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I) Nifty: opened at 24412 and touched a high of 24480 then a low of 24341 and closed at 24399 with a total of - 36 points in Negative
II) Bank Nifty: open 51272 and touched a high of 51781 then a low of 51201 and closed at 51531 With a total of + 292 points Positive
III) Fin Nifty: open 23771 and touched a high of 23965 then a low of 23731 and closed at 23854 With a total of + 102 points in Positive
IV) Nifty Mid Select: open 12530 and touched a high of 12622 then a low of 12487 and closed at 12572 With a total of + 28 points in Positive
Indian Stock Market Highlights - October 24, 2024 (Excluding Indices)
Today's Indian stock market was abuzz with activity as major sectors and companies saw varied movements across the board. Let’s dive into the key highlights and performances that shaped today’s trading session, excluding the index movements.
Pharmaceutical stocks saw positive momentum today, with Sun Pharma and Lupin leading the charge. Sun Pharma surged 2.5% following reports of strong quarterly performance driven by its global specialty drug portfolio and growth in the domestic market. Lupin followed with a 1.8% gain after receiving approvals from the US FDA for one of its key generic products, which is expected to enhance its presence in the US market. Investors showed optimism, as the approval is expected to boost the company’s revenues in the coming quarters.
Other notable players like Dr. Reddy’s Laboratories and Cipla also experienced modest gains, benefiting from the overall positive sentiment in the pharma sector.
The IT sector continued to feel the pressure from global economic headwinds. Leading companies like Infosys, Wipro, and HCL Tech registered declines in today’s trade. Infosys was down by 1.4%, reflecting concerns over its revised earnings guidance, which had dampened investor sentiment earlier in the week. Wipro followed with a 1.2% drop, as analysts revised growth projections amidst signs of a slowdown in key markets, particularly in the US and Europe.
Despite the overall downward trend, Tata Consultancy Services (TCS) managed to remain stable, closing the day with a marginal gain of 0.3%, supported by the announcement of a new cloud services contract with a European client, which somewhat cushioned the blow for the sector.
In the energy sector, ONGC and Reliance Industries were key performers. ONGC surged by 2.1% following a rally in crude oil prices in international markets. This rise in oil prices is expected to improve ONGC’s realizations in the coming quarters, giving investors a reason to remain bullish on the stock.
Reliance Industries also posted a 1.6% increase in its stock price after the announcement of its entry into a strategic partnership with a leading global company to expand its green energy portfolio. This move is seen as part of Reliance's broader strategy to diversify its energy business and tap into the growing demand for sustainable energy solutions.
The FMCG sector saw mixed results today. Hindustan Unilever (HUL) rose by 0.9%, continuing its upward trend after strong quarterly results. The company’s focus on premium product categories and rural market penetration helped it maintain investor confidence. However, ITC witnessed a slight dip of 0.4%, largely due to profit-booking after its recent rally.
Nestle India also saw gains, climbing 1.2%, driven by expectations of higher demand in the festive season. The company’s recent investments in expanding its product lines have garnered positive reactions from the market, indicating a promising future growth trajectory.
The auto sector witnessed significant attention today, with Maruti Suzuki and Tata Motors making headlines. Maruti Suzuki's stock climbed by 1.7%, backed by reports of robust demand in both domestic and international markets. Investors were also optimistic about the company’s plans to introduce new electric vehicle (EV) models, which are expected to boost its market share in the growing EV space.
Meanwhile, Tata Motors gained 2% following positive feedback on its newly launched electric SUVs. The company is rapidly expanding its EV portfolio, and analysts have shown confidence in its ability to capitalize on the government’s push for clean energy vehicles.
HDFC Bank and ICICI Bank were among the top gainers in the banking and financial services space. HDFC Bank gained 1.3%, supported by strong loan growth in the retail and corporate segments. Analysts also expect its net interest margins (NIMs) to remain stable, contributing to continued investor interest.
ICICI Bank rose by 1.8%, buoyed by robust earnings in its quarterly results, which beat market expectations. The bank’s asset quality improved, and it has shown resilience amidst rising interest rates, making it a preferred choice for investors looking for stability in the financial sector.
The real estate sector saw positive momentum with DLF and Godrej Properties leading the charge. DLF surged by 3%, driven by the announcement of a new commercial project launch, which is expected to generate significant revenue in the next few years. The stock has been on a strong upward trajectory, with analysts predicting continued growth in the commercial real estate segment.
Godrej Properties also posted gains of 2.5%, as the company reported strong pre-sales numbers for the last quarter. Investors are bullish on the stock, especially after the company indicated plans to expand its residential projects in key metropolitan areas.
In the telecom sector, Bharti Airtel remained in the spotlight, gaining 1.4% after it announced the launch of new 5G services in key cities. The rollout of 5G services is seen as a critical step for the company in maintaining its competitive edge against rivals like Reliance Jio.
On the other hand, Vodafone Idea continued to struggle, with its stock declining by 2%. The company is facing financial difficulties, and concerns over its ability to raise sufficient capital to compete with its peers weighed heavily on investor sentiment.
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