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What happened in the Indian stock market today?

stock market today

On January 3, 2024, India’s benchmark indices faced a downturn, influenced by a global market slump and diminished expectations of early U.S. interest rate cuts, as hinted in the Federal Reserve minutes.

 The Sensex opened at 71,832.62, reaching intraday highs and lows of 71,862 and 71,303.97, eventually closing at 71,356.60, marking a 536-point, or 0.75%, loss. 

Meanwhile, the Nifty 50 opened at 21,661.10, with intraday fluctuations between 21,677 and 21,500.35, closing at 21,517.35, down 148 points, or 0.69%. 

Mounting geopolitical tensions prompted profit-booking as investors grew cautious amid weak global cues and anticipated the US Federal Reserve’s December meeting minutes.

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Impact on the stock market

Nifty IT emerged as the top loser among sectoral indices, plummeting by 2.52%, while Nifty Metal recorded a loss of 1.81%. 

Conversely, Nifty Realty saw a gain of 1.23%, and Nifty PSU Bank rose by 1.15%. Nifty Bank concluded with a marginal decline of 0.12%.

Information Technology-2.52%
Oil & Gas+0.55%
PSU Banks+1.15%

Top gainers today

CompanyPriceChange (%age)
Bajaj Auto6,986.50+ 4.82%
Adani Enterprises3,003.00+ 2.41%
IndusInd Bank1,601.15+ 1.62%
ITC477.25+ 1.47%
Adani Ports1,094.25+ 1.47%

Top losers today

CompanyPriceChange (%age)
Hindalco593.05– 3.88%
JSW Steel837.65– 3.74%
Tata Steel135.35– 3.04%
LTIMindtree5,961.05– 2.98%
Infosys1,490.00– 2.89%

Market aftermath: Impact on stocks

Adani stocks rally as Supreme Court dismisses probes

Adani Group stocks surged after the Supreme Court dismissed the petition for an investigation into the Adani-Hindenburg case. Adani Enterprises rose 5%, Adani Total Gas surged over 8%, and Adani Energy Solutions was up 9%. 

Despite cooling off from morning highs, the stocks maintained gains of up to 7%. The court ruled no valid reasons to cancel the FPI regulations, directing SEBI to complete two probes within three months. 

Sun Pharma hits 52-week high after acquisition announcement

Sun Pharma shares hit a 52-week high at ₹1,304, rising nearly 1%. The surge followed the announcement of Sun Pharma’s acquisition of Israel-based Libra Merger Ltd. In the last six months, the stock has gained 23.78%, and over the past year, it has seen an increase of 29.28%.

This move comes after Sun Pharma’s recent investment of $30 million in Lyndra Therapeutics Inc. Sun Pharma reported a 5% YoY rise in Q2 net profit at ₹2,375.5 crore and an 11% YoY increase in revenue to ₹12,192 crore.

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Crude oil sees a marginal dip

Crude oil futures saw a slight dip, trading marginally lower on Wednesday morning after a 1.5% loss on Tuesday. Despite heightened tensions in the Red Sea region, risk asset pressure influenced market dynamics. 

At 9:22 am today, March Brent oil futures were at $75.888, down by 0.01%, while February WTI crude oil futures stood at $70.37, also down by 0.01%. On MCX, January crude oil futures traded at ₹5883, down 1.01%, and February futures were at ₹5932, down 0.95%.


In a rollercoaster of market moves, from Adani’s legal triumph, and Sun Pharma’s soaring heights, to the crude oil dip, today’s financial theatre kept investors on the edge. Will the market’s script continue its downward trend or unveil a plot twist tomorrow? 

Stay tuned at StockGro for the next thrilling episode of the financial saga!

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