Market Recap: 24th April, 2023

Dear Reader,

Here is the market update for you!

  • Market trades range bound, settles above 17,600
  • Out of the Nifty50 stocks, 26 stocks closed in red
  • UK retail sales fell by 0.9% in March

Among the Nifty sectoral indices, Media (+1.3%) and FMCG (+0.8%) were the top gainers, while Realty (-2.1%) and Metal (-1.3%) were the top losers.

Top gainers Today’s change
ITC 408 ▲ 7.7 (+1.9%)
TCS 3,159 ▲ 54 (+1.7%)
Britannia 4,330 ▲ 73 (+1.7%)
Top losers Today’s change
HDFC Life 513 ▼ 16 (-3.1%)
Tech Mahindra 998 ▼ 22 (-2.2%)
Adani Enterprises 1,802 ▼ 40 (-2.2%)

What’s trending

:star: Cyient shares zoom

Shares of the engineering services company soared over 5% today. This came after the company declared strong earnings for the March 2023 quarter, with net profit up 6% YoY to ₹163 crore. Revenue from operations grew 48% YoY to ₹1,751 crore.

:star: JSW commissions new project

JSW Renew Energy Two, a subsidiary of JSW Energy (-2.1%), has commissioned 51 MW of wind power capacity under a phased commissioning project awarded under SECI tranche X in Tamil Nadu. The company’s cumulative wind capacity under SECI X now stands at 78 MW, with a target to reach 20 GW capacity by 2030.

:star: PNC Infratech bags road project

PNC Infratech (+1.3%) has secured a new road project worth ₹819 crore. This new contract, awarded by the Ministry of Road Transport, involves the construction of a four-lane highway in Uttar Pradesh, to be completed in 24 months.

:star: Oil price slips

Oil prices remained range-bound today, following a significant drop earlier in the week. This week, crude oil prices have fallen by almost 6% as concerns over global economic growth and rising interest rates continue to prevail.

In Focus

Luggage stocks shine

Shares of listed luggage players such as VIP Industries and Safari Industries (India) have risen between 4% and 7% this month. One of the reasons investors are flocking to these stocks is the rising demand for luggage. But, why is this happening? Here’s a full breakdown.

Why is demand rising?

According to experts, the increase in summer travel and the wedding season are likely to boost sales of major luggage brands. Post pandemic, people are taking several shorter holidays such as solo trips, weekend getaways and international travel. In a way, this is driving the demand for luggage.

Also, Indian weddings are back, but this time without any restrictions, and luggage is an essential part of every wedding, which is also a positive sign for the sector. The luggage industry in India is one of the fastest-growing sectors. ICYDK, the Indian luggage market is pegged at over ₹50,000 crore annually, with branded luggage contributing 25% of this revenue.

All in all, the ongoing summer season could be a big boost for the luggage industry as travel and weddings could trigger demand for luggage.

Powerful buying made simple!

Markets often see sharp price movements triggered by positive news or technical patterns. In such situations, you may want to double down on certain high-conviction trades. However, having limited capital could be an obstacle in leveraging such opportunities. With Margin Trading Facility (MTF) on Upstox, you can increase your trading capacity instantly. Click here to know more about MTF.

Benefits of MTF:

:small_blue_diamond: Get 2X leverage on equity delivery orders

:small_blue_diamond: Borrow up to ₹25,00,000 at a time

:small_blue_diamond: Hold stocks bought via MTF for up to 365 days.