Daily Market Wrap: Nifty Closes Flat, FMCG Drops, PSU Banks Rise

Market Overview: 24 October 2024

  • Sensex: 80,065.16 â–¼ 0.02%
  • Nifty 50: 24,399.40 â–¼ 0.15% (-36.10 points)

💡 Key Insight:

  • Nifty has fallen between 0% and 1% around 373 times in the last 5 years.
  • Markets opened above the previous day’s close, but Nifty stocks saw a sharp fall early in the session, closing flat overall.
  • Sector Performance:
  • FMCG stocks declined the most.
  • PSU Bank stocks recorded the largest gains.

Top Gainers (Nifty 50):

  1. UltraTech: Rs 11,043.60 â–² 2.70%
  2. Shriram Finance: Rs 3,245.10 â–² 1.48%
  3. Titan: Rs 3,330.90 â–² 1.29%
  4. Grasim: Rs 2,666.70 â–² 1.27%
  5. M&M: Rs 2,826.35 â–² 1.18%

Top Losers (Nifty 50):

  1. Hindustan Unilever: Rs 2,505.10 â–¼ 5.80%
  2. SBI Life: Rs 1,635.30 â–¼ 4.70%
  3. Hindalco: Rs 690.70 â–¼ 3.68%
  4. Nestle India: Rs 2,258.65 â–¼ 2.94%
  5. Bajaj Auto: Rs 10,302.50 â–¼ 2.68%

Global Market Performance:

  • US and Asian markets: Down
  • European markets: Up

News Updates:

  • Government Initiative:
    A Rs 1,000 crore venture capital fund has been approved for the space sector under IN-SPACe, to be deployed over 5 years for space startups.
  • PMI Data:
  • India’s Manufacturing PMI: Rose to 57.4 in October (up from 56.5 in September).
  • Services PMI: Increased to 57.9 in October (vs 57.7 in September).
    Both sectors show growth in output.
  • IPO Update:
    Godavari Biorefineries IPO has been subscribed 0.54 times so far, with retail subscription at 0.96 times. Open till 25th October.
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Stock-Specific Updates:

  • Ashok Leyland: Subsidiary OHM Global Mobility has secured an order for 500 electric buses from Metropolitan Transport Corporation, Chennai.
  • Godrej Consumer: Reported a 13.53% YoY rise in net profit to Rs 491.31 crore in Q2. Dividend declared: Rs 5 per share (Record date: 1 Nov).
  • IndusInd Bank: Net profit dropped 39.55% YoY to Rs 1,331.29 crore in Q2.
  • Colgate-Palmolive: Net profit rose 16.17% YoY to Rs 395 crore in Q2. Dividend declared: Rs 24 per share (Record date: 4 Nov).
  • Dixon Tech: Showed a massive 263.26% YoY increase in net profit to Rs 390 crore in Q2.
  • Adani Total Gas: Net profit rose 7.48% YoY to Rs 185.60 crore in Q2.
  • United Breweries: Posted a 23.20% YoY rise in net profit to Rs 132.17 crore in Q2.
  • Petronet LNG: Net profit rose 1.74% YoY to Rs 870.61 crore in Q2. Dividend declared: Rs 7 per share.

Word of the Day:

Fiscal Policy – Government decisions on spending and taxation to influence the economy. It contrasts with monetary policy, which is handled by central banks to control money supply.

Long-Term Market Returns (20 years):

  • Sensex: â–² 14.18% p.a.
  • Nifty: â–² 13.99% p.a.
  • Dow Jones: â–² 7.64% p.a.
  • Nasdaq: â–² 11.94% p.a.

Precious Metals & USD/INR:

  • Gold (10g): Rs 78,280 â–¼ 0.51%
  • Silver (1kg): Rs 97,930 â–¼ 1.50%
  • USD-INR: Rs 84.07/USD

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