What happened in the Indian stock market today (25th Apr 2024)?

On April 25, 2024, the Indian stock market witnessed its fifth consecutive session of gains, with the Sensex surging nearly 500 points to surpass the 74,000 mark, while the Nifty closed above 22,550. 

The Sensex climbed 486.50 points to settle at 74,339.44, and the Nifty rose by 167.95 points to 22,570.35. 

Despite weak global cues, the market held steady thanks to heavy buying in banking, financial, and metal stocks. Concerns over elevated interest rates and geopolitical tensions weighed on major Asian and European markets, with investors awaiting the release of US GDP data.

You may also like: BSE SME IPO index recovers to new highs in April

Impact on the stock market

In sectoral indices, Nifty PSU Bank soared by 3.77%, while Nifty Pharma, Healthcare, Metal, and Auto indices each saw gains of over 1%. Nifty Bank closed 0.63% higher. 

Conversely, Nifty Consumer Durables dipped by 0.43% and Realty by 0.25%, ending in the red.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

Axis Bank soars 5% after strong Q4 performance

Axis Bank shares surged over 5% post-Q4 earnings, reaching ₹1,119.5 apiece on the NSE. The bank reported a notable turnaround, with Q4FY24 net profit of ₹7,129 crore compared to a ₹5,728 crore loss in the previous year.

Net interest income stood at ₹29,224.5 crore, up by 22% from the year-ago period. Plans to raise funds include issuing debt instruments worth up to ₹35,000 crore and raising an additional ₹20,000 crore through equity shares or related instruments.

Also Read: 5% increase in Inox Wind share price, free shares next?

Kotak Mahindra Bank plunges 13% as RBI curbs online onboarding

Kotak Mahindra Bank shares plummeted by over 13% to ₹1,602 after RBI’s restriction on online customer onboarding and new credit card issuance. The stock opened 9% lower from the previous day’s close. 

RBI’s action was based on IT framework deficiencies, affecting areas like inventory management and data security. The bank emphasized that physical onboarding and regular operations remain unaffected. At 10:15 AM, shares traded at ₹1,658.75, marking a 9.99% decline on the NSE.

RVNL surges 3% on bagging ₹239 crore project from southern railway

RVNL shares rose 3% after securing a ₹239.09 crore project from Southern Railway. The order, to be completed in 900 days, boosted the state-owned company’s stock. RVNL opened at ₹288 apiece on the NSE and peaked at ₹292.85, marking a 3.02% increase. 

Additionally, RVNL’s joint venture won a ₹439 crore project for Thiruvananthapuram Central Railway Station redevelopment. RVNL closed at ₹286.3, with a day high of ₹292.8 per share on the NSE.

Also Read: High stakes in the virtual arena: Delta Corp vs Nazara showdown

Crude oil futures rise marginally as us inventories dip

Crude oil futures increased slightly on Thursday morning following a drop in US oil inventories. At 9:16 am, June Brent oil futures stood at $88.07, up 0.06%, while June WTI crude oil futures were at $82.84, a 0.04% increase.

On the MCX, May crude oil futures traded at ₹6911, up 0.32%, and June futures at ₹6876, up 0.17%, against previous closes of ₹6889 and ₹6864, respectively.

Conclusion

In today’s stock market update for April 25, 2024, the Indian market continued its winning streak despite weak global cues. The Sensex surged nearly 500 points, crossing the 74,000 mark, while the Nifty closed above 22,550. 

Axis Bank soared 5% post-Q4 earnings, while Kotak Mahindra Bank faced a 13% decline due to RBI’s restrictions. RVNL’s stock rose 3% after securing a significant project. Crude oil futures saw a marginal rise following a dip in US inventories. 

Stay tuned to StockGro for more market insights!