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What happened in the Indian stock market today?

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On March 4, 2024, the Sensex and Nifty 50 continued their upward trajectory, reaching fresh closing highs for the fourth consecutive session. 

The Nifty 50 opened at 22,403.50 and hit a new all-time high of 22,440.90, while the Sensex opened at 73,903.09 and settled at 73,872.29, a 66-point increase. 

Although the market touched new highs, gains were modest due to mixed global cues. The Sensex remained 122 points away from its previous all-time high. 

With limited fresh triggers, experts note that prevailing positives, such as robust economic growth and political stability post the 2024 General Elections, are already factored in.

You may also like: India’s GDP growth surges to 8.4% in Q3: Key takeaways

Impact on the stock market

The Nifty Oil & Gas index led the sectoral indices with a gain of 1.87%, while Nifty Bank rose 0.34%. Additionally, Nifty Private Bank (0.40%), Financial Services (0.38%), and PSU Bank (0.26%) indices recorded gains. 

Conversely, Nifty Media (-1.85%) saw the most significant decline, followed by Nifty IT (-0.77%), Auto (-0.49%), and FMCG (-0.45%).

Information Technology-0.77%
Oil & Gas+1.87%
PSU Banks+0.26%

Top gainers today

CompanyPriceChange (%age)
HDFC Life610.30+3.04%
Power Grid Corp294.65+2.72%

Top losers today

CompanyPriceChange (%age)
Eicher Motors3,751.45-2.82%
JSW Steel824.30-2.44%
SBI Life Insurance1,517.95-1.87%

Market aftermath: Impact on stocks

BHEL skyrockets 14% to reach 52-week high

Bharat Heavy Electricals Limited (BHEL) surged over 14% to hit a 52-week high of Rs 269.35 on March 4, with 15 crore shares traded, far exceeding the one-month average. 

This rise followed NTPC’s approval of a Rs 17,195.3 crore investment for the Singrauli Super Thermal Power Project, where BHEL is the sole bidder. BHEL’s stock soared over 250% in the past year, with a 93% surge in the last six months. Its order book reached Rs 1.14 lakh crore by H1FY24, indicating robust growth prospects.

Also Read: Telecom industry in India: An overview of growth and opportunities

L&T’s Defence wins 

Morgan Stanley has reiterated an “overweight” rating on Larsen & Toubro (L&T), indicating a 12% potential upside after L&T secured two defence contracts worth Rs 13,370 crore. 

The stock has surged over 8% in the past month, reaching a 52-week high of Rs 3,738. L&T’s recent wins include supplying high-power radars and Close-In Weapon Systems to the Indian Air Force. 

Adani Ports hits record-high

Adani Ports’ shares surged as cargo volumes soared by 33% YoY in February to 35.4 million metric tonnes (MMT). Dhamra Port hit a record monthly cargo of 4.22 MMT. From April 2023 to February 2024, Adani Ports handled 382 MMT of cargo, nearing the 400 MMT mark. 

The logistics segment saw significant growth, with YTD rail volumes up 21% YoY and GPWIS (General Purpose Wharf Infrastructure System) volumes rising 40% YoY. Adani Ports shares jumped 53% in three months and 31% YTD, reaching a record high.

Also Read: Maritime industry: How India’s shipping and port industry is making waves

OPEC+ extension boosts Brent crude futures

On Monday morning, Brent crude oil futures surged as OPEC+ members announced an extension of additional voluntary cuts of 2.2 million barrels per day for the second quarter of 2024. 

At 9:11 am, May Brent oil futures stood at $83.66, up by 0.13%, while April WTI crude oil futures were at $79.96, down by 0.01%. March crude oil futures on MCX traded at ₹6,624, a decrease of 0.21%, and April futures were at ₹6,586, down by 0.21% from the previous close.


In summary, March 4, 2024, marked another day of upward momentum for the Indian stock market, with both the Sensex and Nifty 50 reaching fresh closing highs. 

Despite modest gains attributed to mixed global cues, stocks like BHEL, L&T, and Adani ports surged on positive developments. With ongoing optimism backed by strong fundamentals, investors anticipate continued growth. 

Stay tuned to StockGro for further updates and insights.

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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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