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What happened in the Indian stock market today?

On March 18, 2024, Indian equity benchmarks Nifty 50 and Sensex posted modest gains, primarily driven by select metal and auto giants.

Stock Market News Today 18-Mar-2024

Nifty 50 commenced at 21,990.10, touching an intraday high of 22,123.70 and a low of 21,916.55 before closing at 22,055.70, up by 0.15%. 

Similarly, Sensex opened at 72,587.30, reaching a high of 72,985.89 and a low of 72,314.16, concluding at 72,748.42, a rise of 0.14%. 

Improved Chinese data lifted global sentiments, while investors await the monetary policy meetings of major central banks this week, including those of the US, UK, and Japan.

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Impact on the stock market

Nifty Metal led the sectoral indices with a 2.49% gain, followed by Nifty Auto (up 1.26%), Realty (up 0.47%), and Media (up 1.15%). 

Conversely, Nifty IT declined by 1.64%. Nifty Bank posted a marginal 0.04% loss, while the PSU Bank index rose by 0.32%. Nifty Private Bank ended 0.13% lower.

Information Technology-1.64%
Oil & Gas+0.40%
PSU Banks+0.32%

Top gainers today

CompanyPriceChange (%)
Tata Steel149.05+5.19%
JSW Steel804.40+3.04%
Tata Motors972.45+2.81%
Apollo Hospital6,136.55+2.56%

Top losers today

CompanyPriceChange (%)
TATA Cons. Prod1,188.00-1.99%
Titan Company3,579.95-1.47%

Market aftermath: Impact on stocks

LIC shares decline 10% as wage hike raises 

LIC shares plummeted by 10% over five sessions as the insurance giant plans a 17% wage hike for its 110,000 employees, with an estimated annual implication of ₹ 4,000 crore. Once implemented, the move will escalate LIC’s annual wage bill to ₹ 29,000 crore. 

Arrears of approximately ₹ 7,000 crore for this fiscal year will further elevate the total wages for FY24 to ₹ 32,000 crore. 

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Torrent Power surges 7%

Torrent Power shares surged 7% after securing a ₹ 3,650 crore wind-solar project, which will be commissioned and completed within 24 months. The project entails a tariff of ₹ 3.65/kWh over 25 years. 

The company plans to install 480 MW to meet the 50% capacity utilisation factor, though it is contracted for 300 MW. Additionally, it recently won a ₹ 1,540 crore solar project, propelling its shares to a 52-week high of ₹ 1,287.50.  Stock is currently trading at ₹ 1190.35.

Tata Steel surges 4%

Tata Steel stock surged over 4% on March 18 amidst heavy trading, reaching ₹ 148.6, up by 4.9%. Trading volume reached nearly 10 crore shares, twice the average. The stock has seen a 40% increase in the past year. 

China’s robust industrial output growth, with a 7% expansion in January-February, fueled gains in metal stocks. Steel imports to India hit a six-year high, with China leading, prompting anticipations of import restrictions.

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Crude oil futures rise

Crude oil futures surged Monday morning, with May Brent oil futures up 0.34% at $85.63 and May WTI futures up 0.45% at $80.94. 

March MCX futures traded at ₹6739, a 0.28% increase, and April futures at ₹6704, up 0.36%. Expansion in China’s industrial production and ongoing drone attacks on Russian refineries by Ukraine were cited as contributing factors.


In today’s stock market update for March 18, 2024, Indian indices showed modest gains driven by select sectors like metals and autos. 

LIC shares declined as the company plans a significant wage hike, while Torrent Power and Tata Steel surged on positive project developments. Crude oil futures rose amidst factors like China’s industrial growth and geopolitical tensions. 

Stay tuned on StockGro for more updates.

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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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