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Stock Market Recap: Mixed Performance with Sectoral Swings

Market Overview

The stock market saw a relatively calm session yesterday, with indices hovering around the previous day’s closing levels. However, there were notable movements within sectors. Oil & gas stocks emerged as the top gainers, while metal stocks experienced a decline.

Global Market Snapshot

Across Asia, most markets showed positive momentum, echoing a generally upbeat sentiment. In contrast, US markets remained relatively flat, lacking significant directional movement.

Top Gainers

Among the top gainers in the NIFTY 50 index were:

Eicher Motors: The stock surged by 4.22%, closing at Rs 3,873.60.
Maruti Suzuki: With a rise of 2.97%, Maruti Suzuki closed at Rs 11,941.15.
Power Grid: Power Grid recorded an increase of 2.18%, closing at Rs 264.65.
Nestle: Nestle gained 2.17%, closing at Rs 2,550.25.
ONGC: ONGC saw a rise of 1.77%, closing at Rs 263.85.

Top Losers

On the flip side, some of the top losers in the NIFTY 50 index included:

Tata Steel: The stock declined by 2.08%, closing at Rs 145.65.
Tata Consumer: Tata Consumer registered a decrease of 1.94%, closing at Rs 1,124.05.
Tata Motors: Tata Motors witnessed a decline of 1.81%, closing at Rs 940.45.
Axis Bank: Axis Bank saw a decrease of 1.53%, closing at Rs 1,034.75.
Cipla: Cipla recorded a decrease of 1.27%, closing at Rs 1,417.40.

Corporate Developments

JSW Group and MG Motor: These companies have joined hands to manufacture electric vehicles (EVs) in India. They aim to introduce New Electric Vehicles (NEVs) every 3 to 6 months starting from September.
Mineral Production in India: Mineral production from mining and quarrying in India saw a 5.9% year-on-year increase in January 2024.
Delayed Government Projects: The percentage of delayed central government projects stood at 41.2% in February, slightly lower than January’s figure of 42.8%, according to the Ministry of Statistics.

Stocks in News

UltraTech: The Competition Commission of India has greenlit UltraTech’s acquisition of the cement business of Kesoram Industries.
Adani Group: Adani Electricity plans to set up 8,500 EV chargers across apartment blocks in Mumbai.
HDFC Bank: HDFC Bank completed the sale of its shareholding in HDFC Credila for Rs 9,553 crore.
L&T Tech: L&T Technology Services will train 1,000 employees in partnership with Nvidia.
HUDCO: HUDCO will distribute an interim dividend of Rs 1.5 per share with the record date set as 29th March. Additionally, it aims to raise Rs 40,000 crore for the financial year 2025.

Market Movement Snapshot

1 Day Change:

Gold: Rs 65,628, up by 0.19%.
Silver: Rs 75,085, down by 0.26%.
USD-INR Exchange Rate: Rs 83.18 per USD, up by 0.17%.
Dow Jones: Closed at 39,110.76, up by 0.83%.
Nasdaq: Closed at 16,166.79, up by 0.39%.

Long Term Returns

Over the past 20 years:

Sensex: Registered an annualized return of 13.87%.
Nifty: Recorded an annualized return of 13.66%.
Dow Jones: Showed an annualized return of 6.96%.
Nasdaq: Demonstrated an annualized return of 11.18%.

Stock Market Daily Updates & News