Indian Stock Market Update: 26th January 2024
Republic Day Holiday Halts Trading
Indian stock markets remained closed on January 26th in observance of Republic Day, a national holiday in the country.
Table of Contents
Global Markets Show Positive Momentum
While Indian markets took a pause, most American and European markets experienced gains. The upbeat sentiment was buoyed by positive economic indicators, particularly in the United States.
US Economy Surpasses Expectations
The US Gross Domestic Product (GDP) exhibited robust growth, expanding at a rate of 3.3% in the fourth quarter. This figure surpassed earlier estimates of 2%, indicating a stronger-than-expected performance for the world’s largest economy.
Key Developments in India
Several significant developments unfolded within India’s economic landscape:
Airbus-Tata Collaboration: Airbus Helicopters joined hands with Tata Group to establish India’s inaugural Final Assembly Line (FAL) for helicopters in the private sector, marking a milestone in the country’s aviation sector.
Krutrim Emerges as India’s First AI Unicorn: Krutrim, an artificial intelligence (AI) company, achieved a significant milestone by becoming India’s first AI Unicorn, reflecting the growing prowess of Indian startups in cutting-edge technologies.
Stock Exchanges Update ESM Framework: In a move aimed at recalibrating market regulations, stock exchanges removed 39 small-cap stocks from the Enhanced Surveillance Measure (ESM) framework, effective from January 29th.
Educational Collaboration with France: France expressed its ambition to host 30,000 Indian students in its universities by 2030, signifying deepening educational ties between the two nations.
Padma Awards Announced: The Indian government unveiled the list of recipients for the prestigious Padma Shri, Padma Vibhushan, and Padma Bhushan Awards for the year 2024, recognizing outstanding contributions across various fields.
Corporate Highlights
Several notable corporate updates made headlines:
Ola Cabs Financial Performance: ANI Technologies, the parent company of Ola Cabs, reported a consolidated net loss of Rs 772.25 crore for the financial year 2023, showcasing a significant improvement from the previous year. The company also witnessed a 48% surge in revenue, reaching Rs 2,481.35 crore.
Akasa India’s Engine Procurement: Akasa India finalized an order to acquire over 300 engines from CFM International, underlining its commitment to strengthening its aviation infrastructure.
Stocks in Focus
Several stocks drew attention due to significant developments:
LIC’s Stake Expansion: LIC received regulatory approval from the Reserve Bank of India (RBI) to augment its shareholding in HDFC Bank, signaling confidence in the banking sector.
Bank of Baroda’s Fundraising: Bank of Baroda successfully raised Rs 5,000 crore through long-term infrastructure bonds, bolstering its capital base to support future growth initiatives.
DLF’s Expansion Plans: DLF announced plans to acquire 29 acres of land in Gurugram for the development of a housing project, underscoring its commitment to expanding its real estate portfolio.
Adani Power’s Executive Appointment: Adani Power appointed Dilip Kumar Jha as its Chief Financial Officer (CFO), strengthening its leadership team to navigate future opportunities and challenges.
Market Performance Snapshot
One Day Change:
- Gold, Silver, and USD-INR remained unchanged due to the holiday.
- Dow Jones Industrial Average (DJIA) closed at 38,049.13, marking a 0.64% increase.
- Nasdaq Composite rose by 0.18%, closing at 15,510.50.
Long-Term Returns:
- Sensex and Nifty data were not available due to the holiday.
- Over the past 20 years, DJIA exhibited an annualized return of 6.61%, while Nasdaq outperformed with an annualized return of 10.45%.
Despite the closure of Indian markets for Republic Day, global markets exhibited positive momentum, fueled by strong economic indicators, particularly in the United States. Meanwhile, notable developments and corporate announcements within India underscored the country’s ongoing economic dynamism and corporate resilience. Investors continue to monitor these developments closely as they navigate the ever-evolving landscape of the financial markets.
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