Stock Market Overview: A Day of Highs and Lows
The stock market experienced a day of volatility yesterday. Despite opening higher than the previous day’s close, the markets soon saw a downturn. Here’s a detailed analysis of the day’s movements, top gainers and losers, significant news, and updates on various stocks.
Table of Contents
Market Performance
- Opening and Intraday Movements: The market started on a positive note, but heavy selling pressure hit Nifty 50 stocks around 10:12 AM. The market reached its highest point at 2:38 PM before falling again to close lower.
- Sector Performance: Private bank stocks led the gains, marking a significant rise after a long period of subdued performance. Conversely, realty stocks experienced the most significant declines.
- Global Markets: European and US markets remained relatively flat, while other Asian markets mostly rose, except for China.
Top Gainers and Losers in Nifty 50
Top Gainers:
- HDFC Bank: Rs 1,657.85 ▲ 3.11%
- Axis Bank: Rs 1,226.65 ▲ 2.92%
- ICICI Bank: Rs 1,144.45 ▲ 1.92%
- Kotak Mahindra: Rs 1,746.70 ▲ 1.59%
- IndusInd Bank: Rs 1,528.20 ▲ 1.35%
Top Losers:
- Titan: Rs 3,462.35 ▼ 3.53%
- L&T: Rs 3,589.95 ▼ 2.69%
- Maruti Suzuki: Rs 12,242.10 ▼ 2.54%
- Airtel: Rs 1,392.35 ▼ 2.52%
- Hindalco: Rs 662.40 ▼ 2.41%
Key News Highlights
- Nvidia’s Milestone: Nvidia became the world’s biggest company by market capitalization, reaching $3.3 trillion, surpassing Microsoft.
- AKME Fintrade IPO: The IPO has been subscribed 3.01 times, with retail subscription at 4.18 times, and remains open until 21 June.
- DEE Development IPO: This IPO has seen a 2.51 times subscription, with retail interest at 2.68 times, and is also open until 21 June.
- Air India’s New Class: Air India will introduce a premium economy class on certain domestic routes starting 1 July, adding a third class to two of its planes.
Stock Updates
- Axis Bank: The bank and its subsidiaries will increase their stake in Max Life Insurance to 19.99% from 19.02% for Rs 336 crore.
- SBI: The State Bank of India’s board has approved raising Rs 20,000 crore through public or private issue of long-term bonds.
- PNB Housing: The company plans to raise Rs 10,000 crore via non-convertible debentures through private placements.
- Tata Motors: Jaguar Land Rover, owned by Tata Motors, will invest Rs 1.9 lakh crore until FY 2028, mainly for product development. Tata Motors will also increase the prices of its commercial vehicles by up to 2% starting 1 July.
- Kotak Mahindra Life: The company plans to open 40 new branches across India in the next three months.
- Coal India: The company has auctioned 23 discontinued underground blocks to private miners.
- HAL: Hindustan Aeronautics Limited will consider paying a final dividend in its board meeting on 26 June.
Commodities and Currency
- Gold: Rs 71,590 ▲ 0.53%
- Silver: Rs 89,040 ▲ 0.68%
- USD-INR: Rs 83.43/USD ▲ 0.07%
Long Term Returns (Past 20 years)
- Sensex: ▲ 14.95% p.a.
- Nifty: ▲ 14.79% p.a.
- Dow Jones: ▲ 6.80% p.a.
- Nasdaq: ▲ 11.61% p.a.
In summary, the stock market faced a rollercoaster of movements, with notable performances from private banks and significant developments in various stocks and sectors.
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