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What happened in the Indian stock market today?

Indian stock market today

On February 8, 2024, Indian equity benchmarks, the Sensex and Nifty 50, closed lower as the Reserve Bank of India (RBI) kept its key interest rate unchanged for the sixth consecutive meeting. 

The 30-share BSE Sensex dropped by 723.57 points or 1% to 71,428.43, while the Nifty 50 fell by 212.55 points or 0.97% to 21,717.95. 

Initially, both indices rose by approximately 0.2% but turned negative after the RBI’s decision. Additionally, the government’s 10-year yield saw a slight uptick, reflecting the market’s response to the central bank’s move.

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Impact on the stock market

The Nifty Private Banks index fell by 2.5%, indicating a negative trend. Other indices like Nifty Bank (-1.76), Nifty Auto (-1.28), Nifty Financial Services (-1.85), and Nifty FMCG (-2.06) also ended in the red. 

However, Nifty Oil & Gas (0.93), Nifty Media (1.99), and Nifty IT (0.22) saw gains, ending in the green.

Information Technology+0.22%
Oil & Gas+0.93%
PSU Banks+2.00%

Top gainers today

CompanyPriceChange (%age)
Power Grid Corp276.20+3.08%
Coal India459.20+1.45%

Top losers today

CompanyPriceChange (%age)
Kotak Mahindra1,729.70-3.51%
ICICI Bank989.30-3.21%
Axis Bank1,035.90-3.11%

Market aftermath: Impact on stocks

Just Dial shares surge 12% on employee share allotment

Just Dial shares surged 12% on February 8 after allotting 9,375 equity shares to employees. The company reported a 22% year-on-year rise in Q3 net profit, reaching ₹ 92 crore. Its revenue soared 39.32% to ₹ 221.37 crore in the same period. 

Over the last year, Just Dial stock rallied 42%, outperforming the Nifty 50 index by 20%. International brokerage UBS raised its target price to ₹ 1,125 following strong Q3 earnings.

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ITC stock dips 4% as BAT plans to reduce stake

British American Tobacco (BAT) holds a 29.03% stake in ITC, valued at ₹ 1.5 lakh crore. Following BAT’s announcement of intending to reduce its stake, ITC’s stock dropped by 4% in afternoon trade. 

BAT’s Q4 earnings revealed its share of ITC’s post-tax results rose by 19.8% to £616 million in 2023. If BAT trims its stake by four percentage points, the offloaded shares’ value would be approximately ₹ 20,760 crore.

Zomato Q3 results: Net profit jumps to ₹138 crore

Zomato reported its Q3 FY23-24 results, revealing a notable turnaround with a net profit of ₹138 crore compared to a loss of ₹347 crore in the previous year. Revenue surged by 69% YoY to ₹3,288 crore from ₹1,948 crore. 

Despite increased expenses totalling ₹3,383 crore, mainly due to expansion, the company’s food delivery business revenue grew by 48%, while its quick commerce division more than doubled its revenue.

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Crude oil futures rise

Crude oil futures rose on Thursday morning as Israel rejected Hamas’ ceasefire offer. April Brent oil futures were at $79.52, up 0.39%, and March WTI crude oil futures were at $74.11, up 0.34%. February crude oil futures on MCX were at ₹6152, up 0.34%, and March futures were at ₹6186, up 0.39%.


India’s stock market witnessed a downturn as the RBI maintained its interest rate, with the Sensex and Nifty 50 closing lower. 

Just Dial shares surged on employee allotment, while ITC stock dipped amid BAT’s stake reduction plans. Zomato reported profitability in Q3 results. Crude oil futures climbed as Israel rejected a ceasefire offer. 

Stay tuned for further updates on StockGro!

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