Stock Market Weekly Updates: Key Developments
Table of Contents
1. Forex Reserves Surge:
- India’s foreign exchange reserves witnessed a substantial increase of $1.6 billion, reaching $618.94 billion as of January 12.
2. Tata Group’s IPL Title Sponsorship:
- The Tata Group secured the title sponsorship rights for the Indian Premier League (IPL) by committing Rs 2,500 crore.
3. Oil Companies’ Capital Expenditure:
- Government-run oil companies allocated Rs 89,000 crore for capital expenditure in the first 9 months of the current financial year, achieving 84% of their annual capex target.
4. Highway Projects on the Horizon:
- The Ministry of Highway identified 53 road projects valued at Rs 2.1 lakh crore to be awarded under the build-operate-transfer model.
5. Akasa Air’s Boeing Order:
- Akasa Air placed an order for 150 Boeing 737 MAX narrowbody planes, signaling expansion plans in the aviation sector.
6. LIC Overtakes SBI:
- LIC (Life Insurance Corporation) emerged as the most valuable PSU (Public Sector Undertaking) by market capitalization, surpassing the State Bank of India (SBI).
7. Windfall Tax Reduction:
- 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.
8. Job Creation Slowdown:
- Formal job creation, as reported by the Employees State Insurance Corporation, witnessed a 7.5% decline month-on-month in November 2023, with 15.9 lakh new employees compared to 17.2 lakh in October 2023.
Markets This Week
The stock market experienced notable fluctuations throughout the week, with key indices registering the following movements:
| Day | Nifty Value | Percentage Change |
|---|---|---|
| MON | 22,097 | ▲ 0.93% |
| TUE | 22,032 | ▼ 0.29% |
| WED | 21,572 | ▼ 2.09% |
| THU | 21,462 | ▼ 0.51% |
| FRI | 21,622 | ▲ 0.75% |
| SAT | 21,572 | ▼ 0.23% |
Note: The markets remained open on Saturday due to closure on Monday (22 Jan). The above data pertains to Nifty.
Weekly Market Comparison
Comparing the current market figures to the previous week’s end:
- SENSEX (India): 71,423.65 (▼ 1.58%)
- NIFTY (India): 21,571.80 (▼ 1.47%)
- GOLD Price: Rs 62,112 (▼ 0.54%)
- SILVER Price: Rs 71,830 (▼ 0.47%)
- DOW JONES (USA): 37,863.80 (▲ 0.72%)
- NASDAQ (USA): 15,310.97 (▲ 2.26%)
The market indices in India observed a decline, while the US markets showed mixed trends during the week. Gold and silver prices also experienced a marginal decrease. Investors will keenly watch for further developments and their impact on market dynamics in the upcoming weeks.
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