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What happened in the Indian stock market today?

On January 5, 2024, India’s Sensex and Nifty displayed resilience, commencing the day strongly to recover lost ground amid notable earnings anticipation.

Sensex opened at 72,016.71, reaching an intraday high of 72,156.48 and a low of 71,779.83, concluding 179 points higher at 72,026.15, a 0.25% increase.

Nifty 50 started at 21,705.75, touching highs and lows of 21,749.60 and 21,629.20, closing at 21,710.80, up by 52 points or 0.24%.

IT heavyweights, particularly TCS and Infosys, drove the indices higher, countering subdued global cues and the dollar’s significant gain against major currencies.

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Impact on the stock market

Nifty IT stood out by rising 1.29%, while Nifty Auto gained 0.44%, and the Realty index went up by 0.36%. However, Nifty Healthcare and Nifty PSU Bank were down by 0.65% and 0.38%, respectively. The Nifty Bank index closed 0.08% lower.

Information Technology+1.29%
Oil & Gas+0.26%
PSU Banks-0.38%

Top gainers today

CompanyPriceChange (%age)
Adani Ports1,154.252.76%
SBI Life Insurance1,454.151.58%

Top losers today

CompanyPriceChange (%age)
Sun Pharma1,300.20-0.97%
JSW Steel829.40-0.92%

Market aftermath: Impact on stocks

Nestle India’s 1:10 stock split: 

Nestle India’s stock declined as it traded ex-split in a 1:10 ratio on January 5, 2024. Now more affordable, the stock opened lower at ₹2,657, marking a nearly 2% decline from the previous close of ₹2,711.60.

The board’s decision to split stocks on the record date of January 5, 2024, means each share with a face value of ₹10 will be subdivided into ten shares valued at ₹1.

Lupin hits 52-week high on USDA’s nod for generic diabetes drug

Lupin shares surged to a 52-week high of ₹ 1,429.95 on January 5, following tentative approval from the USFDA for its generic diabetes drug, dapagliflozin, and saxagliptin tablets.

The approval, equivalent to AstraZeneca AB’s Qtern tablets, positions Lupin for growth. The drug, manufactured in Madhya Pradesh, is prescribed for adults with type 2 diabetes. In December, Lupin also gained FDA approval for its generic loteprednol etabonate ophthalmic suspension.

Also Read: From colonial legacy to global ambition: The Indian insurance sector

Shree Cement slides 4.4% on alleged ₹ 4,000 crore tax order 

Shree Cement faced a 4.4% stock decline to ₹ 27,088 on BSE after reports of a ₹ 4,000-crore tax order from the Income Tax Department.

The department claims wrongful claims and deductions totalling ₹ 4,000 crores from Shree Cement, with a survey report citing ₹ 8,500 crores in wrongful claims from April ’14 to March ’23. Despite the company terming the allegations speculative, concerns impacted its stock value.

Crude oil futures surge 

Crude oil futures experienced an uptick on Friday morning, with March Brent oil reaching $77.91 (up 0.41%) and February WTI crude oil at $72.61 (up 0.58%), following indications of potential US Federal Reserve interest rate cuts in 2024.

On the Multi Commodity Exchange (MCX), January crude oil futures traded at ₹6054 (up 0.33%), and February futures at ₹6085 (up 0.30%) in the early hours of Friday’s trading session.

Also Read: Economics of the tourism and hospitality industry in India


Indian markets showed resilience on January 5, 2024, with Sensex and Nifty rebounding.

Nestle’s stock dipped post 1:10 split, Lupin surged on USFDA approval, Shree Cement faced a 4.4% slide on a reported tax order, and crude oil futures rose due to speculation of 2024 US Fed rate cuts.

Stay tuned with StockGro for more such market updates.

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Hunny Meghani

A curious mind, a love for writing, and a passion for all things finance - that's me in a nutshell. Whether I'm exploring the latest stock market trends or diving into the nitty-gritty of personal finance, marketing, and AI. I'm always on the hunt for the next big story.

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