The Indian stock market saw a promising week with a 2.36% climb and a historic high for the BSE Sensex. Reliance Industries, TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, Infosys, Hindustan Unilever, and ITC were among the top gainers. The sole laggard was LIC. The surge added a total of Rs 2,89,699.42 crore to the market cap of the top 10 companies, with Reliance Industries remaining the most valued company.
Indian Stock Market Soars, Reliance Industries and Bharti Airtel Shine
The Indian stock market concluded a promising week with the BSE Sensex reaching a historic high. The market witnessed a 2.36% climb, with several top companies experiencing significant gains.
Top Gainers
Significant Contributors
These top gainers contributed significantly to the market surge, adding a total of Rs 2,89,699.42 crore to the market capitalization of the top 10 companies. Reliance Industries remained the most valued company, followed by TCS and HDFC Bank.
Sole Laggard
LIC was the sole laggard during the week, with its shares declining by 1.23%.
Background
The Indian stock market has been witnessing a bullish trend in recent months, driven by factors such as:
Top 5 FAQs
1. What is driving the rise in the Indian stock market?
The market surge is fueled by a combination of factors, including economic recovery, global cues, positive earnings, and investor sentiment.
2. Which sectors are leading the gains?
Technology, banking, and energy sectors have been major contributors to the market's rise.
3. What is the outlook for the future?
Analysts are cautiously optimistic about the market's future, as they expect continued economic recovery and positive earnings momentum. However, they also warn of potential risks, such as interest rate hikes and geopolitical uncertainties.
4. What is the impact of Reliance Industries on the market?
Reliance Industries is the largest company in India by market capitalization, and its performance has a significant influence on the overall market sentiment. The company's strong performance in the recent quarter has boosted market confidence.
5. How has Bharti Airtel performed in the past?
Bharti Airtel is one of the largest telecom companies in India. It has witnessed steady growth in recent years, driven by increasing mobile subscribers and the expansion of its broadband business. The company's recent gains reflect its strong performance in the telecom sector.
IEconomy Category: Business Title: "Castrol India Ltd's 2024 Corporate Data and Historical Price & Volume Analysis: What Investors Need to Know" Castrol India Ltd, a leading chemicals company with a registered office in Mumbai, recently announced updates to its corporate data and historical price & volume data. This information, sourced from CMOTS Internet Technologies Pvt. Ltd., BSE Limited, and NSE Data & Analytics Limited, provides investors with valuable insights and analysis on the company's performance. However, investors are advised to exercise caution and seek advice from professionals before making any investment decisions. With the stock analysis section on the rise, now is the time for investors to take a closer look at Castrol India Ltd's future prospects.
Rishi Shah and Shradha Agarwal, two co-founders of Chicago-based health tech firm Outcome, have been convicted and sentenced for committing a $1 billion fraud scheme. Shah, a former billionaire and Outcome's former CEO, received a seven-and-a-half year prison sentence, while Agarwal, the former president, was sentenced to three years in a halfway house. The fraud, exposed by Wall Street Journal in 2017, involved selling advertising inventory that the company did not own and under-delivering on ad campaigns. Several high-profile investors, including Goldman Sachs and Google-parent Alphabet, were targeted in the scheme.
Emcure Pharmaceuticals has raised a significant amount of funding through its anchor book, with notable global investors such as the Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley participating. The company has also secured investments from several mutual funds, insurance companies, and other institutional investors. This capital will allow Emcure to strengthen its position in the pharmaceutical industry and continue its growth and development.
With the monsoon session of Parliament approaching, all eyes are on Finance Minister Nirmala Sitharaman as she presents Modi 3.0 government's first Union Budget. As expectations of potential populist measures and tax relief initiatives rise, employed taxpayers are hoping for changes in the exemption for House Rent Allowance (HRA) under the old tax regime. Experts suggest that revisiting the classification of HRA exemptions, which has remained unchanged for over three decades, could provide significant financial relief for taxpayers residing in rapidly growing non-metro cities. Additionally, the government may introduce incentives to encourage transition from the old tax system to the new one, ultimately boosting middle-class consumption and GDP figures.
Foreign brokerage Bernstein has recommended an 'outperform' rating on power financiers PFC and REC, citing underestimation of the current power cycle by investors and lower NPA risks. The targets set are Rs 620 for PFC and Rs 653 for REC, implying potential gains of over 23% and 21% respectively. Despite recent rallies, these stocks are trading at cheaper valuations and offer better returns for investors. Stay updated on the latest business and stock market news, and manage your finances with our useful tools and resources.
HDFC Bank, one of the leading private sector banks in India, experienced a surge in its stock price today, hitting a 52-week high on the NSE at ₹1,794. The stock price rose by 3.07% on the NSE, trading at ₹1,783.65 as of 11:26 am. This increase in stock price is a positive indicator of the bank's performance and may attract investors looking for profitable options in the stock market.
The Goods and Services Tax (GST) has been a key factor in India's economic growth, with Finance Minister Nirmala Sitharaman expected to prioritize GST numbers in the upcoming Budget. In April 2024, GST collection hit a new high of ₹2.1 lakh Crore, indicating the resilience of the economy and reducing the load on government budgets. With strong tax collection, the government can focus on its capex plan and welfare initiatives, while also considering the concerns of coalition partners.
On July 3, 2024, oil marketing companies (OMCs) in India have released fresh prices for petrol and diesel, which are revised daily at 6 am. Amid fluctuations in international crude oil prices, these changes affect the amount customers have to pay for a litre of fuel. However, after seeing a steady rate since May 2022, the prices have now started increasing post March 2024. Check the city-wise rate table to know the latest cost of petrol and diesel in India.
The Air India Express Employees Union, affiliated with the Bharatiya Mazdoor Sangh, has written to the Chief Labour Commissioner alleging various unfair labor practices by the airline. These include issuing charge sheets to members and disrupting industrial relations. This comes amid conciliation proceedings between cabin crew members and airline management.
In the first quarter of 2024, Hannover Re exceeded expectations with a 15% increase in group net income, reaching €558 million. Reinsurance revenue also saw growth, rising by 1.6% to €6.7 billion. The company's shareholders' equity and capital adequacy ratio both remained strong, at €10.9 billion and 266.8% respectively. In the property and casualty reinsurance segment, risk-adjusted prices and conditions improved, leading to a 3.1% increase in gross reinsurance revenue. In life and health reinsurance, demand remained strong for financial solutions and longevity risk protection. Overall, Hannover Re expects continued growth in 2024, with a forecasted group net income of at least €2.1 billion.