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What happened in the Indian stock market today?

On 10 June 2024, the Indian stock market benchmarks, Sensex and Nifty 50, ended their three-day winning streak due to profit booking amid weak global cues.

Sensex opened at 76,935.41, hit a record high of 77,079.04, but closed 203 points (0.27%) lower at 76,490.08. Nifty 50 opened at 23,319.15, reached an all-time high of 23,411.90 and closed 31 points (0.13%) lower at 23,259.20.

High valuations, delayed rate cuts, and lack of positive triggers capped market gains. Following RBI’s status quo on rates, the focus shifts to the US Fed’s decision, with low rate cut expectations after strong US jobs data.

Impact on the stock market

Nifty IT fell by 1.83% due to profit booking after recent gains, as hopes for a rate cut diminished. 

Conversely, Nifty Media rose by 1.86%, Realty by 1.32%, and Pharma by 1%. Nifty Bank edged down 0.04%, and the Private Bank index declined by 0.09%, while the Nifty PSU Bank index gained 0.71%.

Information Technology-1.83%
Oil & Gas-0.08%
PSU Banks+0.71%

Top gainers today

CompanyPriceChange (%)
UltraTechCement share price10,826.25+3.47%
Grasim share price2,446.80+2.81%
Hero Motocorp share price5,722.20+2.51%
Cipla share price1,534.25+2.47%
Power Grid Corp share price315.80+2.09%

Top losers today

CompanyPriceChange (%)
Tech Mahindra share price1,340.35-2.70%
Infosys share price1,499.75-2.21%
Wipro share price475.25-1.92%
M&M share price2,807.55-1.75%
LTIMindtree share price4,903.45-1.48%

Market aftermath: Impact on stocks

Paytm shares surge 8.5%, crossing ₹400 after three-day rally

Paytm shares surged 8.5% to surpass ₹400 on June 10, marking the third consecutive day of gains. The stock hit a high of ₹414, up 8.6%, before settling at ₹396.2, a 3.9% increase. Paytm’s shares are up 27% from the all-time low of ₹310 last month. 

The surge follows RBI’s March restrictions on Paytm Payments Bank. In Q4 FY24, Paytm’s net loss widened to ₹550.5 crore from ₹167.5 crore, with revenue declining 2.9% to ₹2,267.1 crore.

Raymond shares jump 5%

Raymond shares rose 5% to ₹2,595 on the NSE after its real estate division secured a ₹2,000-crore redevelopment project in Mumbai’s Bandra East. The stock also gained 4.8% to ₹2,589 on the BSE. 

This is Raymond’s fourth project in Mumbai. The company posted an 18% increase in consolidated net profit to ₹229 crore for Q4 FY24, compared to ₹194 crore last year. Consolidated revenue from operations increased 23% to ₹2,699 crore from ₹2,192 crore.

Heritage Foods hits 52-week high 

Heritage Foods surged 10% to a 52-week high of ₹727.35 on June 10 after a large deal worth ₹319.60 crore. Around 44 lakh shares, representing a 4.8% stake, were traded at an average price of ₹725 each, a 10% premium from the previous close. 

The stock has doubled in the past 12 sessions, driven by Chandrababu Naidu’s political comeback, and has gained over 130% year-to-date.


In summary, June 10 marked a pause in the Indian stock market’s recent winning streak, attributed to profit booking amid global uncertainties. 

Despite the slight downturn, notable performances, such as Paytm’s impressive surge, Raymond’s strategic real estate endeavour, and Heritage Foods’ lucrative deal, were observed. 

Stay tuned for more updates on StockGro!

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