On March 27, 2024, the Sensex surged by 526.01 points or 0.73% to reach 72,996.31, while the Nifty 50 climbed 118.95 points or 0.54% to settle at 22,123.65.
Reliance Industries (RIL) and oil marketing firms drove the gains following Goldman Sachs’ announcement of a Street-high target price.
The Nifty Smallcap 100 outperformed, rising 1.15%, but the Nifty Midcap 100 lagged, closing 0.12% lower.
With a short week due to holidays, investors await US GDP data and the RBI policy statement for market direction next week.
Impact on the stock market
In sectoral indices, Nifty Oil & Gas (up 0.54%), Nifty Realty (up 0.85%), Nifty Private Bank (up 0.60%), Nifty Auto (up 0.51%), and Nifty Bank (up 0.40%) closed higher.
Conversely, Nifty PSU Bank (down 0.97%), Nifty Media (down 0.57%), Nifty IT (down 0.64%), and Nifty FMCG (down 0.27%) concluded in the negative territory.
| Sector/Index | Performance |
| Information Technology | -0.64% |
| Healthcare | -0.03% |
| Oil & Gas | +0.54% |
| Realty | +0.85% |
| PSU Banks | -0.97% |
Top gainers today
| Company | Price | Change (%) |
| Reliance | 2,983.65 | +3.49% |
| Maruti Suzuki | 12,550.50 | +2.45% |
| Bajaj Auto | 9,158.00 | +2.20% |
| Titan Company | 3,767.20 | +1.87% |
| Bajaj Finance | 7,025.80 | +1.67% |
Top losers today
| Company | Price | Change (%) |
| Hero Motocorp | 4,562.05 | -2.34% |
| TATA Cons. Prod | 1,094.60 | -1.61% |
| Apollo Hospital | 6,224.00 | -1.56% |
| Wipro | 472.50 | -1.53% |
| Dr. Reddys Labs | 6,051.25 | -1.36% |
Market aftermath: Impact on stocks
Zomato shares surge to record high
Zomato shares hit a record high, surging by 3.48% to Rs 188.95, with a year-to-date increase of nearly 50% and an astounding 270% annually.
Amid heightened volatility, BSE and NSE have placed Zomato securities under the long-term ASM framework, urging caution to investors.
Adani Power gains 4%
Adani Power shares climbed over 4% on March 27 following CCI’s approval for its acquisition of Lanco Amarkantak Power. Adani plans to acquire 100% of Lanco’s share capital amid its insolvency resolution process.
The company’s stock surged by 185% in the past year.
AstraZeneca Pharma surges 4% on cancer drug approval
AstraZeneca Pharma share surged over 4% on March 27 after securing CDSCO’s nod to import the cancer drug Trastuzumab deruxtecan. The drug is approved for unresectable or metastatic HER2-Low breast cancer and HER2-positive gastric adenocarcinoma.
AstraZeneca anticipates launching the drug in India, pending statutory approvals. At 10:27 am, its shares traded at Rs 5,204.70 on the NSE, up 2.6%. Over the past year, the stock soared 57%, surpassing Nifty 50’s 30% rise in the same period.
Crude oil futures slide
Crude oil futures dip as US inventories surge. June Brent oil is down 0.77% at $84.97 and May WTI at $81. US crude stockpiles soar by 9.337 million barrels, the highest since Feb 2023, reversing a two-week decline, per API data.
April MCX futures trade at ₹6759, down 0.85%, while May futures stand at ₹6720, down 0.93%.
Conclusion
In today’s stock market update for March 27, 2024, the Sensex and Nifty 50 showed good gains, led by Reliance Industries and oil marketing firms.
Zomato shares reached a record high, while Adani Power and AstraZeneca Pharma also experienced notable surges. However, crude oil futures slid due to a surge in US inventories.
Stay tuned to StockGro for further insights and updates.
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