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What happened in the Indian stock market today?

Stock Market News (01-Mar-2024)

On 1 March 2024, Indian benchmark indices, the Sensex and Nifty 50, extended their gains for the third consecutive session. 

Following positive global cues, strong GDP growth, and a surge in banking, metals, and oil marketing firms’ stocks, investors felt optimistic.

The Nifty 50 surpassed 22,300 for the first time intraday, while the Sensex soared to a record high, breaching the 73,700 mark. 

Closing with significant gains, the Sensex rose by 1,245.05 points or 1.72% to 73,745.35, and the Nifty 50 climbed 355.95 points or 1.62% to 22,338.75. 

Investors await the release of the US Personal Consumption Expenditures (PCE) price index, a crucial inflation gauge impacting central bank policy decisions.

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Impact on the stock market

Healthcare and Media indices closed down 1.38% and 1.47%, respectively. Pharma dipped 0.95%, while IT fell 0.54%. 

Conversely, Metal surged 3.62%, Bank rose 2.53%, and Oil & Gas gained 2.25%. Auto and Financial Services both saw a 2.25% increase, while Consumer Durables, Realty, and FMCG sectors ended positively.

Information Technology-0.54%
Oil & Gas+2.25%
PSU Banks+2.18%

Top gainers today

CompanyPriceChange (%age)
Tata Steel150.25+6.67%
Tata Steel836.20+4.51%
Titan Company3,770.25+4.02%
ICICI Bank1,087.35+3.34%

Top losers today

CompanyPriceChange (%age)
Dr. Reddys Labs6,193.55-3.59%
HCL Tech1,644.10-1.19%
Sun Pharma1,559.25-1.19%

Market aftermath: Impact on stocks

Suven pharma surges 12%

Suven Pharmaceuticals surged 12% on March 1 following the announcement of its merger with Cohance Lifesciences. The merger, expected to conclude in 12-15 months, subject to approvals, will establish Suven as a leading integrated CDMO ( Contract Development and Manufacturing Organization) player in India. 

Shareholders of Cohance will receive Suven shares at a ratio of 11:295. Post-merger, Advent International will own 66.7%, while public shareholders will hold 33.3% of the combined entity. Suven Pharma’s stock traded at Rs 694.55, up nearly 10%, with a 45% increase over the past year.

Also Read: Disney-Reliance merger: A game-changer for India’s media industry

CG Power jumps 12%

CG Power shares surges 12% on Semiconductor JV Announcement; Plans Rs 7,600 Crore Investment over 5 Years. The joint venture with Renesas Microelectronics and Stars Microelectronics aims to establish a semiconductor facility in Sanand, Gujarat, with a capacity of 15 million daily units. 

CG will own 92.3% of the venture, investing in advanced technology and expertise. The stock has gained 3% since the beginning of the year.

ICICI Bank hits 52-week high 

ICICI Bank surged 3% to a 52-week high of Rs 1,085.3 after acquiring 25.14 lakh shares in ICICI Lombard for Rs 431 crore, marking its second such transaction within a week. 

With an 8% surge this year, ICICI Bank has outperformed the Bank Nifty’s 2% decline. ICICI Lombard saw a 17% rise this year, hitting a 52-week high of Rs 1,739 on February 28, 2024.

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Crude oil futures rose

Crude oil futures rose Friday morning amid stalled ceasefire talks between Israel and Hamas, with May Brent oil futures up 0.37% at $82.21 and April WTI crude oil futures up 0.31% at $78.50. 

March crude oil futures on MCX traded at ₹6,507, down 0.09%, while April futures stood at ₹6,480, down 0.03% from the previous close.


In conclusion, the Indian stock market rallied impressively on March 1, 2024, with both the Sensex and Nifty 50 reaching new heights fueled by positive global indicators and strong domestic factors.

Notable surges in Suven Pharmaceuticals, CG Power, and ICICI Bank underscored investor optimism, setting a promising tone for future trading sessions.

Stay tuned to StockGro for further updates on market trends and developments.

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Hunny Meghani

A curious mind, a love for writing, and a passion for all things finance - that's me in a nutshell. Whether I'm exploring the latest stock market trends or diving into the nitty-gritty of personal finance, marketing, and AI. I'm always on the hunt for the next big story.

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