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What happened in the Indian stock market today?

Market Update Today (28-Dec-2023)

In a financial fiesta on December 28, 2023, the Nifty 50 and the Sensex reached unprecedented heights. This dazzling performance marked their fifth consecutive session of gains.

Nifty 50 leapt from 21,654.75 to 21,801.45, closing the day with a 124-point surge. The. Sensex? It soared from 72,038.43 to a record 72,484.34 with a 372-point gain. Banks were kept up; the Bank Nifty index concluded 0.47 per cent higher at 48,508.55. But why?

Here’s the scoop!

Driving factors behind the rally

  • Investor confidence and global dynamics: India’s robust economic growth bolsters investor confidence. Expectations of rate reductions in the US have attracted more foreign capital, weakening the dollar against other currencies and thus fuelling positive market sentiment.
  • Oil and Energy Sector Growth: The price dip below $80 triggered extensive buying across the oil and energy sectors.
  • India Volatility Index Movement: The India Volatility Index, an indicator of expected market volatility, rose after reaching a 9-month high of 16, suggesting potential future market fluctuations.

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Impact on the stock market

In intraday trade, nearly 360 stocks, including prominent names like Larsen & Toubro, Mahindra and Mahindra, Tata Motors, Titan, Wipro, UltraTech Cement, Power Grid, NTPC, JSW Steel, Nestle, and IndusInd Bank, touched their fresh 52-week highs.

Except for Nifty IT (down 0.14 %) and Consumer Durables (down 0.03 %), all sectoral indices closed higher. Notably, gains were seen in Nifty Oil & Gas (2.01%), FMCG (1.35%), Healthcare (1.24%), Pharma (1.23%), PSU Bank (1.03%), Auto (1.01%), and Metal (1%).

Information Technology-0.14%
Oil & Gas+2.01%
PSU Banks+1.03%

Top gainers today

CompanyPriceChange (%age)
Coal India380.95+ 4.20%
M&M1,734.45+ 2.75%
Hero Motocorp4,173.25+ 2.68%
Dr Reddys Labs 5,858.55+ 2.52%
NTPC313.90+ 2.56%

Top losers today

CompanyPriceChange (%age)
Adani Enterprise2,809.90– 1.18%
Larsen & Toubro Ltd.3,518.05-0.73%
Adani Ports1,016.95– 0.73%
Eicher Motors 4,091.90– 0.68%
LTIMindtree6,253.15– 0.54%

Market aftermath: Impact on stocks

Zomato’s stock challenges: 

Zomato Ltd faced a downturn, with its share price opening lower at ₹124.90 on BSE, a 1.69% decrease, due to a show cause notice from the GST office for a supposed tax liability of ₹401.7 crore, along with interest and penalties, related to delivery fee collections from October 29, 2019, to March 31, 2022.

The stock declined to ₹123.2, marking a 3.03% drop from its previous close.

Also Read: Azad Engineering IPO: What you need to know before applying

Hudco’s impressive surge: 

Shares of Housing & Urban Development Corporation (Hudco) skyrocketed by 18% to a record high following a Memorandum of Understanding(MoU) with the Gujarat Government for up to Rs 14,500 crore investment in housing and urban infrastructure.

The stock has soared 144% this year, outperforming the Nifty 50’s 19% increase.

Oil prices 

In the oil market, prices stabilised after the largest drop in two weeks, with West Texas Intermediate above $74 a barrel and Brent crude near $80. The American Petroleum Institute reported a 1.8 million-barrel increase in nationwide inventories.


In summary, the day’s market movements showcased a dynamic landscape shaped by global and domestic factors. While record highs and sectoral gains painted a picture of economic strength, cautionary notes were sounded with rising volatility and specific challenges individual companies face.

Will the market undergo a correction in the near future, or is it poised to remain in the overbought condition for an extended period? Only time holds the answer. Regardless of the outcome, stay informed with the latest market insights from Stockgro for your daily market scoop!

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