Stock Market Update – October 18, 2023
In a day marked by fluctuations, the Indian stock market saw the Nifty Next 50 and Nifty 100 stocks take a notable dip. Meanwhile, the auto, FMCG, and media sectors surged ahead, while the metal and oil & gas sectors faced significant losses.
Global Overview
Across Asia, except for Taiwan, all markets closed in the red, reflecting the uncertainty and potential concerns rippling through the region’s economies.
Table of Contents
Top Gainers In Stock Market
NIFTY 50
- Bajaj Auto – Rs 5,482.60 ▲ 6.72%
- LTI Mindtree – Rs 5,457.80 ▲ 5.87%
- Nestle – Rs 24,132.35 ▲ 3.74%
- Hero Moto – Rs 3,265.85 ▲ 3.57%
- UltraTech – Rs 8,518.55 ▲ 2.90%
Top Losers In Stock Market
NIFTY 50
- Wipro – Rs 395.30 ▼ 2.98%
- Tech Mahindra – Rs 1,172.15 ▼ 1.26%
- UPL – Rs 613.55 ▼ 1.13%
- Hindalco – Rs 479.95 ▼ 1.05%
- Airtel – Rs 942.95 ▼ 1.04%
Market Insights
- In the Indian smartphone market, the July-August-September quarter saw 43 million smartphones shipped, marking a 3% year-on-year decline. Samsung emerged as the leader in smartphone shipments, with Xiaomi following closely in second place.
- The Finance Ministry reported detecting GST evasion of a staggering Rs 1.36 lakh crore in the current financial year.
- Google made an exciting announcement regarding the contract manufacturing of its Pixel smartphones in India, a development set to unfold in the coming year.
- The Global Maritime India Summit attracted investment proposals worth an impressive Rs 2.37 lakh crore on its second day, pointing to robust interest in the maritime sector.
- In a significant move, Nokia has announced plans to cut up to 14,000 jobs worldwide, reflecting the ongoing transformation of the tech industry.
- The Indian government made it easier for consumers by allowing restriction-free imports of laptops and tablets, which could have a positive impact on the tech market.
Stocks in the Spotlight
- TVS Motor made waves by surpassing Yamaha’s market cap, securing its position as the world’s third-largest two-wheeler manufacturer.
- Biocon Biologics appointed Kedar Upadhye as its new CFO, indicating changes within the organization.
- Power Mech set a floor price of Rs 4,085.44 for its Rs 350 crore qualified institutional placement, potentially attracting investor interest.
- Welspun secured a significant contract to supply 61,000 metric tonnes of LSAW pipes and bends in the Middle East, reinforcing its position in the industry.
- Tech Mahindra’s board will consider an interim dividend on October 25, a key event for shareholders.
IPO Corner
Subscription
The IRM Energy IPO has garnered substantial attention, with a subscription rate of 4.37 times, and retail investors showing keen interest at 4.38 times.
Upcoming
Blue Jet Healthcare fixed a price band of Rs 329-346 per equity share for its IPO, scheduled to be open from October 25 to October 27, 2023.
One Day Change
- Gold recorded a slight increase of 0.12%, reaching ₹59,962.
- Silver, however, saw a decrease of 1.15%, with a value of ₹71,638.
- The USD-INR exchange rate decreased marginally to ₹83.24/USD.
- In the United States, the Dow Jones and Nasdaq both experienced declines, with the Dow Jones at 33,665.08 ▼ 0.98% and Nasdaq at 13,314.30 ▼ 1.62%.
Long Term Returns (Past 20 years)
- In India, the Sensex exhibited strong growth, with a return of ▲ 13.90% per annum.
- The Nifty also performed impressively, with a return of ▲ 13.56% per annum.
- In the United States, the Dow Jones returned ▲ 6.40% per annum, while the Nasdaq outperformed at ▲ 10.18% per annum.
Please note that financial markets are subject to rapid changes, and the data presented here reflects the situation as of October 18, 2023.