Stock Market Daily Updates News

Indian Stock Market Update: Yesterday’s Highlights

The Indian stock market witnessed a positive trend on 29.01.2024, with several sectors experiencing notable gains. Here’s a breakdown of yesterday’s key developments:

Sector Performance

  • Oil & Gas Surges: The oil & gas sector emerged as the top performer, registering a remarkable surge of over 5%. This significant rise contributed to the overall market optimism.
  • PSU Banks Shine: PSU bank stocks were among the top gainers, reflecting renewed investor confidence in the banking sector.
  • FMCG Faces Downturn: In contrast, the FMCG sector closed in the red, marking the only sectoral decline amidst the overall bullish sentiment.

Global Market Overview

  • Asian Markets: Except for China, all other Asian markets closed in the green, indicating a positive regional sentiment.
  • European Markets: Most European markets, however, closed in the red, reflecting a mixed trend in global markets.

Top Gainers

  • NIFTY 50 Leaders:
  • ONGC led the gains with an impressive surge of 7.88%.
  • Reliance, Coal India, Adani Enterprises, and Adani Ports also posted significant gains, contributing to the market’s upward momentum.

Top Losers

  • NIFTY 50 Laggards:
  • Cipla, ITC, LTIMindtree, Infosys, and Bajaj Auto were among the top losers, experiencing marginal declines.

Market Updates and News

  • Byju’s Fundraising: Byju’s announced plans to raise $200 million through a rights issue, valuing the company at less than $250 million.
  • Forex Reserves Decline: India’s forex reserves witnessed a decline of $2.8 billion, totaling $616.1 billion.
  • RBI’s Announcement: The RBI announced an overnight VRR auction of Rs. 25,000 crore scheduled for Jan 30, aiming to manage liquidity in the market.
  • Investment in BluSmart: Switzerland-based asset manager Responsability Investments committed to investing up to $25 million in electric cab start-up BluSmart.

Stocks in Focus

  • Azad Engineering signed a 7-year agreement with Rolls-Royce for airplane engine parts production.
  • Adani Green completed funding for a $750-million Holdco Bond.
  • Power Mech secured orders worth Rs 645 crore from Rail Vikas Nigam and Neyveli Uttar Pradesh Power.
  • SpiceJet reportedly received over Rs 900 crore in funding.
  • SJVN secured a 100 MW solar power project worth Rs 550 crore through an eReverse Auction.
  • ICICI Lombard announced the acquisition of a 1.08% stake worth Rs 100 crore in Karnataka Bank.

Market Indices

  • 1 Day Change:
  • Gold and Silver prices saw slight upticks, while the USD-INR exchange rate experienced a marginal increase. Dow Jones and Nasdaq in the US markets showed mixed performance.
  • Long Term Returns (Past 20 years):
  • Sensex and Nifty exhibited robust annualized returns, outperforming major US indices such as Dow Jones and Nasdaq over the same period.

In conclusion, 09.01.2024 witnessed a positive trajectory in the Indian stock market, with various sectors recording gains despite mixed global cues. Investor sentiment remained buoyant, supported by strategic announcements and developments in key sectors and companies.

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21 thoughts on “Stock Market Daily Updates News”

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