Stock Market Weekly Highlights: RBI Bonds, Forex Reserves, Corporate Updates, and Market Trends
Table of Contents
In this week’s edition of Quick Takes, we bring you the latest updates from the stock market, including significant developments, market trends, and key indicators.
Government Bonds and RBI
The Reserve Bank of India (RBI) set a coupon rate of 7.46% on a new 50-year government security maturing in 2073. This offering successfully raised Rs 10,000 crore for the government, providing investors with a long-term investment option.
Forex Reserves Surge
India’s foreign exchange reserves saw a notable increase of $2.6 billion, reaching a total of $586.5 billion in the week ending on October 27. Strong forex reserves are vital for economic stability and help protect against currency volatility.
LG Electronics India’s Strong Performance
LG Electronics India reported robust financial performance with a 17% year-on-year increase in revenue, amounting to Rs 20,112 crore for the fiscal year 2022-23. The net profit for the company stood at Rs 1,345 crore, showcasing their consistent growth in the market.
Philanthropic Contributions
Prominent philanthropists made significant contributions in 2023. Shiv Nadar led the way with a generous donation of Rs 2,042 crore, which translates to an astonishing Rs 5.6 crore per day. Azim Premji followed closely with an annual contribution of Rs 1,774 crore, while Mukesh Ambani secured the third spot with donations totaling Rs 376 crore.
Interest Rates Stay Steady
The US Federal Reserve and the Bank of England both maintained their current interest rates. This marks the second consecutive time the US Fed has chosen to keep rates unchanged. Steady interest rates are aimed at fostering economic stability.
GST Collection Records Growth
Goods and Services Tax (GST) collection for October 2023 witnessed a year-on-year increase of 13.4%, reaching Rs 1.72 lakh crore. This growth indicates positive economic activity.
Fuel Sales Surge
Petrol and diesel sales in India displayed an upward trajectory, with petrol sales increasing by 3% and diesel sales by 5% in the month of October. This growth may be attributed to increased economic activity and mobility.
Infrastructure Development
India and Bangladesh jointly inaugurated the Agartala-Akhaura project, which is expected to significantly reduce the distance between Agartala and Kolkata from 1,600 kilometers to 500 kilometers. This project holds the potential to boost trade and connectivity between the two nations.
BSE Transaction Charges Increase
The Bombay Stock Exchange (BSE) has implemented higher transaction charges for Sensex equity derivatives, effective from November 1, 2023. These changes will only apply to the nearest expiry contracts.
Onion Prices Update
The average price of onions in Delhi has reached Rs 78 per kilogram, while the all-India average price stands at Rs 50.35 per kilogram, according to the Department of Consumer Affairs.
Wistron Corp’s Manufacturing Sale
Wistron Corp has approved the sale of its Indian manufacturing factory to Tata Group. This development paves the way for Tata Group to commence assembling iPhones in India, contributing to the growth of the Indian manufacturing sector.
Market Performance
In the stock market, Nifty saw fluctuations throughout the week, closing at 19231, marking a 0.49% increase. The Sensex closed at 64,363.78, registering a 0.91% rise. Both gold and silver prices experienced modest gains, with gold at Rs 61,174 (0.51% increase) and silver at Rs 71,524 (0.06% increase).
In global markets, the Dow Jones saw a substantial increase of 4.38%, reaching 33,839.11, while the NASDAQ recorded an impressive 5.15% growth, closing at 13,294.19.
These figures depict a mixed week in the stock market, with some indices showing growth and others experiencing minor declines, demonstrating the ongoing dynamic nature of the financial landscape. Investors continue to monitor various factors and indicators to make informed decisions in this ever-changing market.
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