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Stock Market Summary for Yesterday
Market Opening and Performance
Yesterday, the stock markets opened on a positive note, with indices starting higher than the previous day’s closing points. However, the day witnessed fluctuations, with the lowest point being reached around 2:34 PM. Realty stocks emerged as the top performers, while media stocks saw the most significant declines.
Global Market Influence
The performance of global markets also played a role in the day’s trading. Both the US and European markets were up, which provided some positive sentiment. Most Asian markets followed suit, contributing to an optimistic outlook for investors.
Top Gainers on NIFTY 50
Several stocks on the NIFTY 50 index performed notably well:
- Coal India: The stock closed at Rs 512.45, marking a 2.95% increase.
- BPCL: BPCL’s stock price rose by 2.66%, closing at Rs 315.95.
- HUL: Hindustan Unilever Limited (HUL) saw a 2.60% rise, closing at Rs 2,688.45.
- Tata Consumer Products: The stock increased by 2.39%, ending the day at Rs 1,176.25.
- Airtel: Airtel’s stock price climbed 2.01%, closing at Rs 1,466.50.
Top Losers on NIFTY 50
On the flip side, some stocks experienced declines:
- Shriram Finance: The stock fell by 2.39%, closing at Rs 2,813.50.
- Dr. Reddy’s Laboratories: This stock dropped by 2.19%, ending at Rs 6,646.05.
- Kotak Mahindra Bank: The bank’s stock saw a 2.07% decline, closing at Rs 1,805.30.
- UltraTech Cement: The stock decreased by 1.48%, finishing at Rs 11,658.70.
- NTPC: NTPC’s stock fell by 1.35%, ending at Rs 380.45.
Key News and Updates
Automobile Sales
Automobile sales demonstrated robust growth, rising by 9% year-on-year in the April-June quarter, totaling 61.91 lakh units. Passenger vehicle sales specifically increased by 2.53%, according to the Federation of Automobile Dealers Associations (FADA).
Government Policy Changes
The government has decided to increase the windfall tax on crude oil to Rs 7,000 per tonne, effective from July 16, up from the previous rate of Rs 6,000 per tonne.
Funding News
Moving Tech, the company behind the Namma Yatri app, has raised $11 million (Rs 92 crore) in funding, led by Blume Ventures and Antler, with support from Google and other investors.
Corporate Updates
Mankind Pharma
Mankind Pharma has signed an agreement with Takeda Pharma to market the acidity drug Vonoprazan in India.
Bajaj Auto
Bajaj Auto reported an 18.10% year-on-year increase in net profit, reaching Rs 1,941.79 crore for the April-June quarter.
Cipla
Cipla has received a tax notice amounting to Rs 773.44 crore from the income tax department, covering the fiscal years from 2016 to 2023.
L&T Finance
L&T Finance reported a 29% year-on-year increase in net profit, totaling Rs 686 crore for the April-June quarter. Their net interest income rose by 23%, reaching Rs 2,020 crore.
Adani Group
The Adani Group’s joint venture with Sirius International has acquired the AI startup Coredge.io.
Vodafone Idea
The Chief Justice of India has agreed to consider Vodafone Idea’s request concerning their Adjusted Gross Revenue (AGR) dues.
Jio Financial
Jio Financial Services reported a 5.7% year-on-year decline in net profit, which stood at Rs 313 crore for the April-June quarter.
SpiceJet
SpiceJet posted a net loss of Rs 423.7 crore for the current fiscal year, compared to a net loss of Rs 1,513 crore the previous year.
ZEE
Shareholders of ZEE have approved a plan to raise Rs 2,000 crore through various financial routes.
Paytm
Paytm received an ‘administrative warning’ from SEBI on July 15 for allegedly entering into transactions with a group entity without board approval.
Garden Reach Shipbuilders
Garden Reach Shipbuilders secured an order for an ocean research vessel valued at approximately Rs 840 crore.
Commodities and Currency
Gold and Silver
Gold saw an increase of 0.57%, with 10 grams priced at Rs 73,820. Silver prices rose by 0.33%, with 1 kilogram costing Rs 93,000.
USD-INR
The USD-INR exchange rate saw a slight increase of 0.01%, with 1 USD valued at Rs 83.57.
Global Market Indices
US Markets
- Dow Jones: The index rose by 0.53%, closing at 40,211.72.
- Nasdaq: The index increased by 0.40%, ending at 18,472.57.
Long-Term Market Performance
Looking at long-term returns over the past 20 years:
- Sensex: Averaged an annual return of 14.98%.
- Nifty: Averaged an annual return of 14.79%.
- Dow Jones: Averaged an annual return of 7.12%.
- Nasdaq: Averaged an annual return of 12.01%.
This overview provides a snapshot of the stock market’s performance, key movements, and significant updates from yesterday. Investors and market enthusiasts can use this information to make informed decisions and stay updated with market trends.