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What happened in the Indian stock market today?

On January 24, 2024, the Nifty 50 and Sensex rebounded, ending a two-day decline with strong gains.

share market today

The Nifty 50 opened at 21,185.25, touching an intraday high of 21,482.35 and low of 21,137.20, closing at 21,453.95, up by 215 points (1.01%). 

The Sensex opened at 70,165.49, reaching an intraday high of 71,149.61 and low of 70,001.60, closing at 71,060.31, up by 690 points (0.98%). 

Positive global cues, driven by favorable tech earnings and expectations of supportive measures from Chinese authorities, contributed to the market’s optimistic sentiment.

Impact on the stock market

On Wednesday, all sectoral indices except Nifty Private Bank, which dipped by 0.24%, closed higher. Notable gainers were Nifty Media, up by 3.06%, followed by Nifty Metal, rising 2.96%, and Nifty Oil & Gas, increasing by 2.02%. Nifty Bank also saw a modest rise of 0.15%.

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Information Technology1.56%
Oil & Gas2.02%
PSU Banks1.99%

Top gainers today

CompanyPriceChange (%age)
Dr Reddys Labs5,902.104.01%
Tata Steel135.153.88%
Power Grid Corp246.203.47%
HCL Tech1,576.403.46%

Top losers today

CompanyPriceChange (%age)
ICICI Bank999.20-2.90%
Axis Bank1,059.15-2.76%
Asian Paints2,999.45-1.81%
Adani Ports1,120.60-1.45%
HDFC Life581.65-0.77%

Market aftermath: Impact on stocks

REC shares soar 7% on robust Q3 profits

REC shares surged over 7% after reporting a 13.6% rise in Q3 net profit, reaching ₹ 466.20. The state-owned company’s net profit for Q3FY24 stood at ₹ 3,269.3 crore, a 13.6% increase from the previous fiscal. 

Net interest income (NII) for the period was approximately ₹ 4,159 crore, marking an 18% growth from the previous fiscal. REC, a Maharatna power finance company, plans to lend up to ₹ 1,20,000 crore for rooftop solar panels under the Pradhan Mantri Suryoday Yojana.

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Mahanagar Gas surges 3% as Q3 net profit beats estimates

Mahanagar Gas shares surged 2.8% on January 24 after reporting a Q3 net profit of ₹ 317.18 crore, a significant 84% YoY increase. The rise was attributed to lower gas costs. 

As of 12:15 pm today, shares traded at ₹ 1,316.70, up 0.28% from the previous close. Over the past six months, Mahanagar Gas shares have witnessed a 25% rise, outperforming the Nifty 50’s 9.5% gain in the same period.

Canara Bank’s net profit surges 26.87% to ₹ 3,656 crore

Canara Bank reported a robust Q3 FY2023-24 net profit of ₹ 3,656 crore, reflecting a notable 26.87% YoY surge, surpassing estimates. 

The bank’s Net Interest Income reached ₹ 9,417 crore, growing by 9.50%, and the Net Interest Margin stood at 3.02%, improving by 9 basis points. 

Global business rose by 9.87% YoY to ₹ 22,13,360 crore. The retail lending portfolio and housing loan portfolio grew by 12.14% and 12.07%, respectively.

Crude oil futures stable amid geopolitical tensions

Crude oil futures hover in a narrow range as geopolitical tensions persist. March Brent oil trades at $79.54, down 0.01%, while March WTI edges up to $74.38, a 0.01% gain. 

On MCX, February crude oil stands at ₹6196, up 0.29%, and March futures at ₹6218, rising by 0.21%. Tensions in the Middle East and a global supply increase influence market movements.

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In today’s market turnaround, the Nifty 50 and Sensex bounced back with vigour, ending a brief dip. Positive global cues and robust Q3 performances of companies like REC, Mahanagar Gas, and Canara Bank fueled the optimism. 

Despite lingering geopolitical tensions, crude oil futures held steady. Stay tuned on StockGro for more twists and positive strides ahead as the market resumes its upward trajectory!

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