Despite weak global market trends and fresh foreign fund outflows, the Indian stock market saw gains on Monday, June 24. The rise was led by auto and FMCG stocks, with the BSE Sensex and NSE Nifty closing at 0.17% and 0.16% higher, respectively. In other related news, the Nifty SmallCap 100 index closed down by 0.10% while the Nifty MidCap100 index settled 0.27% higher. The Nifty Bank index, which includes major Indian banks, finished flat with a marginal decrease of 0.08%. Additionally, European shares also gained on Monday, with a 0.4% rise in the pan-European STOXX 600 index.
Background
The Indian stock market has been on a roller coaster ride in recent months, driven by a combination of domestic and global factors. On one hand, India's economy is growing at a healthy pace and corporate earnings have been strong. On the other hand, the ongoing Russia-Ukraine war, rising inflation, and aggressive monetary tightening by central banks have created headwinds for global equity markets.
Recent Developments
Despite the challenging global backdrop, the Indian stock market witnessed gains on Monday, June 24. The rally was led by auto and FMCG stocks, with the BSE Sensex and NSE Nifty closing at 0.17% and 0.16% higher, respectively. The Nifty Bank index, which includes major Indian banks, also finished flat with a marginal decrease of 0.08%.
The gains on Monday came despite weak global market trends and fresh foreign fund outflows. European shares also gained on the day, with a 0.4% rise in the pan-European STOXX 600 index.
Factors Driving the Rally
Several factors contributed to the rally in the Indian stock market on Monday:
Top 5 FAQs
1. What is the outlook for the Indian stock market?
The outlook for the Indian stock market remains positive in the medium to long term. However, there are near-term challenges, including the ongoing Russia-Ukraine war, rising inflation, and monetary tightening.
2. Which sectors are likely to perform well in the coming months?
Sectors such as auto, banking, FMCG, and IT are expected to perform well in the coming months.
3. What is the impact of global market trends on the Indian stock market?
Global market trends can have a significant impact on the Indian stock market. However, the Indian market has outperformed global markets in recent months due to its strong domestic economy and corporate earnings.
4. What is the impact of foreign fund outflows on the Indian stock market?
Foreign fund outflows can put pressure on the Indian stock market in the short term. However, the impact is likely to be limited if domestic investors continue to support the market.
5. What is the impact of RBI rate hikes on the Indian stock market?
RBI rate hikes can have a mixed impact on the Indian stock market. While they can lead to higher interest rates and reduced corporate earnings, they can also stabilize the economy and attract foreign capital.
Indian pharmaceutical company, Biochemix Health Care Pvt. Ltd. (Novamed), announced a new partnership with Indian Drug Manufacturers, creating new opportunities for their business and expanding their reach in the Indian market. This partnership comes at a time when the healthcare industry is ever-evolving, and such collaborations will pave the way for advancements in medical treatments in India.
JTL Industries announced that its board has approved a proposal to split the company's equity shares, making them more affordable and accessible to small investors. The stock closed 0.42% lower on Thursday, with a market cap of Rs 4,437.98 crore. The division of shares is expected to be completed within two months, with the aim of increasing liquidity in the capital market. This is the second stock split for the company, which has seen a phenomenal rally of 88% in the last two years and a whopping 2773% in the last five years.
Prime Minister Narendra Modi released the 18th installment of PM Kisan Yojana during his visit to Maharashtra, with more than 9.4 crore farmers benefiting from over Rs 20,000 crore. This brings the total amount disbursed through the PM Kisan scheme to nearly Rs 32,000 crore for 1.20 crore farmers in Maharashtra alone. Additionally, the Prime Minister also announced the release of nearly Rs 2,000 crore for Maharashtra's farmers under the Namo Shetkari Mahasanman Nidhi Yojana. Farmers facing issues with the scheme can contact the PM Kisan helpline numbers for assistance, while staying updated on the latest business and stock market news on Zee Business's social media platforms and website.
Nissan Motor India introduces updated version of its compact SUV, the Magnite, in the Indian market with visual and interior enhancements. The prices, starting at Rs. 5.99 lakh, are valid for the first 10,000 customers and deliveries have already begun. The new Magnite features a more prominent front grille, revised bumper, new LED DRLs, new variant names, and refreshed interior design with ambient lighting and two-tone leatherette seats.
The highly anticipated Nissan Magnite facelift is set to launch in India with improved powertrain options and features. The entry-level XE and XL trim levels will not be affected by the changes, allowing for a lower starting price point. Early buyers of the facelifted model may receive delivery just one day after its launch. Additionally, the Magnite Geza Edition, with its turbo-CVT variant, offers a breath of fresh air to the lineup. With an introductory price of Rs 6.5 lakh, the Magnite AMT is India's most affordable automatic SUV, making it a popular choice among budget-conscious buyers.
A couple in Kanpur is accused of scamming people of over Rs 35 crore by promising to use an "Israel-made time machine" to make their skin look younger. The couple ran a therapy center called 'Revival World' and convinced people that the polluted air in the city was causing them to age faster. They charged Rs 90,000 for the "oxygen therapy" which they claimed could make a 60-year-old look like a 25-year-old. The shocking scam came to light after three individuals who were duped by the couple filed complaints with the Kanpur Police.
Despite attempting to absolve themselves of legal responsibility for child safety infractions by merging Twitter into X, Elon Musk's company is still facing a $400,000 fine for failure to comply with an investigation into the proliferation of child sexual abuse material on its platform. The presiding judge rejected X's argument that they had no obligation to respond to the notice, stating that under Nevada law, the merger turned Twitter into a "constituent entity" and transferred all of its liabilities to X. The judge also called out the company's expert witness for providing "superficial" and flawed testimony in an attempt to defend X's actions.
The International Olympic Committee has suffered a major blow as three of its Japanese sponsors – Toyota, Panasonic, and Bridgestone – have decided to not renew their contracts. This is believed to be a result of the controversies surrounding the postponed 2020 Tokyo Games, including fan bans, high costs, and corruption scandals. The IOC will now be looking to secure new sponsorship income from the Middle East and India, as it faces the loss of over $2 billion from these three companies alone.
Indian Bank has recently released the admit card for the online exam for the post of Local Bank Officer (LBO) on their official website indianbank.in. Candidates can now download their admit cards by following a few steps and entering their registration number and date of birth. This update is crucial for aspiring candidates looking for latest government jobs and exam preparation materials, which are available on the Jagran Josh Sarkari Naukri App.
Canara Bank, one of India's leading public sector banks, is seeking qualified candidates for the positions of Company Secretary (CS) in Middle Management Grade and Scale III. The bank has announced a total of six vacancies for this role, three in Middle Management Grade MMGS II and three in Scale III. Eligible candidates can apply online through the official website before October 20, 2024.