Indian stock market 2024 interim budget

Stock Market Daily Updates

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Stock Market Overview: Indian Indices Witness a 1.50% Decline

Opening Highs Fade as Selling Prevails

Indian stock markets experienced a downward trend yesterday, with a 1.50% decline in overall indices. Although the markets commenced trading higher than the previous day’s closing point, the optimism was short-lived as a persistent fall characterized the trading day.

Sectoral Performance: Media Bears Brunt, Pharma and Healthcare Resilient

Media Stocks Face Heavy Selling; Pharma and Healthcare Stand Out

Media stocks, particularly Zee Entertainment, faced significant selling pressure, contributing to the overall market decline. However, the pharma and healthcare sectors emerged as beacons of green amidst the red, showcasing resilience in an otherwise bearish market.

Global Market Snapshot: Mixed Performance Across Asia and the Americas

Asian and American Markets Paint a Diverse Picture

While Indian markets faced a setback, most other Asian and American counterparts closed in the green, indicating a varied global market sentiment.

Top Gainers and Losers in NIFTY 50

Positive Momentum for Cipla, Sun Pharma, Airtel, and ICICI Bank

NIFTY 50 witnessed notable gainers, with Cipla leading the pack with a 7.05% increase. Sun Pharma, Airtel, ICICI Bank, and Hero Moto also registered positive momentum. On the flip side, IndusInd Bank, Coal India, ONGC, Adani Ports, and SBI Life were among the top losers.

Quarterly Earnings Highlights

Axis Bank and Cipla Showcase Growth

Axis Bank reported a 3.7% increase in net profit to Rs 6,071 cr, accompanied by a 9.4% rise in Net Interest Income. Cipla’s net profit surged by 33% year-on-year, reaching Rs 1,049 cr, with a 14.2% growth in revenue to Rs 6,544 cr.

Market Developments and News Highlights

Gold and Silver Import Duty Hiked, Go First Insolvency Case Deferred, and Byju’s Parent Company Reports Losses

The Indian government increased the import duty on gold and silver from 10% to 15%. The National Company Law Tribunal deferred the hearing of Go First airline’s insolvency case to 29 Feb 2024. Byju’s parent company, Think & Learn, reported operating revenue of Rs 5,014 cr for FY 2022, with losses rising 80% year-on-year to Rs 8,245 cr.

Stocks In Focus

Hero Moto’s Electric Plans, Mahindra Logistics’ Investment, L&T’s Orders, and Paytm Milestone

Hero Moto announced plans to introduce three new electric 2-wheelers by FY 2025. Mahindra Logistics disclosed a Rs 170 cr investment in a warehousing facility near Pune. L&T’s subsidiary, ‘Heavy Engineering,’ secured orders ranging between Rs 1,000 cr to Rs 2,500 cr. Paytm crossed 100 million monthly transacting users in Q3FY24.

IPO Corner: Nova Agritech Subscribed 9.75 Times, Medi Assist Healthcare Lists at Premium

Nova Agritech and EPACK Durable Subscriptions; Medi Assist Healthcare’s Premium Listing

Nova Agritech garnered strong investor interest with a subscription rate of 9.75 times, while EPACK Durable saw a subscription of 3.68 times. Medi Assist Healthcare listed at a premium of 10.05%, signaling positive market reception.

Commodity and Currency Update

Gold, Silver, USD-INR, Dow Jones, and Nasdaq Movement

In the commodities and currency space, gold saw a marginal decline, silver edged up, USD-INR witnessed a slight increase, and both Dow Jones and Nasdaq closed with positive gains.

Long-Term Returns: A Historical Perspective

Sensex and Nifty Outperform Dow Jones and Nasdaq

Over the past two decades, the Sensex and Nifty have demonstrated robust long-term returns, outperforming the Dow Jones and Nasdaq. The Indian indices registered annual growth rates of 13.50% and 12.99%, respectively, compared to the 6.58% and 10.41% recorded by their American counterparts.

This concise overview encapsulates the key movements, sectoral performances, earnings highlights, and noteworthy developments in the Indian stock market for the day. Investors remain vigilant as they navigate the dynamic landscape of financial markets.

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22 thoughts on “Stock Market Daily Updates”

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