Home » Market Spotlight » What happened in the Indian stock market today?

What happened in the Indian stock market today?

On January 9, 2024, the BSE Sensex and NSE Nifty initially gained 0.9% but later lost momentum, closing with marginal gains.

What happened in the Indian stock market today?

The BSE Sensex rose by 30.99 points (0.04%) to 71,386.21, while the NSE Nifty advanced by 39.30 points (0.18%) to 21,552.30.

Despite robust gains in the preceding months, the market turned volatile in January due to a lack of fresh triggers. Market experts attribute this volatility to higher-level profit booking, considering that most positive factors are already factored in.

You may also like: HDFC Bank Q3 results: A quarter of growth for HDFC in 2023

Impact on the stock market

Nifty Bank, PSU Bank, and Private Bank indices closed down by 0.44%, 0.16%, and 0.37%, respectively. The Financial Services index fell by 0.45%. Nifty Media was the top loser among sectoral indices, ending with a 3.32% loss.

Sector/IndexPerformance
Information Technology+0.43%
Healthcare+1.07%
Oil & Gas+0.11%
Realty+2.52%
PSU Banks-0.16%

Top gainers today

CompanyPriceChange (%age)
Hero Motocorp4,112.50+ 2.57%
Adani Ports1,197.10+ 2.42%
Apollo Hospital5,797.65+ 2.04%
SBI Life Insurance1,449.35+ 1.99%
Adani Enterprise3,014.60+ 1.72%

Top losers today

CompanyPriceChange (%age)
Britannia5,122.40– 1.06%
Nestle2,592.60– 1.02%
Asian Paints3,267.50– 0.94%
Bajaj Finserv1,682.45– 0.82%
HDFC Bank1,650.50– 0.78%

Market aftermath: Impact on stocks

Bajaj Auto surges to record high with ₹4,000-crore share buyback approval

Bajaj Auto witnessed a remarkable 5.94% surge in its shares, reaching a fresh record high of ₹7,399 apiece during the early trading session. This surge followed the board’s approval of a ₹4,000-crore share buyback at ₹10,000 per share, representing a substantial 43.20% premium compared to the previous day’s closing price of ₹6,983.85.

Also Read: 35% of Gujarat’s MSME steel sector succumb to Chinese pressure in Q2

With the company’s market capitalisation at ₹1,97,768 crore as of January 8, this buyback size accounts for 2.02% of the total market capitalisation.

L&T hits 52-week high on ‘Significant’ AIIMS order

L&T’s shares surged 46.20% in the last six months, hitting a 52-week high at Rs 3,575.90 after securing a ‘significant’ order to build an AIIMS in Haryana. The undisclosed project value falls in the Rs 1,000 crore-Rs 2,500 crore range.

The stock traded at Rs 3,561 on the NSE, reflecting a 1.7% increase. The new institute encompasses a 720-bed teaching hospital, a 30-bed AYUSH hospital, and various educational and accommodation facilities totalling 1.5 million square feet.

JSW Steel sees 12% surge in crude steel production

JSW Steel Reports 12% Growth in Q3 Crude Steel Production, Reaching 6.87 Million Tonnes. Indian operations saw a 9% YoY increase, reaching 6.63 million tonnes. The USA-Ohio operations recorded a significant 191% YoY growth, totalling 0.24 million tonnes.

Also Read: Here’s everything you need to know about Jyoti CNC Automation Limited’s IPO

Crisil forecasts India’s steel sector to achieve a third consecutive year of double-digit growth, estimating an 11-13% YoY increase in the current fiscal year. The company’s capacity utilisation in Indian operations stood at an impressive 94% for Q3.

Crude oil bounces back

Crude oil futures rebounded Tuesday after a more than 3% dip on Monday, influenced by Saudi Arabia’s oil price cuts.

As of 9:53 am, March Brent oil futures rose 0.20% to $76.27, while February WTI crude oil futures stood at $70.81, marking a 0.06% increase. The market displayed resilience despite the previous session’s setback.

Conclusion

In today’s market rollercoaster, indices initially soared but settled with marginal gains. Notable highlights include Bajaj Auto’s record surge, L&T’s AIIMS order driving a 52-week high, JSW Steel’s robust 12% growth, and crude oil’s bounce-back post-Monday’s dip.

The year kicked off with volatility, emphasising the need for keen market observation. Stay tuned with StockGro for your daily market insights!

Enjoyed reading this? Share it with your friends.

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.

Post navigation

Leave a Comment

Leave a Reply

Your email address will not be published. Required fields are marked *