Stock Market Report – October 20, 2023

In today’s stock market report, we’ll highlight the key movements and developments that took place in the Indian stock market on October 18, 2023. The market experienced both gains and losses, affecting various sectors and companies. Let’s dive into the details.

Stock Market Performance:

Mid-cap and Nifty Next 50 stocks witnessed a significant decline today. The sectors that struggled the most were consumer durables and PSU banks, while the private banking sector remained relatively stable.

Asian Markets:

Notably, all other major Asian markets also closed in the red, indicating a broader regional trend of declining market performance.

Top Gainer: in the NIFTY 50 were:

1. Kotak Mahindra: The stock rose by 1.79% to reach Rs 1,769.60.
2. IndusInd Bank: It saw a 1.29% increase, reaching Rs 1,469.10.
3. TCS (Tata Consultancy Services): Gained by 1.13% to close at Rs 3,494.55.
4. SBI Life: Increased by 1.08% and reached Rs 1,362.65.
5. NTPC: The stock went up by 0.63% to Rs 241.00.

Top Losers: in the NIFTY 50 included:

1. ITC: A substantial decrease of 2.69%, closing at Rs 438.30.
2. Tata Steel: A loss of 2.30%, ending at Rs 123.10.
3. Divi’s Labs: Declined by 2.29%, closing at Rs 3,554.30.
4. HUL (Hindustan Unilever): A 2.08% decrease to Rs 2,495.15.
5. BPCL (Bharat Petroleum Corporation Limited): Lost 2.06% to reach Rs 346.40.

Stocks in the News:

• India’s forex reserves surged by $1.15 billion, reaching a total of $585.89 billion for the week ending on October 13, 2023.

• Tata Motors will acquire a 27% stake in ‘Freight Tiger’ for Rs 150 crore.
• RVNL (Rail Vikas Nigam Limited) has received orders worth Rs 420 crore from Vadodara Division of Western Railway.
• HDFC Bank distributed Rs 42.40 crore to fractional shareholders of HDFC.
• Tata Steel is going to buy a 26% share of TP Vardhaman Surya..
• Kotak Mahindra received approval from the RBI for its Rs 537 crore acquisition of Sonata Finance.
• TVS Motor will begin selling its products in Venezuela.

1 Day Change:

IPO Corner:
The IRM Energy IPO has garnered significant attention, being subscribed 27.05 times, with retail investors subscribing 9.29 times.

• Gold prices rose by 0.84% to reach ₹60,470.
• Silver prices increased by 0.64% to ₹72,100.
• The USD-INR exchange rate decreased by 0.07% to ₹83.18/USD.
• Dow Jones in the United States declined by 0.12% to 33,374.38.
• Nasdaq also saw a drop of 0.43% to 13,130.27.

Long Term Returns (Past 20 Years):

• Sensex in India has shown impressive returns, averaging 13.88% per annum.
• Nifty in India has also delivered strong returns, with an average of 13.53% per annum.
• In the United States, Dow Jones has had a more modest average return of 6.36% per annum.
• Nasdaq, on the other hand, has outperformed with an average return of 10.11% per annum.

Read More Daily Market Updates

Today’s stock market report reflects a mixed day of trading in India, with mid-cap and Nifty Next 50 stocks experiencing a downturn, while certain sectors like consumer durables and PSU banks faced challenges. The global context showed a broader trend, with Asian markets following a similar pattern. Investors will be closely monitoring these developments in the coming days, as they consider their investment strategies.