The stock market witnessed a slightly lower close today, with fluctuations observed across various sectors. Notably, the realty and auto sectors emerged as the top gainers, showcasing resilience amid market fluctuations.
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Top Gainers:
The NIFTY 50 index exhibited mixed performances among its constituents. Mahindra & Mahindra (M&M) stood out as the top gainer, closing at Rs 1,552.05 with an increase of 4.35%. Apollo Hospitals, Coal India, Power Grid, and Hero Moto also secured positive gains, reflecting the diverse movements in the market.
Top Losers:
On the flip side, Adani Enterprises took a hit, leading the top losers with a decrease of 2.00%. Hindustan Unilever (HUL), Adani Ports, Tata Consumer, and ONGC also experienced losses, contributing to the overall downward trend.
Quarterly Results:
Several companies reported notable quarterly results. Ircon International recorded a 44% increase in net profit, reaching Rs 250.8 crore, while revenue surged by 33.4% to Rs 2,986.8 crore. Raymond saw a rise in net profit to Rs 159.78 crore, accompanied by a 6% increase in revenue to Rs 2,321 crore. MOIL reported a net profit of Rs 61.52 crore, with total revenue climbing to Rs 368 crore.
Market Insights:
In a significant move, 11.5 crore PAN cards were deactivated for failing to link with Aadhaar cards before the deadline. Equity mutual funds attracted investments totaling Rs 19,932 crore in October, reflecting a notable increase of Rs 6,075 crore. Small Cap mutual funds also experienced inflows of Rs 4,495 crore during the same period. Notably, the total number of SIP accounts in October reached 7.3 crore, marking a record high.
Stock Market Stocks in News:
Adani Ports reported a 27.6% YoY increase in PAT in its Q2 results. Airtel announced the expansion of its 5G coverage to all districts of West Bengal. Vodafone-Idea (Vi) received a tax refund of Rs 1,128 crore following a Bombay High Court order. ICICI Bank secured RBI approval to make ICICI Securities its fully-owned subsidiary.
IPO Corner:
The ASK Automotive IPO garnered significant attention, being oversubscribed 51.14 times. Retail investors subscribed 5.17 times, with today marking the last date for IPO applications.
Market Performance:
In the commodities market, gold witnessed a 0.71% decline, closing at ₹59,867, while silver saw a 0.40% increase, reaching ₹70,666. The USD-INR exchange rate stood at ₹83.30/USD, marking a 0.03% increase. In the global market, Dow Jones closed at 34,112.27 with a 0.12% decrease, and Nasdaq recorded a 0.08% increase, closing at 13,650.41.
Long-Term Returns:
Looking at the long-term perspective, the Sensex and Nifty in India exhibited annualized returns of 13.67% and 13.30%, respectively, over the past 20 years. In comparison, Dow Jones and Nasdaq in the United States showed annualized returns of 6.42% and 10.16%, respectively, during the same period.
In summary, the stock market experienced a mixed day, influenced by various factors across sectors. The realty and auto sectors emerged as the day’s winners, while companies reported diverse quarterly results. As the market continues to navigate uncertainties, investors remain vigilant, closely monitoring both domestic and global developments.
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