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What happened in the Indian stock market today?

share market today

On February 9, 2024, Indian equity benchmarks, the Sensex and Nifty 50, closed positively, driven by buying in the financial, FMCG, and pharma sectors

The BSE Sensex gained 167.06 points, or 0.23%, ending at 71,595.49, while the Nifty 50 rose by 64.55 points, or 0.3%, to reach 21,782.50. 

Despite the uptrend, investors remained cautious due to reduced expectations of early rate cuts in the US and India. Additionally, a recent surge in oil and gas stocks triggered a sell-off, along with selling pressure witnessed in metal stocks.

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Impact on the stock market

Amongst sectoral indices, Nifty Bank(up 1.38%), Nifty Financial Services (up 0.69%), Nifty FMCG (up 0.41%), Nifty Pharma (up 0.52%), Nifty Private Bank (up 1.01%) ended in the green.

Nifty Media (down 0.26%), Nifty Metal (down 1.5%),  Nifty Auto (down 0.4%), and Nifty IT (down 0.40%) ended in red.

Information Technology-0.40%
Oil & Gas-0.40%
PSU Banks+0.97%

Top gainers today

CompanyPriceChange (%age)
Apollo Hospital6,437.35+3.31%
Sun Pharma1,534.80+2.35%
ICICI Bank1,010.70+2.16%

Top losers today

CompanyPriceChange (%age)
Bharti Airtel1,120.25-1.92%
Tata Steel141.25-1.67%

Market aftermath: Impact on stocks

LIC rises 4% on Q3 results, becomes India’s 4th most valued firm

LIC’s Q3FY24 net profit surged 49% to ₹9,441 crore, with net premium income growing 4.67% YoY to ₹1.17 lakh crore. The insurer declared an interim dividend of ₹4 per share for FY24, with a record date of February 21. 

Its market cap hit ₹7.01 lakh crore, surpassing Infosys, with only Reliance, TCS, and HDFC Bank ahead. LIC’s gross NPA reduced to 2.15% despite a decrease in other income.

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Paytm stock slides 8% amid acquisition reports

Paytm’s shares fell 8% on February 9 following news of its potential acquisition of Bengaluru-based Bitsila. The stock, which closed 10% lower the previous day, traded at Rs 410.60 at 9:40 am. 

Paytm’s troubles began on January 31 after RBI directed its banking arm to halt certain transactions. Bitsila, the third-largest seller platform on ONDC, could provide a boost, though deal specifics remain undisclosed.

Grasim industries surge 6% on strong Q3 earnings

Grasim Industries soared 6% on February 9, reaching ₹2,179 per share after reporting robust Q3 earnings. Its consolidated net profit for the quarter ending December 31, 2023, stood at ₹1,514 crore, a 48% increase from the previous year. 

Despite a 40% decline in disclosed net profit due to weakness in the chemicals segment, consolidated revenue surged 11.6% to ₹31,965 crore. Grasim stock has gained 19.53% in the last six months and 33.78% in the last year.

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Crude oil futures rise

Crude oil futures slightly rose after Israel attacked Rafah, with April Brent oil futures at $81.65 and March WTI at $76.27 on Friday at 9:14 am. 

February crude oil futures on MCX traded at ₹6323, up 0.25%, while March futures stood at ₹6339, up 0.22%, compared to the previous close of ₹6307 and ₹6325, respectively. The uptick followed Israel’s rejection of Hamas’s ceasefire offer.


Today’s stock market saw positive momentum, driven by gains in financials, FMCG, and pharma sectors. Despite cautious investor sentiment regarding rate cuts in the US and India, the Sensex and Nifty 50 closed higher. 

Notable movements included LIC’s and Grasim’s rise on strong Q3 results and Paytm’s slide amidst acquisition reports. Crude oil futures rose slightly following Israel’s attack in Rafah.

Stay tuned on StockGro for further updates on market dynamics!

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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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