Stock Market Recap: Indian Markets Closed on Gurunanak Jayanti, Asian Markets in the Red
On the recent trading day, Indian stock markets observed a holiday closure in honor of Gurunanak Jayanti. While commodity markets were active for the evening session, providing updates on Gold and Silver, all other Asian markets faced a decline.
Table of Contents
Global Overview:
In contrast to India’s market closure, other Asian markets experienced a downturn. China and Hong Kong both closed in the red, while Japan and Taiwan closed in the green. This mixed performance across Asia set the stage for a varied trading day.
Top Gainers and Losers in NIFTY 50:
Among the top gainers in NIFTY 50 were Cipla, Adani Enterprises, Divi’s Labs, Hindalco, and Axis Bank. Meanwhile, the top losers included Apollo Hospitals, Wipro, HCL Tech, TCS, and Britannia.
Market Movers:
India’s crude oil imports showed a 5.9% month-on-month increase to 18.53 million metric tons in October. Concurrently, plastic exports from India exhibited a robust 9.4% year-on-year growth, reaching $933 million, as reported by Plexconcil.
On the financial front, India’s foreign exchange reserves surged by $5.077 billion to reach $595.397 billion for the week ending on November 17. Additionally, Volvo India has set an ambitious goal of having 50% of its vehicles powered with non-fossil fuels by 2030. Coca-Cola has also made a notable move by joining India’s Open Network for Digital Commerce (ONDC).
Stocks in the Spotlight:
- Larsen & Toubro (L&T) signed a financing agreement with the Asian Development Bank for $125 million.
- Gland Pharma received a positive note as the USFDA completed the inspection of its Pashamylaram facility in Hyderabad.
- JSW Steel successfully completed its Rs 750 crore investment in JSW Paints.
- Siemens faced a tax demand of around Rs 24 crore.
- Maruti Suzuki’s board approved the allotment of over 1.23 crore shares to Suzuki Motor Corporation.
IPO Corner:
Various IPOs witnessed diverse subscription figures. Notably, Gandhar Oil Refinery saw a total subscription of 64.07, with retail subscriptions at 28.95. Tata Tech had a total subscription of 69.43, with a retail subscription of 16.50. Flair Writing Industries achieved a total subscription of 46.68, with retail subscriptions at 13.01. Meanwhile, Fedbank Financial Services had a total subscription of 2.20, with retail subscriptions at 1.82.
Currency and Commodities:
Gold experienced a 0.71% increase, reaching ₹61,500, while Silver remained steady at ₹72,865. The USD-INR exchange rate saw a marginal increase of 0.02%.
Global Markets:
In the global arena, the Dow Jones and Nasdaq in the United States showed mixed results. The Dow Jones stood at 35,273.03, marking a 0.53% increase, while the Nasdaq reported a 0.46% rise, closing at 14,265.86.
Long-Term Returns:
Looking at long-term returns over the past 20 years, the Sensex in India demonstrated an annualized growth of 13.97%, outperforming the Nifty at 13.60%. In comparison, the Dow Jones in the United States showed a more moderate growth rate of 6.70% p.a., while the Nasdaq exhibited a higher annualized growth at 10.62%.
Other Noteworthy Developments:
- Mercom India reported a 47% year-on-year decline in India’s solar installations during Jan-Sept 2023, amounting to 5.6 GW.
- Malaysia announced visa-free entry for Indian citizens starting December 1.
- MapmyIndia revealed plans to raise up to Rs 500 crore through a qualified institutional placement.
- HDFC Bank appointed Harsh Kumar Bhanwala, former NABARD chairman, as an additional independent director.
- Maruti Suzuki is considering a price increase for its vehicles in January 2024.
As the markets navigated through various developments, these highlights capture the key movements and trends in the recent trading day. Investors will be closely monitoring these factors for potential impacts on their portfolios.
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