Stock Market Updates

Stock Market Recap: Red Day for Global Markets yesterday

The Stock markets saw a predominantly red day, with all major indices closing in negative territory. In Asia, excluding China, and across Europe, stocks dipped, reflecting a broader trend. The US markets remained closed on Martin Luther King Jr Day, leading to the absence of Dow Jones and Nasdaq updates.

Sectoral Performance

Realty and IT sector stocks experienced declines, being the major contributors to the overall market downturn. On the flip side, the metal sector witnessed an uptick, providing some relief amid the broader market slump.

Top Performers and Underperformers

Gainers

  • NIFTY 50 displayed resilience, led by top gainers:
  • BPCL rose by 2.73% to Rs 472.50.
  • Tata Steel gained 1.74% at Rs 137.25.
  • Titan and ITC showed positive momentum, rising by 1.60% and 1.58%, respectively.
  • Maruti Suzuki closed 1.08% higher at Rs 10,195.85.

Losers

  • On the flip side, the top losers in NIFTY 50 included:
  • Divi’s Labs dropped by 2.11% to Rs 3,827.00.
  • HCL Tech, NTPC, Wipro, and Infosys also experienced declines ranging from 1.58% to 2.09%.

Corporate Highlights

Quarterly Results: HDFC

HDFC reported robust quarterly results:

  • Net profit surged by 33.5% to Rs 16,372 cr.
  • Net interest income (NII) rose by 23.9% to Rs 28,470 cr.
  • Non-Performing Assets (NPA) stood at 1.26%, a marginal increase from the same period last year.

Government Policy Changes

The government reduced the windfall tax on crude oil from Rs 2,300 per tonne to Rs 1,700 per tonne, effective from January 16.

Formal job creation by the Employees State Insurance Corporation declined by 7.5% month-on-month in November 2023, with 15.9 lakh new employees added compared to 17.2 lakh in October 2023.

Trade and Economic Indicators

  • India’s exports of engineering goods grew by 10.20% year-on-year, reaching $10.04 billion in December 2023.

Stocks in the Spotlight

  • Yes Bank achieved a milestone by becoming the first Indian bank to conduct an export finance transaction on the International Trade Financing Services Platform of RXIL Global IFSC Ltd.
  • Maruti Suzuki Implements Immediate Price Adjustment In a recent development, Maruti Suzuki has taken the decision to implement an immediate price adjustment, signaling an increase of approximately 0.45%. This move comes as the company navigates the dynamic landscape of market conditions, and such adjustments are not uncommon in the automotive industry to align with various economic factors. Maruti Suzuki continues to adapt to the ever-changing market dynamics to ensure sustainability and competitiveness.
  • PNC Infratech successfully sold 12 road assets valued at Rs 9,005 cr to Highways Infrastructure Trust (HIT).
  • L&T secured an order to build the electrical system of the Mumbai-Ahmedabad bullet train project.

IPO Corner

Medi Assist Healthcare, with a subscription of 1.20 times (Retail: 1.70 times), is making waves in the IPO market.

Commodity and Currency Update

  • Gold and Silver prices experienced minor declines of 0.25% and 0.27%, respectively.
  • The USD-INR exchange rate saw a slight increase, reaching ₹82.97/USD.

Long-Term Returns

Over the past 20 years:

  • Sensex recorded a commendable annual growth of 13.37%.
  • Nifty also demonstrated strong performance with an annual growth of 13.03%.

Read More Stock Market Daily Updates

9 thoughts on “Stock Market Updates”

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