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What happened in the Indian stock market today?

On January 25, 2024, the Nifty 50 and the Sensex extended losses, driven by declines in key banking and IT stocks like HDFC Bank, Tech Mahindra, and TCS.

share market today

The Nifty 50 opened at 21,454.60, dropping 207 points to an intraday low of 21,247.05, ultimately closing 101 points (0.47%) lower at 21,352.60. 

The Sensex opened at 71,022.10, hitting an intraday low of 70,319.04, and concluded 360 points (0.51%) down at 70,319.04. 

Fading hopes for a prompt US Fed rate cut, lacklustre Q4 earnings, and rising bond yields contributed to heightened market volatility. 

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Impact on the stock market

On the stock market, Nifty IT was the biggest loser, falling by 1.60%, followed by Nifty Pharma (down 1.30%), Healthcare (down 1.26%), and FMCG (down 1.15%). Nifty Bank saw a loss of 0.48%, while Nifty Realty gained 0.67%.

Information Technology-1.60%
Oil & Gas-0.31%
PSU Banks+0.13%

Top gainers today

CompanyPriceChange (%age)
Bajaj Auto7,597.50+ 5.33%
Adani Ports1,146.30+ 2.29%
NTPC314.75+ 1.91%
Coal India389.40+ 1.78%
IndusInd Bank1,512.00+ 1.42%

Top losers today

CompanyPriceChange (%age)
Tech Mahindra1,322.05– 6.10%
Cipla1,369.65– 3.37%
Bharti Airtel1,160.55– 2.47%
LTIMindtree5,494.65– 2.22%
SBI Life Insurance1,380.90– 2.10%

Market aftermath: Impact on stocks

Tech Mahindra shares dive over 6% as Q3 profits plunge 61%

Tech Mahindra’s share price plummeted over 6% on January 25, hitting ₹1,312.50 a day after revealing Q3 results. Opening at ₹1,349.65 against the prior close of ₹1,407.75, it closed 6.12% lower at ₹1,321.60. 

Q3 net profits witnessed a substantial 61% YoY decline to ₹510.4 crore, compared to ₹1,296.6 crore a year ago. Revenue from operations dropped 4% YoY to ₹13,101.3 crore.

JSW Steel’s Q3 net profit soars five-fold to ₹ 2,450 crore

JSW Steel’s Q3 net profit surged five-fold YoY to ₹ 2,450 crore, despite a 12% QoQ dip. The revenue reached ₹ 41,940 crore, and operating EBITDA was ₹ 7,180 crore, down 9% sequentially. 

Standalone net profit rose 96% YoY to ₹ 2,416 crore. Consolidated crude steel production increased 8% QoQ to 6.87 million tonnes, driven by higher capacity utilisation in India.

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DLF impresses with 27% yoy rise in Q3 net profit

DLF shares surged 4% as Q3 results impressed with a 27% YoY rise in net profit to ₹ 655.7 crore. Revenue from operations grew 1.8% YoY to ₹ 1,521.3 crore. The stock traded at ₹ 758.8, up 1.53% on the NSE. 

DLF achieved a 15-year-high quarterly profit, all-time high pre-sales, and generated ₹ 10 billion in free cash flow in Q3. The FY25 project pipeline increased significantly, with ₹ 789 billion in launches planned in 2-3 years.

Crude oil surges

Crude oil futures rose as US inventories significantly declined, and China’s People’s Bank announced a reserve ratio cut for banks to bolster its economy. At 9:14 am on Thursday, March Brent oil futures were at $80.31, up by 0.34%, while March WTI futures stood at $75.42, reflecting a 0.44% gain.

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In today’s market moves, Nifty 50 and Sensex faced downward steps, led by declines in key sectors. Tech Mahindra took a hit with a 6% drop in Q3 profits, while JSW Steel soared with a five-fold rise. 

DLF was impressed with a 27% YoY profit increase, adding a positive note. Crude oil surged in response to global economic cues, joining the market’s rhythm.

Stay tuned on StockGro for more twists and turns ahead as the market jives on!

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