The Indian stock market continued its upward trajectory on July 4th, with the Sensex and Nifty 50 hitting new highs. Meanwhile, Bitcoin experienced a decline to a two-month low, while the T20 World Cup-winning Indian team received a hero’s welcome in Mumbai. In other news, Emcure Pharmaceuticals’ IPO saw strong investor interest, Hemant Soren was sworn in as Jharkhand’s new Chief Minister, and floods in Assam and Manipur claimed 48 lives.
Nine of the top-10 most valued Indian firms added a collective Rs 2,89,699.42 crore in market valuation last week, led by Reliance Industries. The surge follows a strong rally in the Indian equity markets, with the BSE Sensex gaining over 2% last week and 7.14% in June. The Sensex even breached the 79,000 mark on Thursday.
Mukesh Ambani, India’s richest man, saw his wealth increase by a staggering Rs 80,359.48 crore after Reliance Industries shares jumped 4% on Wednesday. This surge comes just days before his son, Anant Ambani, is set to marry Radhika Merchant on July 12th. The company’s market valuation also climbed significantly, contributing to a positive day for the Indian stock market.
Tuesday, June 25, saw a flurry of news, from politics and business to social controversies and legal developments. The Indian stock market reached record highs, while Delhi Chief Minister Arvind Kejriwal faced a setback with his bail being stayed in a money laundering case. The Lok Sabha Speaker election saw nominations filed by Om Birla and K Suresh, representing the NDA and INDIA blocs respectively. The day also saw controversy surrounding a BJP MP’s use of ‘Jai Hindu Rashtra’ during his oath-taking ceremony.
Recent election results in Mexico, South Africa, and India have sent shockwaves through emerging market economies, demonstrating the potential impact of political risk on financial markets. The Mexican peso and South African rand have experienced significant declines following unexpected election outcomes. In India, the prospect of Prime Minister Modi losing his majority has caused a steep selloff in equity markets. Analysts warn that political uncertainty can lead to market volatility as investors reassess risks and adjust their investment strategies. International investors who have been investing in emerging markets as an alternative to China may be particularly affected by these market movements.
The Indian stock market is expected to open higher on Monday (June 3) after a five-day losing streak. The Lok Sabha elections exit polls have predicted a landslide victory for the BJP, while better than expected GDP data also came on Friday. The Sensex is likely to open around 350 points higher, while the Nifty may gain around 100 points.
Indian stock markets experienced mixed signals on Monday, with the Nifty 50 and Sensex reaching new highs before profit booking pulled them back. Mukesh Ambani’s venture into Africa’s telecom market, plans for monsoon arrival, a slowdown in India’s economic growth, and foreign portfolio investor selling were among the notable news items.
Zomato’s stock price witnessed a 6% decline following the announcement of its Q4 results, reporting a consolidated net profit of ₹ 175 crore. Despite the loss of ₹ 188 crore during the corresponding period last year, analysts continue to express optimism in Zomato shares, increasing target prices.
Indian stock markets witnessed a significant sell-off today, with both the Sensex and Nifty 50 indices falling sharply. The market’s losses were broad-based, with all major sectoral indices, except Nifty FMCG, closing in the red. Nifty Metal was the worst performer, plummeting by 2.7 percent. The benchmark Sensex index dropped over 500 points to close at 73,367.39, while the Nifty 50 index lost 178 points to settle at 22,264.50. The market’s volatility also spiked, with the Nifty Volatility Index rising to its highest level since January 2023, indicating heightened uncertainty among investors.
The Indian stock market opened lower on Thursday, following a decline in Asian stock markets. The Nifty 50 index fell by nearly 60 points, the BSE Sensex lost over 200 points, and the Bank Nifty dropped by approximately 170 points. The decline in Asian equity markets was triggered by concerns over the outlook for the technology sector after Meta Platforms Inc. reported disappointing results. Experts from Anand Rathi believe that the Indian stock market will remain positive as long as the Nifty 50 index stays above 22,200 to 22,250. They recommend buying stocks such as IndusInd Bank, Federal Bank, and GAIL.
