On Thursday, July 24th, the domestic stock market started b. In the pre-open session, the BSE Sensex opened with a gain of approximately 50 points, while the NSE Nifty was seen trading above 25200. This increase came after mixed signals from the global market. At 7:35 AM, GIFT Nifty was trading at 25,282.50, up 33.50 points or 0.13 percent, indicating a b opening for the Indian markets.
Strong Momentum Seen in the Market on Wednesday
During the previous trading day, Wednesday, July 23rd, the Indian stock market also performed bly. The BSE Sensex closed at 82,726.64, up 539.83 points or 0.66 percent. Similarly, the NSE Nifty closed at 25,219.9, with a gain of 159 points or 0.63 percent. Auto, financial, and metal stocks played a significant role in this surge.
Stocks Showing the Highest Gains
On Wednesday, blue-chip stocks like Tata Motors, Bharti Airtel, Bajaj Finance, and Maruti Suzuki saw significant buying activity. These companies' shares contributed greatly to strengthening the Sensex. Conversely, दिग्गज shares such as Hindustan Unilever, Infosys, Ultratech Cement, and BEL saw a decline.
Mixed Trend in Midcap and Smallcap
Looking at the broader market, the Nifty Midcap 100 index closed with a gain of 0.34 percent, while the Nifty Smallcap 100 index remained almost flat. Buying was observed in midcap stocks, but investors remained cautious in the smallcap segment.
A Look at Sectoral Performance
On Wednesday, the Nifty Auto index saw a rise of 0.85 percent. The Nifty Financial Services and Nifty Metal indices closed up by 0.76 percent and 0.48 percent, respectively. In contrast, the Nifty Realty index recorded the biggest decline. This index fell by 2.6 percent, with selling dominating real estate stocks.
UNO Minda: The Share That Made Millionaires
When it comes to multibagger stocks, the name UNO Minda is on investors' tongues. This stock once traded below ₹5, but today its value has increased manifold. Since listing, it has given returns of over 17,000 percent. In this way, this share has made investors millionaires. This stock is part of the auto sector, and its growth has created a lot of discussion in the market.
Activity in the List of Dividend-Paying Companies
On Thursday, July 24th, shares of several companies are going Ex-Dividend. This means that if an investor has invested in these shares before July 24th, they become entitled to receive the dividend. This list includes major names like Hero MotoCorp, UTI AMC, and Radico Khaitan. Due to the news related to dividends, there is activity in the shares of these companies.
Turmoil in the Banking Sector Due to RBI Action
The Reserve Bank of India (RBI) has canceled the license of Karwar Urban Cooperative Bank, a cooperative bank in Karnataka. According to the RBI, this bank had neither sufficient capital nor any sustainable earning prospects. The bank's financial situation had become so weak that it was not in a position to repay its depositors. The RBI also clarified that the bank's continuation was not in the interest of the depositors.
What Will Happen to Depositors After the License is Canceled
When a bank's license is canceled, the biggest question that arises is whether the depositors' money is safe or not. The RBI's notification stated that the bank will no longer be able to provide any banking services. Depositors will be paid according to the rules of the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under this, deposits up to a maximum of ₹5 lakh are guaranteed.
Investors Eye Market Movement
Investors have a special eye on the movement of the domestic market on Thursday. Activity can be seen in the auto, banking, and FMCG sectors. At the same time, along with foreign signals, corporate actions such as dividends, results, and the RBI's actions will also affect the mood of investors.
