The Indian stock market saw a mixed trend on January last week, with some companies showing significant gains while others faced losses. The IT sector, banking sector, and automobile sector were among the sectors that saw the most movement on the day.
Wipro, HDFC Bank, and Tata Motors were among the top performers on the day. Wipro, the IT services giant, saw its shares rise by over 4% following the company’s announcement of a strategic partnership with Google Cloud to accelerate its digital and cloud services business.
HDFC Bank, one of India’s leading private sector banks, saw its shares rise by over 2% following its announcement of a fundraising plan through various instruments, including a qualified institutional placement (QIP) and a rights issue.
Tata Motors, one of India’s leading automobile manufacturers, saw its shares rise by over 1% following the company’s announcement of a new electric vehicle (EV) platform that will be used to manufacture a range of EVs in the future.
On the other hand, the shares of Zee Entertainment, Reliance Industries, and Bharti Airtel faced losses on the day. Zee Entertainment, one of India’s leading media and entertainment companies, saw its shares fall by over 2% following a report that the company’s promoter, Subhash Chandra, has sold a stake in the company to Invesco Oppenheimer Developing Markets Fund.
Major fluctuating Indian stocks in January
Reliance Industries, one of India’s leading conglomerate companies, saw its shares fall by over 1% following a report that the company’s telecom arm, Jio, has been facing regulatory hurdles concerning its proposed merger with Bharti Airtel. Bharti Airtel, one of India’s leading telecom companies, also saw its shares fall by over 1% following the report.
Furthermore, the metals sector also saw a mixed trend on January 13th. While shares of Vedanta and Hindalco Industries fell by over 2% and 1% respectively, shares of JSW Steel rose by over 2%.
This can be attributed to the recent announcement by the government that it will be imposing a minimum import price (MIP) on various steel products to protect domestic steel manufacturers from cheap imports. This move is expected to boost the revenue of domestic steel manufacturers such as JSW Steel.
The oil & gas sector also saw a mixed trend, with shares of Indian Oil Corporation and Bharat Petroleum Corporation falling by over 2% and 1% respectively. However, shares of Reliance Industries rose by 0.5%. This can be attributed to the recent announcement by the company of its plan to raise $1.5 billion through a bond issue to refinance its existing debt.
It is also worth mentioning that the Indian stock market was also impacted by global market sentiment, with investors keeping a close eye on the ongoing situation in the United States following the recent insurrection at the Capitol.
