Stock Market Daily Updates

Stock Market Recap: PSU Banks and Auto Stocks Lead Gains, Global Markets Rally

In yesterday’s stock market action, PSU (Public Sector Undertaking) banks and auto stocks emerged as the top performers, showcasing robust gains. Meanwhile, the oil & gas sector was the sole contributor to the red close on the Indian stock exchange. Let’s delve into the details of the market movements and key highlights from various sectors.

Domestic Market Highlights

PSU Banks and Auto Stocks Shine

PSU banks and auto stocks stole the spotlight, registering significant gains. The NIFTY 50 index mirrored the positive sentiment, closing in the green. However, the oil & gas sector faced headwinds, ending the day on a negative note.

Top Gainers and Losers

Top Gainers:

1. Hindalco (Rs 605.60): Surged by 4.44%
2. UltraTech (Rs 10,436.10): Advanced by 4.17%
3. Bajaj Auto (Rs 6,709.65): Rose by 3.79%
4. Tata Motors (Rs 740.90): Up by 2.97%
5. JSW Steel (Rs 875.90): Gained 2.77%

Top Losers:

1. NTPC (Rs 306.05): Declined by 1.15%
2. ONGC (Rs 205.55): Slipped by 0.87%
3. Adani Enterprises (Rs 2,843.35): Dipped by 0.77%
4. UPL (Rs 583.20): Fell by 0.49%
5. Adani Ports (Rs 1,024.40): Decreased by 0.42%

Global Market Overview

Asian Markets and Beyond

Apart from India, all other Asian markets closed positively, contributing to a broader regional upswing. Furthermore, both US and European markets experienced upward trends.

Corporate Developments

Stocks in News

1. Dish TV: Shareholders rejected the proposal to appoint four directors.
2. Suzlon: Secured an order for supplying 48 wind turbines to Mahindra Susten Pvt. Ltd.
3. LIC: Board approved establishing a branch in the International Financial Services Centre, GIFT City, Gujarat.
4. Piramal Enterprises: Subsidiary acquired an office space in Mumbai for Rs 875 crore.
5. HUDCO: Will invest up to Rs 14,500 crore in housing and urban infrastructure projects in Gujarat.
6. ICICI Prudential: Received a tax demand notice of Rs 270 crore for alleged short payment of GST in 2017-18.
7. L&T: Construction subsidiary secured a contract for green energy systems in Saudi Arabia.

IPO Corner

Listing Premium

1. Happy Forgings: 17.6%
2. Credo Brands: 0.8%
3. RBZ Jewellers: 0%

Commodity and Currency Update

1 Day Change

• Gold (₹63,353): Increased by 0.34%
• Silver (₹74,999): Decreased by 0.76%
• USD-INR (₹83.32/USD): Rose by 0.17%
• Dow Jones (37,545.33): Advanced by 0.43%
• Nasdaq (15,074.57): Rose by 0.54%

Long-Term Returns

Past 20 Years

• Sensex (India): Annualized return of 13.43%
• Nifty (India): Annualized return of 13.28%
• Dow Jones (US): Annualized return of 6.67%
• Nasdaq (US): Annualized return of 10.99%

The market’s positive momentum, driven by robust performances in PSU banks and auto stocks, resonated both domestically and globally. While PSU banks and auto stocks stole the limelight, various corporate developments and commodity updates added depth to the day’s financial landscape. Investors continue to monitor market trends, seeking opportunities amid dynamic conditions.

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