Long term return stock market Indian Stock Market Nifty 50

Stock Market Sees Mixed Performance: Oil & Gas Shine, Financial Services Struggle

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Stock Market Update: Analyzing Yesterday’s Activity

The stock market opened lower yesterday compared to the previous day’s closing levels. This initial downturn set a cautious tone for the day, reflecting uncertainties among investors. Throughout most of the trading day, the Nifty 50 index remained below its previous closing point, only showing a significant rise after 3:05 PM.

Sector Performance

Oil & Gas Stocks
The oil and gas sector emerged as the top performer, experiencing the most substantial gains of the day. This could be attributed to favorable market conditions or positive news within the sector, encouraging investors to buy.

Financial Services Stocks
In contrast, financial services stocks faced the steepest declines. Various factors, including market sentiment, economic data, or sector-specific news, could have contributed to this underperformance.

Global Market Influence

US Markets
The US markets were closed for the 4th of July holiday. As a result, there were no updates for the Dow Jones and Nasdaq indices. The closure of these significant markets likely reduced trading volumes and global market movements.

European Markets
European markets were on an upward trajectory, showing resilience and positive investor sentiment. This performance might be driven by strong economic indicators or corporate earnings reports.

Asian Markets
Most Asian markets were down, possibly influenced by regional economic data, geopolitical tensions, or other local factors affecting investor confidence.

Top Gainers on Nifty 50

  1. ONGC (Oil and Natural Gas Corporation)
  • Price: Rs 288.20
  • Change: ▲ 4.02%
  1. SBI (State Bank of India)
  • Price: Rs 859.75
  • Change: ▲ 2.44%
  1. Reliance Industries
  • Price: Rs 3,177.25
  • Change: ▲ 2.23%
  1. Britannia Industries
  • Price: Rs 5,546.80
  • Change: ▲ 2.22%
  1. Hindustan Unilever Limited (HUL)
  • Price: Rs 2,547.00
  • Change: ▲ 2.05%

Top Losers on Nifty 50

  1. HDFC Bank
  • Price: Rs 1,648.10
  • Change: ▼ 4.58%
  1. Titan Company
  • Price: Rs 3,269.35
  • Change: ▼ 2.00%
  1. Tata Steel
  • Price: Rs 174.71
  • Change: ▼ 0.90%
  1. Mahindra & Mahindra (M&M)
  • Price: Rs 2,880.60
  • Change: ▼ 0.76%
  1. LTIMindtree
  • Price: Rs 5,421.70
  • Change: ▼ 0.69%

Market News

Reclassification of Stocks by AMFI
The Association of Mutual Funds in India (AMFI) has revised the criteria for large-cap and mid-cap stocks. Companies with a market cap of over Rs 84,300 crore are now classified as large-cap, up from Rs 67,000 crore. Those with a market cap exceeding Rs 27,600 crore are considered mid-cap, up from Rs 22,000 crore. This reclassification affects the composition of mutual fund portfolios and market dynamics.

Forex Reserves
India’s forex reserves fell by $1.71 billion, standing at $652 billion as of June 28. This decline can impact the country’s ability to manage exchange rates and international trade.

Auto Retail Sales
India’s auto retail sales grew by 0.73% annually in June. This modest growth reflects steady demand in the automotive sector.

Tea Production
Tea production in India saw a significant year-on-year decline in May, with an overall drop of over 30% and a 26% decrease in Assam. This decline could affect tea prices and supply chains.

Real Estate Development
Whiteland Corp, based in Delhi NCR, has partnered with Marriott International to develop luxury housing projects under the brand ‘Westin Residences’ in Gurugram. The investment for this project exceeds Rs 5,000 crore, indicating robust growth in the luxury real estate sector.

IPO Subscriptions
Emcure Pharma’s IPO was subscribed 67.86 times, with retail subscription at 7.21 times. Similarly, Bansal Wire’s IPO was subscribed 59.57 times, with retail subscription at 13.64 times. These high subscription rates reflect strong investor interest.

Stock Updates

  • IndusInd Bank: The bank issued loans worth Rs 3.48 lakh crore in the April-June quarter, marking a 16% year-on-year increase.
  • Thermax: A subsidiary of Thermax received a Rs 513 crore order to supply two boilers for an energy project in Botswana.
  • Bajaj Auto: Launched the world’s first CNG-powered bike, ‘Freedom 125’, which can run on both petrol and CNG.
  • Ircon International: The company’s joint venture secured a Rs 750.82 crore order from RVNL to build a broad gauge track between Rishikesh and Karanprayag.
  • IDFC First Bank: Raised Rs 3,200 crore by selling shares to six insurance companies.
  • Poonawalla Fincorp: Reported a 52% year-on-year increase in assets under management and a 5% rise in total disbursements for the April-June quarter.

Commodity and Currency Updates

  • Gold: Rs 72,580 (▲ 0.35%)
  • Silver: Rs 92,320 (▲ 0.93%)
  • USD-INR: Rs 83.50/USD (▲ 0.01%)

Long-Term Returns

  • Sensex: ▲ 15.05% p.a. over the past 20 years.
  • Nifty: ▲ 14.84% p.a. over the past 20 years.

The stock market exhibited a mixed performance yesterday, with significant sector-specific movements and global market influences. While the oil and gas sector led the gains, financial services lagged behind. The reclassification of stocks and updates on various companies provided a comprehensive view of the market dynamics. As always, staying informed and adapting to market trends is crucial for investors.

Read More Stock Market Daily Updates

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