What happened in the Indian stock market today?

On April 1, 2024, Indian stock market benchmarks Nifty 50 and Sensex surged to new record highs, propelled by widespread buying across sectors. 

Nifty 50 opened at 22,455, climbing 128 points, hitting a peak of 22,529.95, and closing at 22,462, a 135-point increase or 0.61%.

Sensex began at 73,968.62, rising by 317 points, touching an all-time high of 74,254.62, and settling at 74,014.55, up by 363 points or 0.49%. 

The market capitalisation of BSE-listed firms soared to about ₹393.2 lakh crore from nearly ₹387 lakh crore, adding nearly ₹6.2 lakh crore to investors’ wealth in a single session.

You may also like: T+0 settlement goes live in India: SEBI launches beta version

Impact on the stock market

Except for Nifty Auto (0.16% decline) and FMCG (0.11% dip), all sectoral indices closed higher.

Nifty Media (4.69%), Realty (4.36%), and Metal (3.70%) witnessed robust gains. Nifty Bank surged by 0.96%. Both PSU Bank (1.51%) and Private Bank (1.03%) indices showed notable increases.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

Hindustan Aeronautics hits 52-week high with ₹1173 cr order win

Hindustan Aeronautics stock surged over 3%, hitting a 52-week high after securing a ₹1173.42 Crore order from Cochin Shipyard for the Indian Navy’s NGMV project. The order comprises 6 sets of LM2500 Gas Turbines and GT Auxiliaries to be executed between FY26 to FY29.

With a 153% gain in the past year and a positive outlook, analysts anticipate strong revenue growth fueled by rising order flows, particularly from the Defence Sector, indicating robust performance ahead.

Also Read: The Indian space industry: A new frontier for growth and innovation

RVNL surges over 5% on winning ₹95.95 crore project bid

Rail Vikas Nigam Limited (RVNL) saw its share price soar by over 5% as it secured bids for projects valued at ₹148.26 crore and ₹95.95 crore. 

Additionally, a joint venture with Salasar Techno Engineering won a $7.15 million project. RVNL shares have surged 44% year-to-date and boast impressive multi-bagger returns of 281% in one year and over 783% in three years.

Torrent Power shares surge 6%

Torrent Power’s share price rose over 6% as it secured a 150-MW wind-solar hybrid project valued at Rs 1,825 crore. The project must be completed within 24 months of the Power Purchase Agreement (PPA) and has a 25-year contract period. 

To meet a 50% Capacity Utilization Factor (CUF), the company plans to install 245 MW of wind and solar capacity, exceeding the contracted capacity. Additionally, Torrent Power won a dispute regarding performance bank guarantees worth Rs 99.96 crore.

Crude oil futures rise

Monday’s crude oil futures surged as China’s March manufacturing PMI growth drove market optimism. June Brent oil futures rose to $87.30, up by 0.34%, while May WTI futures reached $83.50, up by 0.40%. 

Also Read: Everything you need to know about Crude oil trading in India

On the MCX, April crude oil futures traded at ₹6952, a 0.62% increase, and May futures at ₹6911, up by 0.49%. The positive momentum follows China’s expanding manufacturing sector, influencing global oil prices.

Conclusion

In today’s stock market update for April 1, 2024, the Nifty 50 and Sensex surged to new record highs, buoyed by broad-based buying across sectors. 

Hindustan Aeronautics and RVNL witnessed significant gains after securing substantial project bids, while Torrent Power saw a surge following a major project win. Crude oil futures climbed amid positive market sentiment driven by China’s manufacturing sector growth. 

Stay tuned on StockGro for more updates and insights.