Saturday, November 23
Stock market today: The top BSE Sensex gainers were, TCS, HCL Tech, Infosys, Tech Mahindra, M&M, Tata Motors, Bharti Airtel and SBI. The top BSE Sensex losers were Ultratech Cement, JSW Steel, Tata Steel, Adani Ports SEZ, Power Grid and Bajaj Finserv.
Stock market today: The primary driver of the losses was HDFC Bank, the most heavily weighted stock in the Nifty 50, which fell by 3.4%. While BSE Sensex ended the day at 78,956.03, down 693 points, Nifty50 closed the day at 24,139.00, down 208 points.
Stock market today: The stock market plunge was primarily influenced by a decrease in HDFC Bank share price. The bank is expected to witness lower-than-anticipated inflows due to a gradual adjustment of its weight on the MSCI emerging market index.
On Monday, the Sensex dipped marginally by 57 points, closing at 79,649. This drop came as investors largely dismissed Hindenburg Research's report on a conflict of interest involving Sebi chief Madhabi Puri Buch in the Adani Group probe. Some Adani stocks fell, but not as severely as in early 2023. Despite foreign fund outflows, domestic funds remained aggressive buyers.
The Adani Group denied the latest allegations made by the Hindenburg research. Hindenburg alleged that Sebi chairperson Madhabi Buch and her husband had stakes in offshore entities involved in the alleged Adani money siphoning scandal. The Adani Group called the claims malicious, emphasizing their transparency and regulatory compliance. Buch and her husband also refuted the allegations, offering complete transparency of their financial documents. The couple also expressed their disappointment and accused Hindenburg of resorting to character assassination in response to the regulatory measures.
In July, Mumbai's equity markets hit new highs, boosting retail investors' confidence in mutual funds, as SIP contributions soared to a record Rs 23,332 crore. The MF industry's total assets under management reached nearly Rs 65 lakh crore. Despite a slight dip in equity fund net inflows, debt funds saw nearly Rs 1.2 lakh crore in inflows.
India experienced the fastest growth in intangible investments from 2011 to 2020, outpacing major economies. By 2020, it ranked 14th in absolute levels, behind Denmark and ahead of Finland. India's intangible investment, particularly in software and data, boosted its GDP contribution to over 10%, higher than Japan's 9%, underscoring its innovation role globally.
The share of motor insurance in non-life industry premiums dropped below 30% for the first time, while health cover premiums surged ahead. Up to June-end, total non-life premiums increased by 13.3%, driven by 16.6% growth in health insurance. Motor insurance, however, grew slower at 11.9%. Health insurance now constitutes 41.1% of industry premiums.
Bolstered by a robust global market rally, Indian equities saw strong buying interest, pushing the sensex up by 820 points to 79,706, and Nifty up by 251 points to 24,368. Mid and small-cap stocks also gained. Prashanth Tapse of Mehta Equities noted the influence of capital infusion by domestic institutions amid volatile foreign fund flows.
