What happened in the Indian stock market today (29th Apr 2024)?

On 29th Apr 2024, the market made a strong recovery, erasing previous losses, with Nifty closing above 22,600.

At close, the Sensex surged by 941.12 points (1.28%) to 74,671.28, and the Nifty rose by 223.45 points (1%) to 22,643.40.

Positive global cues fueled the market’s positive start, further bolstered by gains in financial sectors, leading to a close near the day’s high.

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Impact on the stock market

Except for realty, all sectoral indices ended in the green, with healthcare, metal, power, bank, and oil & gas rising by 0.4-2 %.

Nine out of the major 13 sectoral indices gained. Nifty Bank witnessed its biggest one-day gain since December 4, 2023, rising by 2.5 % to a record high of 49,473.60, driven by strong results from ICICI Bank and SBI Life.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

Techno Electric & Engineering stock surges 10% on rs 4,000-crore order

Techno Electric & Engineering Company’s stock jumped 10% to Rs 1,067 on April 29 following the announcement of receiving orders worth Rs 4,000 crore.

The company secured orders from various entities, including Power Grid Corporation of India, Adani Transmission, Millenium Challenge Account (MCA) Nepal, IndiGrid Trust, Damodar Valley Corporation, and REC Power Distribution Company. These orders encompass engineering, procurement, and construction (EPC) projects.

Over the past year, the company’s shares have recorded a substantial 175% increase in value.

Also Read: Why did GPT Infraprojects share price explode again, up 366% this year?

Yes Bank shares surge 8% on strong Q4 results

Yes Bank’s share price opened at ₹27.50 apiece on the NSE and quickly rose to an intraday high of ₹28.55 per share, marking an impressive 8% increase today.

The bank reported a net profit of ₹451 crore for the January-March quarter of FY 2023-24, reflecting a substantial 123% growth compared to ₹202 crore in the same period last year. Additionally, Yes Bank’s gross NPA (Non-Performing Assets) decreased to 1.7% from 2.2% year-on-year, while the net NPA improved to 0.6% from 0.80% over the same period.

IRCON International shares surge 6.4% on ₹1,198 crore order win

IRCON International, a  Navratna public sector construction company under the Ministry of Railways, saw its shares rise by 6.4% in early morning trading, reaching ₹266.90 per share.

The surge came after IRCON secured a significant Engineering, Procurement, and Construction (EPC) contract worth ₹1,198 crore. This contract, awarded through a joint venture with Dineshchandra R Agrawal Infracon, involves the construction of the Kothavalasa-Koraput Doubling Project for a section of the Waltair Division, East Coast Railway. 

Also Read: On the right track: Investing in India’s railway revolution

Oil prices steady 

Oil prices remained largely stable on Monday amid peace talks between Israel and Hamas in Cairo, easing concerns of a broader conflict in the Middle East. Additionally, U.S. inflation data suggested that interest rate cuts may not occur soon, influencing market sentiment.

Brent crude futures for June, expiring on Tuesday, dipped by 51 cents to $88.99 a barrel, while the more active July contract fell 27 cents to $87.94 a barrel. U.S. West Texas Intermediate (WTI) futures also declined by 22 cents to $83.63 a barrel.

Conclusion

The Indian stock market showed resilience and a strong recovery, as both the Sensex and Nifty 50 closed higher. Positive global cues and gains in the financial sectors contributed to this positive momentum. 

Notable performances include Techno Electric & Engineering Company’s surge following a substantial order win, and Yes Bank’s shares rose on the back of strong Q4 results. Additionally, IRCON International, a Navratna public sector construction company surged on securing a significant EPC contract. Amidst these market dynamics, oil prices remained stable, 

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