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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/Index | Performance |
| Information Technology | -0.43% |
| Healthcare | 1.53% |
| Oil & Gas | 1.44% |
| Realty | 0.77% |
| PSU Banks | 0.77% |
Top gainers today
| Company | Price | Change (%age) |
| Tata Motors | 926.80 | 5.47% |
| Coal India | 440.25 | 4.87% |
| Sun Pharma | 1,463.80 | 3.33% |
| Cipla | 1,434.35 | 2.99% |
| BPCL | 574.75 | 2.94% |
Top losers today
| Company | Price | Change (%age) |
| UPL | 470.80 | -11.78% |
| Bajaj Finance | 6,609.90 | -3.48% |
| Bharti Airtel | 1,113.55 | -3.24% |
| HDFC Life | 563.35 | -2.67% |
| Grasim | 2,089.75 | -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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