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What happened in the Indian stock market today?

Today Stock Market News (21-Mar-2024)

On March 21, 2024, Indian benchmark indices surged, mirroring global counterparts, following the Federal Reserve’s reaffirmation of three rate cuts this year. 

The Sensex opened higher at 72,507.36, reaching a peak of 72,882.46 before slightly retracing gains. It closed with a rise of 539.50 points or 0.75% at 72,641.19. 

Similarly, the Nifty 50, starting at 21,989.90, peaked at 22,080.95, eventually closing at 22,011.95, up by 172.85 points or 0.79%. 

The Federal Reserve’s commitment to interest-rate cuts buoyed optimism, influencing positive trends in Asian equities, which subsequently extended to Europe.

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Impact on the stock market

On Thursday, buying activity was widespread across sectoral indices. Notable gains were seen in Nifty Realty, which soared by 3%, followed by Nifty Metal, up by 2.44%, and PSU Bank, up by 2.14%. The Nifty Bank index closed 0.81% higher at the end of the trading session.

Information Technology+0.78%
Oil & Gas+1.32%
PSU Banks+2.14%

Top gainers today

CompanyPriceChange (%)
Power Grid Corp273.75+3.44%
Tata Steel150.10+3.06%
Coal India432.05+2.99%

Top losers today

CompanyPriceChange (%)
Bharti Airtel1,220.80-0.89%
HDFC Life622.25-0.66%
Maruti Suzuki11,908.15-0.28%
ICICI Bank1,081.80-0.25%

Market aftermath: Impact on stocks

IRB Infra surges 10%

IRB Infrastructure Developers Ltd stock surged 10% after Kotak Institutional Equities upgraded the stock, raising the fair value. The stock rallied over 130% in the past year, outperforming the Nifty 50’s 28% rise. 

Kotak noted the company’s advantage in toll-operate-transfer and build-operate-transfer projects amid NHAI’s debt management focus. With a BOT pipeline worth ₹ 44,400 crore for FY24, IRB is poised for growth. Kotak revised estimates by 1-7% for FY24-26, upgrading the stock to ‘add’ with a fair value of ₹ 65.

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Jupiter Wagons surges 4%

Jupiter Wagons surged 4% following its ₹ 271 crore acquisition of Bonatrans India Private Limited (BIPL), now its subsidiary. BIPL, based in Maharashtra, produces rolling stock wheelsets with an annual capacity of 20,000 Wheels and 10,000 Axles. 

This move aims to enhance Jupiter’s self-sufficiency and operational efficiency, reducing reliance on imported wheels. 

Additionally, the company recently secured a ₹ 957 crore contract from the Ministry of Railways for the manufacturing and supply of BOSM wagons.

Muthoot Finance and Manappuram finance surge as gold hits new high

Muthoot Finance shares and Manappuram Finance shares surged nearly 5% and over 3%, respectively, on March 21 as gold prices hit a new high of ₹ 66,778 on MCX. International spot gold also rose. 

The uptick benefits gold loan companies like these as the value of their collateral increases. This boosts investor confidence in asset quality and lending business. 

Additionally, higher gold prices allow them to maintain or increase profit margins, facilitating loan growth and expanding their loan book.

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Crude oil price rise

Crude oil prices rose on Thursday morning following a decrease in US crude oil inventories for the week ending March 15, as per official data. May Brent oil futures climbed to $86.47, up by 0.61%, while May WTI crude oil futures reached $81.71, up by 0.54%. 

On the Multi Commodity Exchange (MCX), April crude oil futures traded at ₹6787, a 0.58% increase, while May futures stood at ₹6757, up by 0.34% from the previous close.


In today’s stock market update for March 21, 2024, Indian benchmark indices surged after the Federal Reserve reaffirmed its commitment to interest-rate cuts. 

IRB Infra and Jupiter Wagons saw significant gains on strategic moves, while Muthoot Finance and Manappuram Finance benefited from rising gold prices. Crude oil prices also rose, reflecting market dynamics. 

Stay tuned to StockGro for further updates and insights.

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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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