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What happened in the Indian stock market today?

Today Stock Market News 11-Mar-2024

On March 11, 2024, the domestic equity market saw a significant downturn, influenced by cautious anticipation of key macroeconomic data and weak global signals. 

The Nifty 50 closed with a loss of 161 points, down 0.72% at 22,332.65, while the Sensex dropped 617 points, or 0.83%, closing at 73,502.64. 

Investors remained cautious ahead of the release of inflation data in the US and India, which could impact monetary policy decisions by the Federal Reserve and the Reserve Bank of India (RBI).

Impact on the stock market

Today, most domestic sectoral indices closed lower, except Nifty Healthcare (up 0.44%) and Pharma (up 0.04%). Nifty Bank, Private Bank, and Nifty PSU Bank indices declined by 1.06% each. Nifty Media recorded the highest loss, dropping by 2.91%. 

Other sectors like Nifty Metal (down 1.44%), Realty (down 1.09%), and Oil & Gas (down 1.06%) also saw notable declines.

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Information Technology-0.30%
Oil & Gas-1.06%
PSU Banks-1.58%

Top gainers today

CompanyPriceChange (%age)
Apollo Hospital6,204.70+2.58%
SBI Life Insurance1,532.10+1.44%
Bajaj Finserv1,598.80+1.01%

Top losers today

CompanyPriceChange (%age)
TATA Cons. Prod1,220.65-3.24%
Bajaj Auto8,659.40-2.47%
Power Grid Corp285.55-2.43%
Tata Steel153.45-2.42%

Market aftermath: Impact on stocks

Tata Chemicals slides 10% amid Tata Sons IPO uncertainty

Tata Chemicals shares plummeted over 10% as Tata Sons’ IPO prospects dimmed. In a month, Tata Chemicals surged 27%, outperforming the Nifty 50’s 4% rise. The RBI categorises Tata Sons as an “upper layer” NBFC, and it faces pressure to list by September 2025. 

Tata Chemicals, owning a 3% stake in Tata Sons, could benefit significantly from the IPO. Spark Capital estimates Tata Sons’ market cap at ₹ 8 lakh crore, potentially valuing Tata Chemicals’ stake at ₹ 19,850 crore.

Also Read: From Startup to Giant: UpGrad’s in-depth growth analysis 

Cipla hits record-high

Cipla’s stock soared 2.5% to ₹ 1,519, marking a new all-time high on March 11. Year-to-date, the pharmaceutical giant’s shares have surged over 20%, outperforming the Nifty 50 index’s 3% rise. 

At noon, shares traded at ₹ 1,502 on the NSE, up 1.3% from the previous close. Cipla’s strategic focus on a diversified portfolio yielded results, aiming for a $1 billion revenue run-rate, with upcoming launches and successful FDA inspection in China.

NLC India surges 12%

NLC India surged nearly 12% on March 11 as its offer-for-sale (OFS) opened, hitting ₹ 244.05 on the NSE. The stock traded at ₹ 235.15, up 7.5% from the previous close. 

The OFS floor price was set at ₹ 212 per share. Additionally, NLC signed an MoU with the Rajasthan government for a ₹ 7,000 crore joint venture, involving a 125 MW Lignite Pit-head Thermal Power Plant and a 1000 MW Solar Power Plant, aligning with its plan to achieve 17 GW power capacity by 2030.

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Crude oil futures drop

Crude oil futures declined Monday morning due to a drop in Chinese imports. May Brent oil futures fell 0.60% to $81.59, while April WTI futures dropped 0.65% to $77.50. March MCX crude oil futures traded at ₹6416, down 0.67%, and April futures at ₹6395, down 0.70% from previous closes.


In today’s stock market update for March 11, 2024, caution prevailed as the domestic equity market experienced a downturn amid anticipation of key macroeconomic data and global uncertainties. 

Tata Chemicals slid amidst Tata Sons’ IPO speculation, while Cipla hit a record high. NLC India surged, propelled by strategic investments. Crude oil futures dropped on reduced Chinese imports. 

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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