What happened in the Indian stock market today?

On February 2, 2024, the Nifty 50 and the Sensex surged during intraday trading, propelled by heavyweights like Reliance Industries, Infosys, TCS, Power Grid, and NTPC.

Nifty 50 hit a fresh all-time high of 22,126.80, closing with a gain of 156 points (0.72%) at 21,853.80. 

The Sensex jumped over 2%, reaching an intraday high of 73,089.40, settling at 72,085.63, up 440 points (0.61%). Despite the gains, the Sensex remains 1,342 points below its all-time high of 73,427.59 on January 16. 

Positive global cues and the pro-growth Interim Budget contributed to the widespread buying.

You may also like: Risks and Rewards of Entrepreneurship

Impact on the stock market

Nifty sectors recorded varied performances, with notable gains in Oil & Gas (3.58%), Metal (2.37%), PSU Bank (2.22%), and IT (2.16%).

Conversely, Nifty Private Bank (down 0.72%), Bank (down 0.47%), Financial Services (down 0.40%), and FMCG (down 0.18%) registered losses.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

Spicejet shares soar to 52-week high, surge over 13%

SpiceJet shares hit a 52-week high, reaching ₹72.50, a surge of over 13% during Friday’s post-budget session. Experts suggest the stock may reach ₹77, citing a fresh breakout at ₹69. 

The rise is attributed to Budget 2024’s UDAN scheme proposals, focusing on airport expansion and air connectivity in tier-2 and tier-3 cities. As one of the limited listed aviation companies, SpiceJet is expected to benefit from the long-term implications of these measures, drawing bullish sentiments in the market.

HUDCO shares jump 30% in 2 days on budget 2024

HUDCO’s share price surged over 30% in two days, reaching a new lifetime high of ₹226.45 on NSE. The post-budget rally followed Finance Minister Nirmala Sitharaman’s announcement of a new housing scheme for the middle class in Budget 2024. 

HUDCO, a government-backed financial company with significant exposure in affordable housing finance, witnessed a sharp upward move after the proposal, rising around 20% on Thursday and continuing the upward trend.

Also Read: Ghazal Alagh – Turning health in to wealth 

Paytm’s stock nears 80% drop from IPO price

Paytm’s stock faces challenges, plunging 80% below its IPO price after RBI restricted Paytm Payments Bank operations. Trading at ₹487.20, it’s 77.34% below the IPO price ₹2,150, causing significant losses for investors. 

The stock is 11% away from an all-time low of ₹438 in November 2022. Mutual funds, with a 4.99% stake, faced a ₹869 crore loss due to the sharp fall. Major ownership by FIIs (63.7%) and retail investors (30.2%) resulted in losses of ₹11,000 crore and ₹5,332 crore, respectively. Notably, SoftBank’s SVF India Holdings reduced its stake to 5.01% weeks before RBI’s restrictions.

Crude oil prices rally

Crude oil futures rose on Friday as OPEC+ maintained unchanged production output policies. At 9:09 am, April Brent oil futures were at $79.27, up 0.72%; March WTI crude oil futures were at $74.31, up 0.66%. 

On MCX, February crude oil futures traded at ₹6172, down 0.55%, and March futures at ₹6191, down 0.21% from the previous close.

Also Read: Investing on a budget? Top low-cost investment options to consider

Conclusion

In today’s market report, Indian indices experienced a surge with Nifty 50 reaching an all-time high and Sensex rising over 2%, driven by positive global cues and the pro-growth Interim Budget. 

SpiceJet shares soared on Budget 2024’s UDAN scheme, while HUDCO and Paytm faced contrasting fates. Crude oil prices rallied following OPEC+ decisions.

Stay tuned for more such dynamic market updates on StockGro!