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What happened in the Indian stock market today?

share market today

On February 5, 2024, the Indian stock market experienced a subdued start to the week as the Sensex and Nifty 50 initially gained around 0.5% before relinquishing those gains in the final trading hour. 

The BSE Sensex closed 354.21 points or 0.49% lower at 71,731.42, while the Nifty 50 ended at 21,771.70, down 82.10 points or 0.38%. 

Analysts attributed the decline to diminishing weak market performance due to unclear signals from the US Federal Reserve and lower-than-expected capital expenditures in the Budget, which affected Asian markets.

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Impact on the stock market

In sectoral indices, Nifty IT, Nifty FMCG, Nifty Bank, Nifty Media, Nifty PSU Bank, and Nifty financial services closed lower by 0.2-0.8%.

Meanwhile, Nifty Metal (up 0.4%), Nifty Auto (up 1.21%), Nifty Pharma (up 1.79%), Nifty Realty (up 0.77%), and Nifty Oil & Gas (up 1.44%) ended the day in positive territory.

Sector/IndexPerformance
Information Technology-0.43%
Healthcare1.53%
Oil & Gas1.44%
Realty0.77%
PSU Banks0.77%

Top gainers today

CompanyPriceChange (%age)
Tata Motors926.805.47%
Coal India440.254.87%
Sun Pharma1,463.803.33%
Cipla1,434.352.99%
BPCL574.752.94%

Top losers today

CompanyPriceChange (%age)
UPL470.80-11.78%
Bajaj Finance6,609.90-3.48%
Bharti Airtel1,113.55-3.24%
HDFC Life563.35-2.67%
Grasim2,089.75-2.32%

Market aftermath: Impact on stocks

LIC stock surges 7% and crosses ₹ 1,000 mark

LIC’s stock surged 7% to ₹ 1,011, surpassing the IPO price of ₹ 949, marking a market cap above ₹ 6 lakh crore. In the past three months, LIC’s stock has surged over 55%, making it the most valued PSU ahead of SBI. 

LIC, listed in May 2022, overtook SBI in mid-January. The government’s stake in LIC stands at 96.5% after the IPO. The recent surge is linked to the launch of the Jeevan Utsav scheme.

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Bank of India shares dip 7%

Bank of India shares declined nearly 7% on February 5, trading at ₹ 141.20 on NSE, despite reporting a robust Q3 net profit of ₹ 1,895 crore, a 62.4% YoY increase. 

The bank’s gross NPA improved to 5.35%, down from 7.66% last year, and net NPA stood at 1.41%. Over the past year, the stock gained over 79%. The fall is attributed to post-results profit booking and ongoing margin challenges in the banking sector.

Tata Motors surges 7% as Q3 profit skyrockets by 137%

Tata Motors shares surged 7% on February 5, trading at ₹ 942 on NSE, following the announcement of robust Q3 results. The company reported a consolidated profit of ₹ 7,025 crore, a 137.5% YoY increase. 

Q3 revenue from operations grew 25% to ₹ 1,10,577 crore, and EBITDA rose by 59% to ₹ 15,333.3 crore. The margin expanded by 300 basis points to 13.9%. Tata Motors’ stock has gained nearly 99% in the last year.

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Crude oil rise

Crude oil prices rose as the US hinted at further strikes on Iran-backed Houthis in the Middle East. At 9:53 am on Monday, April Brent oil futures reached $77.56, up 0.30%, while March WTI crude oil futures were at $72.39, up 0.15%. 

February crude oil futures on MCX traded at ₹6023, down 0.12%, and March futures were at ₹6054, down 0.07%.

Conclusion

In today’s market wrap-up, Indian indices faced a mild retreat, with Sensex and Nifty 50 closing marginally lower. 

LIC’s stock surged, crossing the ₹ 1,000 mark, while Bank of India shares dipped despite a robust Q3 performance. Tata Motors celebrated a 7% surge after impressive quarterly results. Crude oil prices rose amid geopolitical tensions. 

Stay tuned for more market dynamics and updates on StockGro!

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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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