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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.
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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/Index | Performance |
| Information Technology | +0.43% |
| Healthcare | +1.07% |
| Oil & Gas | +0.11% |
| Realty | +2.52% |
| PSU Banks | -0.16% |
Top gainers today
| Company | Price | Change (%age) |
| Hero Motocorp | 4,112.50 | + 2.57% |
| Adani Ports | 1,197.10 | + 2.42% |
| Apollo Hospital | 5,797.65 | + 2.04% |
| SBI Life Insurance | 1,449.35 | + 1.99% |
| Adani Enterprise | 3,014.60 | + 1.72% |
Top losers today
| Company | Price | Change (%age) |
| Britannia | 5,122.40 | – 1.06% |
| Nestle | 2,592.60 | – 1.02% |
| Asian Paints | 3,267.50 | – 0.94% |
| Bajaj Finserv | 1,682.45 | – 0.82% |
| HDFC Bank | 1,650.50 | – 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.
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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.
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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!
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