 times, with retail investors showing strong interest at 1.79 times subscription. Additionally, GPT Healthcare has filed draft papers with SEBI for an upcoming IPO.
Looking at the one-day changes: In Stock Market
- Gold prices rose by 1.08% to reach ₹59,890.
- Silver prices increased by 1.98% to ₹72,478.
- The USD-INR exchange rate saw a minor uptick to ₹83.28 per USD.
- In the US markets, the Dow Jones index saw a slight increase of 0.04%, while the Nasdaq decreased by 0.25%.
For the long-term perspective over the past 20 years, key indices have shown the following annual returns:
- Sensex: An impressive annual return of 13.93%.
- Nifty: A steady annual return of 13.57%.
- Dow Jones: A modest annual return of 6.45%.
- Nasdaq: A solid annual return of 10.27%.
Please note that these figures are subject to market fluctuations and should be considered for informational purposes.