Stock Market Recap: Auto and Bank Stocks Lead Gains, SEBI Bans 9 Entities, and IPOs Make Headlines
In yesterday’s stock market action, auto and bank stocks took center stage, experiencing notable gains. The NIFTY 50 index saw significant movements, with Axis Bank leading the pack, closing at Rs 1,060.15 with an impressive gain of 3.82%. Other top gainers included Hero Moto, M&M, Wipro, and Tata Motors, showcasing the strength of the auto and banking sectors.
Meanwhile, in the broader Asian market scenario, all markets, except Taiwan, closed in the red. China and Hong Kong experienced declines, contrasting with Japan and Taiwan, which closed in the green.
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Top Gainers and Losers:
Top gainers in the NIFTY 50:
- Axis Bank – Rs 1,060.15, ▲ 3.82%
- Hero Moto – Rs 3,746.90, ▲ 3.45%
- M&M – Rs 1,619.10, ▲ 3.39%
- Wipro – Rs 406.25, ▲ 2.37%
- Tata Motors – Rs 712.35, ▲ 2.13%
Top losers in the NIFTY 50:
- ONGC – Rs 192.00, ▼ 1.01%
- Divis Labs – Rs 3,729.75, ▼ 0.81%
- Nestle – Rs 24,067.50, ▼ 0.62%
- Titan Company – Rs 3,429.30, ▼ 0.38%
- Eicher Motors – Rs 3,812.25, ▼ 0.38%
Market Highlights:
- SEBI took a strong stance by banning nine entities from the stock market for at least two years. The entities were also directed to refund Rs 8 crore collected through unregistered investment advisory services.
- GIFT Nifty, a dollar-based derivative contract of the Nifty 50 index, set a new record for single-day trading activity on Tuesday, reaching a turnover of $16.76 billion.
- In international news, India has committed to building 10,000 houses in the plantation areas of Sri Lanka as part of a new agreement, further strengthening bilateral ties.
Stocks in the Spotlight:
- ICICI Bank received approval from both NSE and BSE for the delisting of shares of ICICI Securities.
- Thomas Cook witnessed Fairbridge Capital (Mauritius) planning to sell up to a 6.8% stake in the company via an offer for sale, with the option to sell additional shares if oversubscribed.
- UltraTech Cement made a strategic move by acquiring cement grinding assets worth Rs 169.79 crore from Burnpur Cement.
- BPCL declared a dividend of Rs 21 per share, providing a positive outlook for its investors.
- Aurobindo Pharma received USFDA approval to market a generic medication for the treatment of HIV-1 infection, marking a significant development in the pharmaceutical sector.
IPO Corner:
- IREDA made a strong debut, listing at Rs 50, a 56.25% premium, and closing at Rs 60, up 87.50%.
Market Overview:
- Precious metals showed mixed movements, with gold gaining 1.28% to reach Rs 62,390, while silver remained steady at Rs 75,451.
- The USD-INR exchange rate experienced a minimal change, hovering at ₹83.33/USD, down by 0.01%.
- In the international market, both Dow Jones and Nasdaq displayed positive trends, closing at 35,416.98 (▲ 0.24%) and 14,281.76 (▲ 0.29%) respectively.
Long-Term Returns:
- Over the past 20 years, the Indian market has demonstrated robust performance, with the Sensex and Nifty registering annual returns of 13.66% and 13.28% respectively.
- In the US, the Dow Jones and Nasdaq have shown annual returns of 6.64% and 10.43% respectively over the same period.
In conclusion, yesterday’s market movements showcased the resilience of the auto and banking sectors, regulatory actions by SEBI, key developments in various stocks, and the impressive debut of IPOs. Investors will be closely watching these dynamics as the market continues to evolve.