Stock Market Weekly Updates

Stock Market Digest – A Weekly Roundup

Quick Takes

1. LPG Prices Take a Dip:
Commercial cooking gas prices witness a notable drop, reduced by Rs 39.50 for a 19-kg cylinder.

2. Forex Reserves on the Rise:
India’s foreign exchange reserves show a strong uptick, surging by $9.11 billion to reach an impressive $615.97 billion for the week ending on December 15.

3. EPF Scheme Subscriptions Show a Dip:
In October, around 7.72 lakh new subscribers joined the Employees’ Provident Fund (EPF) Scheme, a slight decrease from the 9.27 lakh subscribers in September.

4. Telecom Subscriber Updates:
Reliance Jio leads in mobile subscriber additions with 34.7 lakh, Airtel follows with 13.2 lakh, while Vodafone-Idea (Vi) sees a loss of 7.5 lakh subscribers.

5. EPFO’s Membership Grows:
The Employees’ Provident Fund Organization (EPFO) records a substantial growth, adding 15.29 lakh net members in October 2023, marking an 18.22% YoY increase.

6. ONDC Goes Nationwide:
The Government-promoted Open Network for Digital Commerce (ONDC) becomes operational in over 500 cities and towns across India.

7. Unclaimed Deposits Surge:
Indian banks witness a 28% YoY increase in unclaimed deposits, reaching Rs 42,270 crore as of March 2023.

8. Windfall Tax Reduction:
Windfall taxes on crude oil and diesel experience significant reductions, impacting prices and the oil industry.

9. Agriculture’s GDP Share Declines:
Union Agriculture Minister Arjun Munda notes a decline in the share of agriculture in India’s GDP, dropping to 15% in FY23 from 35% in 1990-91.

10. Surge in Natural Gas Consumption:
Domestic natural gas consumption records a 6% YoY increase in November.

11. Commercial Coal Mines Auction:
The Indian government announces the launch of the 9th round of commercial coal mines auction on December 20, offering around 26 blocks to potential bidders.

12. Dip in Sugar Production:
India’s sugar production registers a 10% decline, reaching 74.05 lakh tonnes by December 15 compared to the same period last year.

13. PLI Scheme Investments:
The government receives 746 applications for investments amounting to Rs 3.65 lakh crore in 14 Production-Linked Incentive (PLI) schemes.

Markets this Week

Monday: 21,419 (-0.18%)

Tuesday: 21,453 (+0.16%)

Wednesday: 21,150 (-1.41%)

Thursday: 21,255 (+0.50%)

Friday: 21,349 (+0.44%)

In a week marked by fluctuating market indices, the Indian stock market witnessed subtle shifts. The week started with a slight dip but recovered gradually, closing with positive momentum on Friday. Investors remained attentive to various economic indicators, impacting market sentiments.

Key Market Insights:

• The week began with a modest decline of 0.18%, reflecting cautious market sentiment.
• Positive momentum emerged mid-week, with Tuesday and Friday showing gains of 0.16% and 0.44%, respectively.
• Wednesday witnessed a notable dip of 1.41%, potentially influenced by global economic factors and local developments.
• Thursday saw a rebound, with a 0.50% increase, signaling resilience in the market.

Amidst economic shifts and policy changes, the stock market showcased a dynamic week. Investors continue to navigate a landscape influenced by both domestic and international factors, emphasizing the importance of staying informed and adaptable in these uncertain times.

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