Indian Stock Market Update: Red Day for Indian Markets After Initial Gains
Indian stock markets opened optimistically on February 7th, 2024, surpassing the previous day’s closing level. However, the enthusiasm waned as the day progressed, leading to a decline in stock prices across the board.
Table of Contents
Sector Performance: Private Banks and FMCG Stocks Take a Hit, PSU Banks and Media Stocks Shine
The day witnessed a significant downturn in private bank and FMCG (Fast Moving Consumer Goods) stocks, which experienced the most notable declines. On the contrary, PSU (Public Sector Undertaking) bank and media stocks stood out as the top gainers, showing resilience amidst the overall market downturn.
Global Market Overview: Mixed Performance Across Asia and Europe
While most Asian markets closed on a positive note, with gains seen in several indices, European markets displayed a mixed picture with some in the green while others remained subdued.
Top Gainers and Losers in NIFTY 50
Among the top gainers in the NIFTY 50 index were SBI, Power Grid, BPCL, Hindalco, and Coal India, each experiencing notable upticks in their stock prices. Conversely, Britannia, ITC, Kotak Mahindra, ICICI Bank, and Axis Bank found themselves among the top losers, facing significant declines in their share values.
Quarterly Results: Apollo Hospitals
Apollo Hospitals reported impressive quarterly results, with a 59% year-on-year increase in net profit amounting to Rs 245 crore. The company also saw a 14% rise in revenue, reaching Rs 4,851 crore, and announced an interim dividend of Rs 6 per share, with a record date set for February 20th.
Key Economic Indicators
The Reserve Bank of India (RBI) opted to maintain interest rates at 6.5%, with inflation projected at 5.4% for FY24 and real GDP growth forecasted at 7% for FY25. Meanwhile, India’s forex reserves saw a slight increase to $622.5 billion as of February 2nd, up from $616.73 billion the previous week.
Stocks in News: Highlights
- LIC reported a 47.3% year-on-year increase in net profit and announced an interim dividend of Rs 4.
- Inox Wind secured an agreement with CESC for the supply and installation of 1,500 MW of wind energy.
- Tata Steel embarked on a collaboration with South Eastern Rail (SER) to develop sustainable rail infrastructure.
- Petronet LNG inked a long-term deal with Qatar Energy for the purchase of 7.5 million metric tonnes of LNG annually.
IPO Corner: Subscription and Upcoming Offerings
Several IPOs witnessed robust subscription rates, including Capital Small Finance Bank, Jana Small Finance Bank, and Rashi Peripherals. Entero Healthcare Solutions IPO is set to open on February 9th, with an issue size of Rs 1,600 crore.
1 Day Change and Long-Term Returns
- Gold and silver prices experienced minor declines, while the USD-INR exchange rate remained relatively stable.
- In the long term, the Sensex and Nifty indices showcased robust annualized returns over the past two decades, outperforming their counterparts in the Dow Jones and Nasdaq indices.
Overall, the Indian stock market experienced a mixed day of trading, with initial gains giving way to widespread declines. However, robust quarterly results from certain companies and positive subscription rates in IPOs signal underlying strength and investor confidence in the market.
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