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What happened in the Indian share market today?

Stock Market News Today 22-Mar-2024

On March 22, 2024, the Sensex commenced trading at 72,231.66, climbing to an intraday peak of 73,115.62 and bottoming out at 72,172.09. It concluded the session at 72,831.94, marking a 191-point increase, or 0.26%.

Similarly, the Nifty 50 began at 21,932.20, reached a high of 22,180.70 and a low of 21,883.30, and settled at 22,096.75, up 85 points, or 0.39%. 

Moreover, the BSE-listed firms witnessed a surge in market capitalisation, soaring to almost ₹382.2 lakh crore from around ₹380 lakh crore in the preceding session, resulting in a wealth addition of over ₹2 lakh crore.

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Impact on the stock market

The Nifty IT sector index recorded a decline of 2.33 %. Conversely, all other sectoral indices closed higher.

Nifty Realty and Auto saw gains of 1.76 % and 1.67 %, respectively, while the Media and Pharma indices both experienced a rise of 1.25 %.

Information Technology-2.33%
Oil & Gas+0.19%
PSU Banks+0.97%

Top gainers today

CompanyPriceChange (%)
Hero Motocorp4,683.003.61%
Maruti Suzuki12,315.153.42%
Apollo Hospital6,377.353.15%
Bajaj Auto8,979.752.62%

Top losers today

CompanyPriceChange (%)
HCL Tech1,557.85-2.38%
Tech Mahindra1,262.65-1.57%

Market aftermath: Impact on stocks

KP Green Engineering soars 38% on SME BSE debut

KP Green Engineering debuted strongly on SME BSE on March 22, listing at a 38% premium of ₹ 200 compared to its issue price of ₹ 144. The IPO, amounting to ₹ 189.5 crore, garnered significant interest and was oversubscribed by 20 times. 

Proceeds will be allocated for capital expenditure and general corporate purposes. KP Green’s FY23 standalone net profit surged to ₹ 12.4 crore from ₹ 4.5 crore the previous year, with revenue increasing to ₹ 114.2 crore from ₹ 77.7 crore.

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Bharat Dynamics surges 2% on interim dividend approval

Bharat Dynamics shares surged 2% post-board approval of an interim dividend for FY23-24. The declared dividend of ₹8.85 per equity share of ₹10 each marks a substantial return. 

Additionally, the company plans to subdivide its equity shares, subject to shareholder nod. 

Financially, Q3 FY24 showed a robust 30.35% revenue growth and 61.25% profit increase year-on-year, despite a slight decline from the previous quarter.

IT stocks plummet

IT giants TCS, Infosys, HCL, and Wipro witnessed a 3-5% decline after Accenture slashed its FY24 revenue growth forecast to 1-3%, down from 2-5%. Accenture’s Q2FY24 revenues stood at $15.8 billion, flat YoY in constant currency. 

Despite robust outsourcing-driven deal bookings of $21.6 billion, its weak Q3 revenue guidance led to a negative market sentiment. Nomura suggests a higher cut in organic growth, with Accenture expecting flat revenue growth in consulting and mid-single-digit growth in managed services for FY24.

Oil prices dip

Brent crude settled down 0.2% at $85.78 a barrel, while US WTI futures ended 0.3% lower at $81.07, following a 1.8% decline in the previous session. US crude inventories unexpectedly dropped, but gasoline product supplied dipped below 9 million barrels, suggesting overbuying. 

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The market also reacted to reports of a UN draft resolution for a Gaza ceasefire. Investors found some relief in the US Fed’s decision to maintain interest rates at 5.25% to 5.50%.


In today’s stock market update for March 22, 2024, Indian indices witnessed a positive trend, with the Sensex and Nifty 50 both recording gains. 

KP Green Engineering soared on its SME BSE debut, while Bharat Dynamics saw a boost. The IT sector fell due to Accenture’s results. Despite a slight dip in oil prices, market sentiment remained upbeat. 

Stay tuned to StockGro for more insights and updates.

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