Stock Market Performance on June 24, 2024
Table of Contents
Market Opening and Movement
The stock market opened on June 24, 2024, at a lower point than the previous Friday’s closing mark. However, the Nifty 50 index quickly rebounded, crossing Friday’s closing point by 11:02 AM and maintaining this upward trajectory for the majority of the trading day. This positive momentum was sustained until the market reached its highest point at 12:34 PM, eventually closing in the green.
Sector Performance
Among the different sectors, auto stocks emerged as the top performers, registering the most significant gains. In contrast, media stocks experienced the largest declines, indicating a mixed performance across different sectors of the market.
Global Market Influence
The performance of global markets also played a role in shaping the day’s trading activities. While the US and European markets were on an upward trend, most other Asian markets experienced a decline. This mixed global sentiment was reflected in the varied performance of different sectors within the Indian market.
Top Gainers on Nifty 50
- Closing Price: Rs 2,915.80
- Change: ▲ 2.67%
- Power Grid Corporation of India
- Closing Price: Rs 332.95
- Change: ▲ 2.15%
- Shriram Finance
- Closing Price: Rs 2,882.25
- Change: ▲ 2.15%
- Grasim Industries
- Closing Price: Rs 2,515.10
- Change: ▲ 1.98%
- Sun Pharmaceutical Industries
- Closing Price: Rs 1,494.50
- Change: ▲ 1.86%
Top Losers on Nifty 50
- Cipla
- Closing Price: Rs 1,504.40
- Change: ▼ 2.41%
- IndusInd Bank
- Closing Price: Rs 1,490.40
- Change: ▼ 2.41%
- Adani Ports and Special Economic Zone
- Closing Price: Rs 1,460.25
- Change: ▼ 1.70%
- Coal India
- Closing Price: Rs 473.70
- Change: ▼ 1.35%
- Tata Steel
- Closing Price: Rs 177.96
- Change: ▼ 1.10%
Key News and Updates
Economic Data
The Reserve Bank of India (RBI) reported that India’s current account deficit (CAD) stood at 0.7% of GDP for the fiscal year 2024, a significant improvement from the 2% deficit recorded in FY23. Notably, there was a current account surplus of 0.6% of GDP in the January-March quarter of FY24.
IPO and Stock Updates
- Stanley Lifestyles IPO: The initial public offering of Stanley Lifestyles has been subscribed 5.22 times, with retail subscriptions reaching 6.11 times. The IPO remains open until tomorrow.
- Larsen & Toubro (L&T): L&T secured a contract to build a 185 MW solar project and a battery energy storage system in Bihar, valued between Rs 1,000 crore and Rs 2,500 crore.
- Sun Pharma: Sun Pharma completed the merger of Israel-based Taro Pharmaceuticals with its subsidiaries.
- Biocon: A subsidiary of Biocon received approval from the European Medicines Agency to produce its cancer drug for the European market.
- One97 (Paytm): Paytm reported a 19% year-on-year increase in flight bookings through its app in the January-March quarter, compared to a 3% growth for the entire sector.
- Cipla: Cipla received six observations from the US FDA following an inspection at its manufacturing plant in Goa.
- Garden Reach Shipbuilders: The company secured a supply order for four multi-purpose vessels worth around $54 million from a German company.
Commodity and Currency Updates
- Gold: Rs 71,670 (▼ 1.28%)
- Silver: Rs 89,320 (▼ 1.95%)
- USD-INR: Rs 83.49/USD (▼ 0.10%)
International Markets
- Dow Jones: 39,150.33 (▲ 0.04%)
- Nasdaq: 17,689.36 (▼ 0.18%)
Long-Term Returns
The long-term performance of major indices over the past 20 years highlights the strength of the Indian market compared to its global counterparts:
- Sensex: ▲ 15.02% p.a.
- Nifty: ▲ 14.87% p.a.
- Dow Jones: ▲ 6.87% p.a.
- Nasdaq: ▲ 11.59% p.a.
The stock market on June 24, 2024, showcased resilience and positive movement, particularly in the auto sector. With significant developments in various companies and a favorable economic outlook, the Indian market continues to demonstrate robust performance amidst mixed global trends.
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