Stock Market Overview: Nifty 50 Opens Strong, Experiences Late-Day Dip, and Recovers
The Nifty 50 started the day on a positive note, opening above yesterday’s closing level. However, as the day progressed, the markets faced a downward trend. Interestingly, the markets rebounded, leading to a positive closure for Nifty 50.
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Sectoral Performance: IT Soars, Healthcare Declines
In terms of sectoral performance, IT stocks exhibited significant gains, emerging as the top performers. On the flip side, healthcare stocks experienced a decline, marking them as the top losers for the day.
Global Market Snapshot: Mixed Bag in Asia and Europe
While all other Asian markets, excluding Japan, closed in the red, the scenario was no different in Europe, where all markets witnessed a fall.
Top Gainers and Losers in NIFTY 50
Top Gainers:
- Adani Ports: Rs 1,154.25, ▲ 2.76%
- TCS: Rs 3,737.90, ▲ 1.94%
- L&T: Rs 3,521.90, ▲ 1.83%
- SBI Life: Rs 1,454.15, ▲ 1.58%
- LTIMindtree: Rs 5,947.65, ▲ 1.39%
Top Losers:
- Nestle: Rs 2,666.40, ▼ 1.67%
- Britannia: Rs 5,272.35, ▼ 1.66%
- UPL: Rs 581.25, ▼ 1.09%
- Sun Pharma: Rs 1,300.20, ▼ 0.97%
- JSW Steel: Rs 829.40, ▼ 0.92%
Economic Indicators: Positive GDP Growth and Increased Forex Reserves
Advance estimates from the National Statistical Office (NSO) suggest that India is expected to achieve a robust 7.3% GDP growth in the current financial year. Additionally, India’s foreign exchange reserves recorded a notable increase by $2.759 billion, reaching $623.200 billion for the week ending 29 Dec.
Stocks in the Spotlight
Several stocks made headlines on the trading day:
- Suzlon: Secured a new wind energy order of 225 MW from Everrenew Energy.
- GAIL: Entered into an agreement with Dutch energy trader Vitol to purchase around 1 million tonnes of liquefied natural gas per annum for a duration of 10 years, starting in 2026.
- Kaveri Seed: Authorized a share buyback of Rs 325 crore through a tender offer at a fixed price of Rs 725 per share.
- Lupin: Received tentative approval from the USFDA to market a generic diabetes medication.
- Vodafone-Idea (Vi): Received a tax penalty order of Rs 10.76 crore.
Currency and Commodity Market Movement
- Gold: ₹62,488, ▼ 0.30%
- Silver: ₹72,250, ▼ 0.00%
- USD-INR Exchange Rate: ₹83.17/USD, ▼ 0.10%
- Dow Jones: 37,440.34, ▲ 0.03%
- Nasdaq: 14,510.30, ▼ 0.56%
Long-Term Returns: A Historical Perspective
Over the past 20 years, the long-term returns for key indices are as follows:
- Sensex (India): ▲ 13.20% p.a.
- Nifty (India): ▲ 12.79% p.a.
- Dow Jones (USA): ▲ 6.54% p.a.
- Nasdaq (USA): ▲ 10.29% p.a.
In conclusion, the day witnessed a roller-coaster ride for the markets, with Nifty 50 showcasing resilience despite the late-day dip. Investors are closely watching the global economic landscape and key developments in various sectors for potential opportunities and risks.
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