Stock Market Update: IT and Healthcare Shine, IPO Buzz, and More
In yesterday’s stock market action, the IT and healthcare sectors emerged as the top gainers, bringing positive momentum to the market. On the flip side, PSU Bank and FMCG sectors experienced a decline. Here’s a brief overview of the day’s key highlights in simple language.
Table of Contents
Top Gainers:
The NIFTY 50 index saw some notable gainers, with Hero Moto leading the way with a 3.22% increase. Other top performers included Tech Mahindra, TCS, HCL Tech, and Infosys, each showing positive growth in their stock prices.
Top Losers:
Conversely, Axis Bank, Power Grid, Coal India, Tata Consumer, and Adani Enterprises were among the top losers in the NIFTY 50 index. These stocks experienced a decrease in their prices, with Axis Bank leading the decline with a 1.44% fall.
Asian Markets:
While the Indian market showed mixed results, all other Asian markets, except Taiwan, closed in the red. This suggests a broader trend across the region.
Market News:
- Diwali Weekend Travel: Over the Diwali weekend (11-12 Nov), more than 7.19 lakh passengers flew on over 11,700 flights, indicating a significant surge in travel.
- Wearables Market Growth: The wearables market in India, including smartwatches and fitbands, witnessed a record shipment of 4.81 crore units in the July-Sept quarter, marking a substantial 29.2% YoY growth, according to the International Data Corporation.
- Railway Travel Statistics: A substantial 95.3% of the total 390.2 crore railway passengers between April and Oct 2023 traveled in general and sleeper classes, with only 4.7% opting for AC coaches, as reported by Indian Railways.
- Windfall Tax Reduction: The windfall tax on crude oil has been reduced from Rs 9,800 per tonne to Rs 6,300 per tonne, while the windfall tax on diesel has been decreased from Rs 2 to Rs 1 per liter.
Stocks in the Spotlight:
- Dr Reddy’s: The company launched Nerivio, a wearable migraine therapy device.
- Reliance Industries: RBI approved the appointment of Isha Ambani, Anshuman Thakur, and Hitesh Sethia as directors of Jio Financial Services.
- TCS: The company has set 25 Nov as the record date for its buyback.
- Bank of Baroda: The company will discuss fundraising on 18 Nov.
- Divi’s Labs: Received a GST demand notice of Rs 82 crore.
- Hero Moto: Recorded its highest-ever sales in a festive season at 14 lakh units.
IPO Corner:
Upcoming IPOs include IREDA, Tata Tech, and Gandhar Oil Refinery, each with its own price band and opening date.
Market Indices:
1 Day Change:
- Gold: ₹60,359, ▼ 0.27%
- Silver: ₹72,256, ▲ 0.68%
- USD-INR: ₹83.22/USD, ▲ 0.13%
- Dow Jones: 34,991.21, ▲ 0.47%
- Nasdaq: 14,103.84, ▲ 0.07%
Long-Term Returns (Past 20 Years):
- Sensex: ▲ 13.83% p.a.
- Nifty: ▲ 13.46% p.a.
- Dow Jones: ▲ 6.58% p.a.
- Nasdaq: ▲ 10.45% p.a.
In summary, the stock market witnessed sectoral shifts, with IT and healthcare gaining traction. Meanwhile, IPO excitement continues, and various stocks made headlines. Keep an eye on market trends for informed investment decisions.
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