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What happened in the Indian stock market today?

share market today

On January 17, 2024, the Nifty 50 and Sensex experienced their most significant single-day percentage decline, mainly triggered by a substantial drop in HDFC Bank’s share price following its December quarter results.

Nifty 50 opened at 21,647.25, hitting an intraday low of 21,550.45, and closed with a 2.09% loss at 21,571.95.

Sensex opened at 71,998.93, touched an intraday low of 71,429.30, and closed with a 2.23% loss at 71,500.76.

This marked the largest single-day fall in percentage terms for both indices since June 13, 2022, when Nifty 50 and Sensex dropped 2.64% and 2.68%, respectively.

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Impact on the stock market

Except for Nifty IT, which rose by 0.64%, all other sectoral indices closed in the red. Nifty Bank and Financial Services indices both fell by 4.28%.

The Nifty Private Bank index dropped by 4.23%, and the Nifty Metal index saw a loss of 3.13%.

Sector/IndexPerformance
Information Technology+0.64%
Healthcare-0.69%
Oil & Gas-0.99%
Realty-1.42%
PSU Banks-1.74%

Top gainers today

CompanyPriceChange (%age)
HCL Tech1,575.90+ 1.31%
SBI Life Insurance1,421.15+ 0.88%
LTIMindtree6,275.60+ 0.64%
TCS3,884.60+ 0.60%
Infosys1,640.20+ 0.53%

Top losers today

CompanyPriceChange (%age)
HDFC Bank1,537.50– 8.44%
Tata Steel131.65– 4.08%
Kotak Mahindra1,779.65– 3.70%
Hindalco560.25– 3.33%
Axis Bank1,082.30– 3.29%

Market aftermath: Impact on stocks

HDFC Bank tumbles 8% on Q3 earnings

HDFC Bank, the top Nifty loser, saw an 8% drop after high provisions for alternative investment funds and limited Q3 profit growth, which stood at 2.5%. The stock, up 5% in the past year, underperformed Bank Nifty’s 13% surge.

Q3 net interest income grew 4%, and net profit rose 2.5%, supported by treasury gains and tax write-backs of Rs 1,500 crore. The earnings per share (EPS) fell 4% sequentially to Rs 22. Flat margins, at 3.6%, disappointed, but management anticipates a recovery to 3.7% in 18-24 months.

MRF hits Rs 1.5-lakh mark, emerges as India’s priciest stock

MRF, India’s costliest stock, reached Rs 1.5 lakh per share, marking a 53% climb in the past year, outpacing Nifty’s 20% gain. After hitting the milestone, the stock settled at Rs 1,37,711, up 0.8% from the previous close.

In Q2, MRF recorded a fivefold YoY surge in net profit, reaching Rs 572 crore, compared to Rs 124 crore in the base quarter. The company’s Q2 revenue rose 6.5% YoY to Rs 6,088 crore.

Also Read: Why is each share of MRF worth ONE LAKH rupees?

ICICI Lombard shares soar 7.4%

ICICI Lombard General Insurance witnessed a significant surge of 7.4% in its share value, marking its largest intraday jump since May 2023. The boost followed the release of Q3FY24 financial results, revealing a robust 22.4% YoY rise in net profit to ₹431 crore, surpassing estimates.

Q3 net premium income reached ₹4,690 crore, and the solvency ratio improved 256% YoY. The claims ratio improved to 68.8% in Q3FY24. The stock’s recent performance indicates a 3.25% increase in the current month.

Crude oil prices retreat

Crude oil futures decline as the dollar strengthens. March Brent oil is at $77.75 (-0.69%), and March WTI is at $71.92 (-0.83%).

On MCX, January crude oil futures traded at ₹5975 (-0.47%), and February futures at ₹6019 (-0.30%) from the previous close. Meanwhile, China’s Q4 2023 GDP growth impacts the market.

Conclusion

In today’s market rollercoaster, HDFC Bank’s Q3 results triggered a significant Nifty 50 and Sensex dip. HDFC Bank slid 6%, while MRF emerged as India’s priciest stock at Rs 1.5 lakh. ICICI Lombard soared 7.4%, buoyed by strong Q3 results. Crude oil prices retreated amid a strengthening dollar.

Stay tuned on StockGro for more insights on the market!

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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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