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What happened in the Indian stock market today?

Today stock Market News 20-Mar-2024

On March 20, 2024, Indian indices, the Sensex and Nifty 50, closed with slight gains amid volatility before the US FOMC’s(Federal Open Market Committee) interest rate decision. 

Sensex ended at 72,101.69, up 90 points (0.12%), while Nifty 50 settled with a 22-point gain (0.10%) at 21,839.10. 

The US Federal Reserve is expected to maintain rates, and investors are awaiting insights from Fed Chair Jerome Powell’s post-decision press conference. Market focus remains on the central bank’s stance on inflation and future interest rate projections.

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Impact on the stock market

Today, most sectoral indices closed in the red, with Nifty Metal leading the losses, down 0.79%. Nifty Bank and the Private Bank index slipped 0.16% and 0.29%, respectively, while Nifty PSU Bank saw a modest gain of 0.05%. 

Conversely, Nifty Oil & Gas emerged as the top gainer, rising 1.29%, followed by Nifty Realty, up 0.62%.

Information TechnologyPerformance
Information Technology-0.18%
Oil & Gas+1.29%
PSU Banks+0.05%

Top gainers today

CompanyPriceChange (%)
Eicher Motors3,873.60+4.22%
Maruti Suzuki11,941.15+2.97%
Power Grid Corp264.65+2.18%

Top losers today

CompanyPriceChange (%)
Tata Steel145.65-2.08%
TATA Cons. Prod1,124.05-1.94%
Tata Motors940.45-1.81%
Axis Bank1,034.75-1.53%

Market aftermath: Impact on stocks

Aurobindo Pharma shares surge 2%

Aurobindo Pharma’s stock surged nearly 2% after securing USFDA approval for a nasal spray, trading at ₹ 1,003.90 on March 20. The approved spray, equivalent to Nasonex Nasal Spray, targets allergic rhinitis treatment. 

Expected to launch in FY25, the spray’s approval follows a successful Phase 1 trial for another product. Despite past regulatory concerns, the stock reached a 52-week high of ₹ 1,177 on Jan 30, 2024, and a low of ₹ 466 on Mar 21, 2023, now trading 14.71% below its peak and 115.43% above its low.

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Bharti Hexacom plans ₹ 4,300-cr IPO in April

Bharti Hexacom, a subsidiary of Bharti Airtel, plans an IPO in April with an estimated valuation exceeding ₹ 28,000 crore. Telecommunications Consultants India will sell 10 crore shares, aiming for an IPO size of around ₹ 4,300 crore. 

Despite a 67.2% decline in FY23 net profit to ₹ 549.2 crore, FY22’s exceptional gains supported revenue growth of 21.7% to ₹ 6,579 crore. Book-running lead managers include SBI Capital Markets, Axis Capital, and others.

Eicher Motors surges 4% 

Eicher Motors saw a 4% spike after UBS raised its rating to ‘buy’, projecting a 35% upside with a new price target of ₹ 5,000. Despite competitors’ attempts to challenge Eicher’s dominance, its market share in the premium motorcycle segment rose from 42% to 45% between Q2FY23 and Q3FY24. 

Anticipated growth includes a 25% export demand increase in FY25-26, contrasting with a 23% decline in FY24, driven by new launches and recovery in demand.

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Bharat Petroleum Inks deal 

According to sources, Bharat Petroleum Corp (BPCL) has signed a significant agreement with British Petroleum Company to procure 1 million barrels per month of U.S. West Texas Intermediate crude for four months. 

Starting in June, this deal supplements BPCL’s purchase of 2 million barrels of WTI crude for loading in April via a spot tender. With a combined refining capacity of 706,000 bpd (barrels per day) across three refineries, BPCL aims to meet its low-sulfur crude requirement efficiently.


In today’s stock market update for March 20, 2024, Indian indices closed with slight gains amidst anticipation of the US Federal Reserve’s interest rate decision. 

Aurobindo Pharma surged on USFDA approval, while Eicher Motors saw a spike after a rating upgrade. Bharti Hexacom announced plans for a substantial IPO, and Bharat Petroleum inked a significant oil purchase deal with BP, reflecting diverse market movements. 

Stay tuned to StockGro for more insights and updates.

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