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On March 14, 2024, the Indian stock market witnessed broad-based buying, with the Nifty 50 opening at 21,982.55, touching highs of 22,204.60 and lows of 21,917.50 before closing at 22,146.65, marking a 0.68% increase.
Meanwhile, the Sensex opened at 72,570.10, reaching highs of 73,364.30 and lows of 72,497.19, ultimately concluding at 73,097.28, up by 0.46%.
Despite mixed global cues, institutional investors showed confidence in the market’s resilience, strategically accumulating quality stocks post a recent correction.
Impact on the stock market
Major sectoral indices, including Nifty Oil & Gas, Metal, Media, IT, Pharma, Consumer Durables, Realty, and Healthcare, surged, recording gains ranging from 1.09% to 2.51%. The Nifty PSU Bank index also saw an uptick of 0.72%.
Conversely, Nifty Bank, Private Bank, and Nifty Financial Services dipped, with losses of 0.09% to 0.33%.
| Sector/Index | Performance |
| Information Technology | +1.98% |
| Healthcare | +1.04% |
| Oil & Gas | +2.33% |
| Realty | +0.61% |
| PSU Banks | +0.70% |
Top gainers today
| Company | Price | Change (%age) |
| Adani Enterprises | 3,087.45 | +6.24% |
| Adani Ports | 1,267.85 | +4.82% |
| Hero Motocorp | 4,675.30 | +3.62% |
| Hindalco | 525.25 | +3.60% |
| ONGC | 263.25 | +3.09% |
Top losers today
| Company | Price | Change (%age) |
| Axis Bank | 1,058.25 | -2.05% |
| IndusInd Bank | 1,476.75 | -1.72% |
| JSW Steel | 785.45 | -0.95% |
| Bajaj Finance | 6,397.45 | -0.91% |
| Tata Steel | 142.45 | -0.84% |
Market aftermath: Impact on stocks
SpiceJet surges 8% on aircraft lease deals
SpiceJet surged 8% as it finalised lease agreements for 10 aircraft, enhancing capacity for the upcoming summer schedule. The move aims to address heightened passenger demand, with settlements resulting in savings of Rs 685 crore.
Three airframes from recent agreements boost the fleet. Amidst bargain buying, the stock rebounded following a 10% plunge in the previous session due to senior executives’ resignations. The management is assured of the strategic restructuring and expects robust revenue growth.
Paytm slips 3% ahead of payments bank deadline
Paytm’s shares fell over 3% on March 14, nearing the March 15 deadline for its Payments Bank services. Since the RBI’s action on Paytm Payments Bank on January 31, Paytm aims to transition into a third-party app provider (TPAP) by partnering with multiple banks.
At 9:43 am, Paytm’s shares traded at Rs 338.95 on the NSE, marking a 3% decline. The stock has dropped nearly 60% in six months, trading 9% above its 52-week low of Rs 318.
Adani green energy surges 7%
Adani Green Energy shares surged nearly 7% on the NSE on March 14 after its subsidiary inked a 534-MW solar power project deal with SECI. The agreement boosts Adani’s renewable energy portfolio to 21,778 MWac.
In Q3FY24, its consolidated net profit soared 149% YoY to Rs 256 crore, while revenue and EBITDA spiked 40% YoY to Rs 1,765 crore and Rs 1,638 crore, respectively. Adani also operationalised 1,000 MW solar energy capacity in Gujarat.
Crude oil futures surge
Crude oil futures surged Thursday morning, driven by Ukraine’s drone attacks on Russian refineries and a notable decline in US crude oil inventories. At 9:15 am, May Brent oil futures reached $84.23, up by 0.24%, while April WTI crude oil futures stood at $79.89, up by 0.21%.
March crude oil futures on MCX traded at ₹6609, rising by 0.46%, and April futures at ₹6580, up by 0.35% from the previous close of ₹6557.
Conclusion
In today’s stock market update for March 14, 2024, Indian markets showcased robust performance fueled by broad-based buying, with the Nifty 50 and Sensex posting gains.
SpiceJet surged on aircraft lease deals, while Paytm faced a slight decline ahead of a crucial deadline. Adani Green Energy saw significant growth after securing a solar project deal. Crude oil futures surged amid geopolitical tensions.
Stay tuned on StockGro for further updates.
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