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What happened in the Indian stock market today?

On March 7, 2024, the Nifty 50 and Sensex closed flat despite touching intraday record highs of 22,525.65 and 74,245.17, respectively.

Today Stock Market News 07-Mar-2024

Nifty 50 ended 20 points higher at 22,493.55, while the Sensex settled at 74,119.39, up 33 points. Both indices marked fresh closing highs. 

Despite volatile trading, mid and small-cap segments posted healthy gains. The US Federal Reserve hinted at a potential interest rate cut later in the year, with Fed Chair Jerome Powell cautioning that sustained progress towards the 2%  inflation target was uncertain in his remarks to US lawmakers on March 6.

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Impact on the stock market

Most sectoral indices saw gains, led by Nifty Media, which surged 2.54%. Nifty Metal and Nifty FMCG also recorded notable increases at 1.38% and 0.98%, respectively.

Conversely, Nifty Oil & Gas (-1.20%), Nifty Bank (-0.27%), Private Bank (-0.38%), Auto (-0.26%), and Realty (-0.15%) ended in the red.

Information Technology+0.27%
Oil & Gas-1.20%
PSU Banks+0.22%

Top gainers today

CompanyPriceChange (%age)
Tata Steel157.10+3.63%
Bajaj Auto8,890.10+3.30%
TATA Cons. Prod1,259.40+3.23%
JSW Steel831.35+2.27%
Tata Motors1,038.25+2.02%

Top losers today

CompanyPriceChange (%age)
Axis Bank1,110.60-1.28%
ICICI Bank1,088.35-0.80%

Market aftermath: Impact on stocks

Tata Chemicals surges 14% to 52-week high

Tata Chemicals shares surged 14% to a 52-week high of ₹ 1,349 on March 7, marking a sixth consecutive session of gains. Fitch Ratings affirmed its Long Term Foreign Currency Issuer Default Rating (IDR) at BB+, with a revised outlook to “stable” from “positive”. 

Tata Chemicals’ stock rallied 33% in the past five sessions, and 25% over the past year, reaching ₹ 1,269 on NSE by 9:49 am. Analysts caution against initiating fresh long positions amidst resistance at ₹ 1,200-1,205.

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SpiceJet resolves ₹ 413 crore dispute, shares surge 4%

SpiceJet shares soared 4% as it settled a ₹ 413 crore dispute with Echelon Ireland Madison One, saving $48 million or ₹ 398 crore. This marks the third significant resolution following recent fundraising, totaling ₹ 685 crore in savings.

The settlement includes acquiring two airframes and enhancing operational capabilities. SpiceJet shares traded at ₹ 64.55 at 11:10 am, up 4.25% on the BSE. Over six months, the airline’s shares surged around 60%, outpacing the Nifty 50’s 14% gain.

Bajaj Auto surges 4%

Bajaj Auto surged 4% on March 7, marking a sixth consecutive session of gains, driven by the government’s extension of the FAME-II scheme until July 31 and robust February sales data. 

The stock traded at ₹ 8,920, up 3.6% from the previous close, with a 13% gain over six sessions, pushing its market capitalization above ₹ 2.5 lakh crore. The company initiated a ₹ 4,000-crore share buyback on March 6, aiming to repurchase 40 lakh equity shares by March 13.

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Crude oil prices rise

Oil prices inched up as U.S. crude inventories rose less than anticipated, with Brent crude futures climbing 15 cents to $83.11 a barrel and U.S. West Texas Intermediate crude futures increased 18 cents to $79.31 a barrel.

Crude inventories rose by 1.4 million barrels, below the 2.1 million-barrel forecast, while gasoline and distillate stocks fell more than expected, according to EIA data.


In today’s stock market update for March 7, 2024, despite touching intraday record highs, the Nifty 50 and Sensex closed flat, signalling a day of mixed trading. 

Tata Chemicals surged to a 52-week high, while SpiceJet resolved a significant dispute, boosting investor confidence. Bajaj Auto also saw gains amid the government’s extension of the FAME-II scheme. Crude oil prices rose slightly.

Stay tuned to StockGro for further updates.

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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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