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What happened in the Indian stock market today (24th Apr 2024)?

Today Stock Market News (24-Apr-2024)

For the fourth consecutive session, the Sensex and Nifty indices closed higher, riding the waves of positivity.  They got a boost from metal and commodity stocks, following a positive sentiment in global markets.

The Nifty maintained stability around 22,400 for the fourth day, fueled by strong performance from mid-and small-cap stocks.

Sensex concluded 114.49 points, or 0.16 % higher at 73,852.94, while Nifty closed up by 34.40 points or 0.15 % at 22,402.40. 

Despite a slight dip in the afternoon, the market sustained its winning streak. Investors eagerly awaited earnings reports from major players like Hindustan Unilever (HUL) and Axis Bank. Gainers significantly outnumbered decliners, showcasing market optimism.

You may also like: Reliance Q4 results: Insights into India’s largest private company

Impact on the stock market

Except for IT, Media, PSU Bank, and Auto sectors, all other sectoral indices ended positively. The Metal index took the lead, surging by 2.69%.

The healthcare index also closed with a significant gain of 1.26%, followed by Consumer Durables with a rise of 0.90%. Oil & Gas and Pharma indices also ended on a high note, up by 0.67% and 0.66%, respectively.

Both the Bank and Financial Services indices witnessed positive movement, closing up by 0.46% and 0.51%, respectively. The FMCG index closed with a modest increase of 0.05% at the end of the trading day.

Information Technology-0.81%
Oil & Gas-0.07%
PSU Banks-0.23%

Top gainers today

CompanyPriceChange (%)
Hindalco 636.10+3.97
Cipla 1,398.20+3.82
JSW Steel 882.70+3.68
Tata Steel 165.55+2.73
Power Grid Corp 290.40+1.77

Top losers today

CompanyPriceChange (%)
TATA Cons. Prod 1,110.15-5.39
Grasim 2,337.75-1.37
Tech Mahindra 1,185.70-1.21
HDFC Life 594.20-1.16
TCS 3,831.05-1.13

Market aftermath: Impact on stocks

ICICI Prudential shares slump over 6% on weak March quarter earnings

Shares of ICICI Prudential Life Insurance Company tumbled over 6 % to Rs 556.75 following a significant decline in the Value of New Business (VNB). The VNB plummeted over 26 % on-year to Rs 776 crore in the March quarter.

VNB, also known as new business profit, is a key metric used to assess the profitability of newly written business contracts. Due to increased expenses, the company’s net profit for the March quarter also dropped by 26 % year-on-year to Rs 173.76 crore.

Also Read: From colonial legacy to global ambition: The Indian insurance sector

United Breweries soars 10% on strong Q4 revenue growth

United Breweries witnessed a remarkable 10% surge in its share price on April 24, fueled by a robust 20% increase in revenue during the January-March quarter. The company experienced volume growth in the low-teens, with its premium portfolio, including brands like Kingfisher Ultra and Heineken Silver, achieving volume growth in the low-20s.

United Breweries’ stock closed at Rs 2,046.20 on the National Stock Exchange, marking a 10% increase from the previous close. Over the past six months, the stock has gained an impressive 26%, and it has risen by 12% since the beginning of the year.

Tata Elxsi share price falls 5% post Q4 results

Tata Elxsi Limited witnessed a sharp decline of over 5% in its share price during morning trades following the release of its Q4 results. In Q4FY24, Tata Elxsi reported a 4.6% sequential decrease in net profit, amounting to ₹197 crore compared to ₹206.4 crore in Q3FY24. Year-on-year, net profit declined by 2.3%.

The Board of Directors recommended a dividend of 700% at ₹70 per equity share of ₹10 each for the financial year 2023-24, subject to shareholder approval.

Operational revenue for the quarter decreased by 1% to ₹906 crore compared to ₹914.2 crore in the previous quarter. However, on a year-on-year basis, revenue increased by 8.1%. Operational EBITDA for the March quarter stood at ₹233.7 crore, down 4.5% from ₹244.7 crore in the December quarter.

Also Read: Tata Elxsi vs Dixon Technologies: Which Semiconductor Stock to invest in?

Crude oil futures edge higher on US inventory decline

Crude oil futures saw an uptick on Wednesday morning following a reported decline in US crude oil inventories for the week ending April 19. June Brent oil futures were at $88.49, up by 0.08%, while June crude oil futures for WTI were at $83.46, up by 0.12%.

On the Multi Commodity Exchange (MCX), May crude oil futures traded at ₹6954, up by 0.38%, and June futures at ₹6911, up by 0.68%.


In today’s market update for April 24, 2024, the Indian stock market showcased a mixed bag of performances. While the Sensex and Nifty 50 continued their upward trajectory, buoyed by positive global cues, several individual stocks experienced significant fluctuations.

Tata Elxsi’s shares fell 5% after the Q4 results, signalling investor concern over declining profits. In contrast, United Breweries soared 10%, fueled by strong revenue growth. Conversely, ICICI Prudential Life Insurance Company saw a 6% drop due to a significant decrease in its Value of New Business, reflecting challenges in the insurance sector.

Stay updated with StockGro for more insights and real-time updates on the evolving market trends!

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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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