Stock Market Update: Auto and Pharma Stocks Shine, Oil & Gas Declines
Table of Contents
Top Performers in the Market
Today’s market saw a significant rise in auto and pharma stocks, showcasing positive momentum. Meanwhile, the oil & gas sector experienced a decline in stock values.
Global Market Overview
Asian, American, and European markets displayed positive trends, with most indices in the green.
Top Gainers in NIFTY 50
- Wipro: Rs 543.00, ▲ 4.73%
- M&M: Rs 1,835.55, ▲ 3.99%
- SBI Life: Rs 1,508.45, ▲ 3.79%
- Adani Ports: Rs 1,306.85, ▲ 3.14%
- L&T: Rs 3,386.75, ▲ 2.62%
Top Losers in NIFTY 50
- Power Grid: Rs 274.55, ▼ 2.52%
- ONGC: Rs 274.70, ▼ 0.94%
- SBI: Rs 754.70, ▼ 0.92%
- Britannia: Rs 4,913.70, ▼ 0.74%
- Reliance: Rs 2,921.15, ▼ 0.68%
Market News Highlights
- Defence Spending: The Defence Acquisition Council approved proposals worth Rs 84,560 cr to enhance the capabilities of armed forces and the Indian Coast Guard.
- Flight Delays: Approximately 4.82 lakh passengers were affected by delayed flights in January 2024, according to DGCA data.
- Anti-Dumping Investigation: India initiated an anti-dumping investigation into the imports of specific solar glass from China and Vietnam.
- FCI Capital Increase: The government increased the authorized capital of the Food Corporation of India (FCI) from Rs 10,000 cr to Rs 21,000 cr to support food grain storage.
- Tech Industry Job Growth: India’s tech industry is anticipated to create 60,000 new jobs in the financial year 2023-24, totaling 54.30 lakh employees.
- LNG Imports: India’s Liquefied Natural Gas (LNG) imports rose by 26% year-on-year in January.
- Akasa Air’s Expansion: Akasa Air plans to commence international operations from March-end.
- NCLT Decision: The National Company Law Tribunal allowed rebidding for Rolta India Ltd.
- Forex Reserves Decline: India’s foreign exchange reserves decreased by $5.24 billion to $617.23 billion for the week ending on 9 Feb.
- Job Market Update: ESIC Records Significant Increase in Formal Employment
- Formal job creation under the Employees’ State Insurance Corporation (ESIC) saw a notable uptick, rising by 18.2% month-on-month to reach 18.8 lakh in December 2023. This surge indicates a positive trend in formal employment generation, offering promising prospects for job seekers in various sectors.
Stocks in the Spotlight
- SpiceJet: Promoter Ajay Singh and Busy Bee Airways submitted a joint bid to acquire GoFirst airline.
- LIC: Received a tax refund of Rs 21,740.77 cr.
- Bajaj Auto: Set 29 Feb as the record date for its Rs 4,000 cr share buyback.
- Bandhan Bank: Acquired 12 offices for Rs 135.64 cr.
- Vedanta: Finsider International sold a 1.8% stake in Vedanta for Rs 1,737 cr.
- Paytm: RBI extended the deadline for Paytm Payment Bank customers for deposits and credit transactions until 15 March.
IPO Corner
Listing Discount: Entero Healthcare Solutions faced a listing discount of -2.3%.
Market Indicators
- Precious Metals:
- Gold: Rs 61,715, ▲ 0.39%
- Silver: Rs 71,338, ▲ 1.02%
- Currency Exchange:
- USD-INR: Rs 83.04/USD, ▼ 0.01%
- International Indices:
- Dow Jones: 38,773.12, ▲ 0.91%
- Nasdaq: 15,906.17, ▲ 0.30%
Long-Term Returns
Past 20 Years:
- Sensex: ▲ 13.22% p.a.
- Nifty: ▲ 12.96% p.a.
- Dow Jones: ▲ 6.59% p.a.
- Nasdaq: ▲ 10.69% p.a.
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