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Stock Market Daily Updates

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Indian Stock Markets Closed for Muharram

On the occasion of Muharram, the Indian stock markets remained closed yesterday. Investors and traders took a break as the country observed this significant Islamic event. While the domestic markets paused, various updates from global markets and other sectors provided important insights.

Global Market Movements

US and European Markets

In the United States, stock markets experienced an upward trend. The Dow Jones Industrial Average rose by 1.85%, reaching 40,954.48 points, while the Nasdaq saw a smaller increase of 0.20%, closing at 18,509.34 points.

In contrast, most European markets faced a downturn. The mixed performance highlights the varying economic conditions and investor sentiments across different regions.

Precious Metals and Currency

The gold and silver markets opened for the evening session. Gold prices increased by 1.08% to Rs 74,620, and silver prices went up by 0.34% to Rs 93,320. The USD-INR exchange rate was not updated due to the holiday in the Indian markets.

Domestic Air Travel Growth

According to the Directorate General of Civil Aviation (DGCA), domestic air passengers in India increased by 5.76% year-on-year, reaching 1.32 crore in June. IndiGo led the market with 80.68 lakh passengers, capturing a 60.5% market share. This growth in air travel indicates a recovery in the aviation sector post-pandemic.

Decline in Gems and Jewellery Exports

India’s gems and jewellery exports saw a decline of 7.44% year-on-year in the April-June quarter, totaling Rs 57,273.36 crore. Despite the overall drop, gold jewellery exports rose by 12.25% to Rs 18,553.02 crore, according to the Gem & Jewellery Export Promotion Council. The contrasting trends within the sector highlight the shifting demand dynamics.

Telecom Sector Update

The Telecom Regulatory Authority of India (TRAI) reported that Reliance Jio added 21.9 lakh mobile customers in May, maintaining its lead in the telecom market. Airtel followed with an addition of 12.5 lakh customers, while Vodafone-Idea (Vi) lost 9.24 lakh customers. These numbers reflect the ongoing competition and market shifts within the Indian telecom industry.

Key Stock Updates

LTIMindtree

LTIMindtree reported a 1.49% decrease in net profit for the April-June quarter, totaling Rs 1,135 crore. The company’s board also approved the establishment of a subsidiary in Brazil with an initial investment of $1 million, marking its expansion into the South American market.

Asian Paints

Asian Paints experienced a significant drop in net profit, which fell by 24.5% to Rs 1,170 crore for the April-June quarter. Additionally, net sales declined by 2.3% to Rs 8,943 crore, reflecting challenges faced by the company in the recent quarter.

Glenmark Pharma

Glenmark Pharma received US FDA approval for its anti-seizure drug, Topiramate. This approval is a positive development for the company, potentially enhancing its market presence in the pharmaceutical industry.

Eicher Motors

Eicher Motors’ Royal Enfield launched a new motorcycle, the ‘Guerilla 450’, priced at Rs 2.39 lakh. This new addition to the Royal Enfield lineup is expected to attract motorcycle enthusiasts and boost the company’s sales.

GMR Airports

GMR Airports reported handling over 1.06 crore passengers in June 2024, marking a 7.8% year-on-year increase. This growth indicates a strong recovery and increasing demand in the aviation sector.

ZEE

ZEE announced the launch of an international bond issue worth $239 million on a private placement basis. This move aims to raise capital for the company’s strategic initiatives and expansion plans.

Bajaj Electricals

Anuj Poddar, CEO and MD of Bajaj Electricals, announced his resignation. This leadership change could have significant implications for the company’s future direction and strategy.

Long-Term Market Performance

Indian Markets

Due to the holiday, there were no updates on the Sensex and Nifty indices. However, these indices have shown significant growth over the long term, reflecting the robust performance of the Indian economy.

US Markets

Over the past 20 years, the Dow Jones has delivered an average annual return of 7.23%, while the Nasdaq has provided an impressive 12.11% annual return. These returns highlight the long-term growth potential of the US stock markets.

While the Indian stock markets took a pause for Muharram, global markets and various sectors continued to provide valuable updates. The performance of US and European markets, coupled with developments in the aviation, telecom, and pharmaceutical sectors, offer a comprehensive view of the current economic landscape. As markets resume trading, these insights will help investors make informed decisions.

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