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What happened in the Indian stock market today (28-Mar-2024)?

On March 28, 2024, the Nifty 50 and the Sensex closed with significant gains, marking the end of the financial year 2024 on a positive note.

On March 28, 2024, the Nifty 50 and the Sensex closed with significant gains, marking the end of the financial year 2024 on a positive note. 

The Nifty 50 opened at 22,163.60, closing at 22,326.90, up by 203 points or 0.92%. The Sensex opened at 73,149.34, touching an intraday high of 74,190.31, and closing at 73,651.35, up by 655 points or 0.90%. 

Notably, the Nifty 50 surged by 29%, and the Sensex rose 25% during FY24, highlighting robust performance in the Indian stock market.

Impact on the stock market

On Thursday, the Nifty PSU Bank surged 2.62%, leading sectoral gains. It was followed by Nifty Healthcare (up 1.39%), Auto (up 1.29%), Metal (up 1.25%), and Pharma (up 1.21%). The Nifty Bank index ended with a 0.72% increase.

Conversely, Nifty Media was the only sectoral index to decline, down 0.70%.

Information Technology+0.44%
Oil & Gas+0.66%
PSU Banks+2.62%

Top gainers today

CompanyPriceChange (%)
Bajaj Finserv1,643.85+3.87%
Hero Motocorp4,722.30+3.27%
Bajaj Finance7,245.25+3.17%
Eicher Motors4,019.30+2.70%

Top losers today

CompanyPriceChange (%)
Shriram Finance2,359.80-1.11%
Axis Bank1,047.20-0.54%
Tech Mahindra1,248.10-0.45%

Market aftermath: Impact on stocks

Bajaj Finance surges 4.5% amid IPO buzz

Bajaj Finance surged 4.5% as its housing finance arm eyes a $9-10 billion IPO valuation. Parent company Bajaj Finance led Nifty 50 gains, adding 17.52 points to the index. 

At 11.23 am, Bajaj Finance traded at ₹ 7,299.30. The IPO plans aim to raise $900 million to $1 billion. The move aligns with RBI’s requirement for NBFCs to list within three years, with Bajaj Housing Finance’s deadline set for September 2025.

VIP Industries surges 15%

VIP Industries Targets Double-Digit Revenue Growth by Q4FY24. The company aims for EBDITA growth of 15% from H2FY25 onwards. It plans to boost market share in the luggage sector by H1FY25, introduce premium products, and optimise inventory. 

Shares rose 15% on March 28, trading at ₹ 526.85 on the NSE. Analysts anticipate an improved EBITDA margin of 15% by H2FY25. VIP also revamped senior management, enhancing brand focus.

GOCL Corp hits 20% circuit on ₹ 3,402 crore land deal

GOCL Corp Surges 20% on ₹ 3,402 Crore Land Deal with Squarespace Builders. The Hinduja Group-led firm will monetise 264.50 acres of land in Hyderabad, including 32 acres under the joint development agreement. 

The immediate sale of 12.50 acres yields ₹ 520 crore; the balance will be received in tranches over 18 months. Shares hit the upper circuit at ₹ 454.6 on the NSE. Despite a recent fall of 3.4%, GOCL’s defence sector products remain prominent.

Crude oil futures climb

Crude oil futures saw gains Thursday morning as US inventory data revealed a smaller-than-expected rise. June Brent oil futures were at $85.82, up 0.48%, and May WTI futures at $81.83, up 0.59%. 

On MCX, April crude oil futures traded at ₹6822, rising 0.68%, while May futures stood at ₹6792, up 0.68%. The figures countered projections by the American Petroleum Institute (API).


In today’s stock market update for March 28, 2024, the Nifty 50 and the Sensex closed on a high note, marking significant gains and concluding the financial year 2024 positively. 

Bajaj Finance surged amid IPO buzz, while VIP Industries and GOCL Corp witnessed substantial boosts in their stock prices. Additionally, crude oil futures climbed, countering earlier projections. 

Stay tuned to StockGro for more 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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