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What happened in the Indian stock market today?

On January 23, 2024, the Nifty 50 and Sensex faced substantial losses in an extensive market sell-off.

Stock Market News Today

The Nifty rose 178 points to 21,750.25 but later plummeted 333 points, or 1.54%, to close at 21,238.80. 

Meanwhile, the Sensex opened 445 points higher at 71,868.20, reaching an intraday high of 72,039.20, but eventually recorded a significant drop of 1,053 points or 1.47%, closing at 70,370.55. 

The market sentiment has been delicate, influenced by lacklustre Q4 earnings, diminishing hopes for US rate cuts, and escalating global geopolitical tensions.

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Impact on the stock market

Except for Nifty Healthcare and Pharma, all sectoral indices recorded substantial losses. Nifty Media was the top loser, plummeting by 12.87%, followed by Nifty Realty (down 5.31%), PSU Bank (down 4.10%), Oil & Gas (down 3.47%), and Metal (down 3.43%). Nifty Bank lost 2.26%.

Information Technology-0.48%
Oil & Gas-3.47%
PSU Banks-4.10%

Top gainers today

CompanyPriceChange (%age)
Cipla1,409.00+ 7.05%
Sun Pharma1,378.30+ 3.93%
Bharti Airtel1,158.00+ 3.05%
ICICI Bank1,029.05+ 2.02%
Hero Motocorp4,444.20+ 0.97%

Top losers today

CompanyPriceChange (%age)
IndusInd Bank1,441.70– 6.10%
Coal India375.30– 5.89%
ONGC229.90– 5.02%
Adani Ports1,137.10– 4.69%
SBI Life Insurance1,375.50– 4.62%

Market aftermath: Impact on stocks

ICICI Bank surges 3% as Q3 net profit spikes by 23.5%

ICICI Bank’s stock surged 3% on the NSE as it revealed a robust Q3FY24 performance, with a net profit of ₹ 10,271.54 crore, marking a substantial 23.5% YoY increase from ₹ 8,312 crore. 

The gross non-performing asset (NPA) reduced to 2.3%, compared to 3.07% in the prior fiscal year. Net interest income (NII) saw a significant YoY growth of 34.6%, reaching ₹ 16,465 crore in Q3FY23.

Cipla shares surge 8% to record high

Cipla shares surged 8% to a 52-week high at ₹ 1,425 and settled at 7.05% at ₹ 1,409 following robust Q3 results. Net profit rose 32.7% YoY to ₹1,049 crore, with a revenue increase of 14.2% to ₹ 6,544 crore. 

North American sales hit a record $230 million, up 18% YoY, contributing to broad-based growth across markets. The business in India grew nearly 12% to ₹ 2,859 crore, and South Africa sales rose almost 10% to ₹ 603 crore.

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Zee Entertainment stock plummets 30.50%

Zee Entertainment’s shares plunged by 30.50% on January 23, wiping out gains since the August 2021 announcement of its $10-billion merger with Sony Pictures, which was recently scrapped. 

Brokerages like Citi and CLSA downgraded Zee, projecting a valuation slump from 18x to 12x post-termination. Zee closed at ₹ 160.90, hitting a 52-week low. Sony cited deal closure delays, leading to a stock freefall. Sony seeks a $90 million termination fee, disputed by Zee Entertainment.

Crude oil futures drop

On January 23, crude oil futures declined by 0.53%, settling at ₹6,232 per barrel on the Multi Commodity Exchange. The drop was attributed to reduced positions amid low demand.

Additionally, on Tuesday, March Brent oil futures were at $79.99, while March crude oil futures on WTI stood at $74.71, reflecting concerns over commodity demand.

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In today’s market saga, Nifty 50 and Sensex faced a downturn amid global uncertainties. Sectoral losses dominated, with only Nifty Healthcare and Pharma holding ground. 

ICICI Bank and Cipla stood out with impressive Q3 performances, while Zee Entertainment experienced a significant setback. As crude oil futures slid, the market ride continued with its highs and lows. 

Stay tuned on StockGro for more such twists and turns!

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