Home » Market Spotlight » What happened in the Indian stock market today (17th May 2024)?

What happened in the Indian stock market today (17th May 2024)?

Sensex closed 253 points higher at 73,917, while Nifty 50 rose 62 points to 22,466.

The Sensex wrapped 253 points higher, a rise of 0.34%, closing at 73,917.Nifty 50 ended at 22,466, up 62 points or 0.28%. There was strong buying interest in mid and small-cap segments, with the BSE Midcap index climbing 1.18% and the Smallcap index rising 1.39%. Notably, the Midcap index reached a new record high of 42,873.60.

Impact on the stock market

IT & BPM sector-0.85%
Healthcare sector-0.13%
Oil & Gas sector+0.97%
Real estate sector+1.67%
PSU Bank in India+0.16%

Top gainers today

CompanyPriceChange (%)
M&M share price2,514.60+6.02
JSW Steel share price907.45+2.37
Grasim share price2,423.65+2.15
UltraTechCement share price9,890.35+1.87
BPCL share price628.30+1.54

Top losers today

CompanyPriceChange (%)
TCS share price3,834.10-1.71
Cipla share price1,399.05-1.55
SBI Life Insurance share price1,434.20-1.24
HCL Tech share price1,333.20-1.11
Bajaj Auto share price8,780.70-1.03

Market aftermath: Impact on stocks

Crompton Greaves stock soars 15% to 20-month high on stellar Q4 performance

Crompton Greaves Consumer Electricals shares rose to a 20-month high, hitting ₹390.40 per share, following an outstanding March quarter. This leading Indian consumer company saw its shares jump by 15% in early trading, thanks to a surge in demand for fans, pumps, and appliances.

The company reported its highest-ever standalone quarterly revenue of ₹1,797 crore, a 12% year-on-year increase. The ECD segment sales grew by 14% to ₹1,520 crore, with fans up by 13%, pumps by 9%, and appliances by a whopping 27%. Lighting sales remained flat at ₹280 crore due to ongoing price erosion, despite healthy volume growth in B2C categories like ceiling lights, battens, and accessories.

Crompton Greaves also recorded a solid EBIT margin of 11.5% (12.3% adjusted for EPR) and a consolidated quarterly revenue of ₹1,961 crore. The impressive performance pushed the shares to new heights, reflecting the company’s robust growth and market demand.

Multibagger Titagarh Rail Systems share price rises almost 8% to 52-week high 

Titagarh Rail Systems Ltd saw its shares surge nearly 8%, reaching a 52-week high of ₹1,308.95 on the BSE. Over the past year, share price has increased by more than 170%, delivering multibagger returns to its investors. The boost in railway capital expenditure has bolstered earnings prospects, driving the stock’s rise. In the January-March 2024 quarter, the company reported an 8% year-on-year increase in net profit, reaching ₹83 crore. EBITDA grew by 11.41% to ₹120 crore, while revenues rose by 8% to ₹1,052 crore. For the fiscal year 2024, Titagarh Rail Systems recorded a revenue of ₹3,853 crore, marking a 38.58% improvement, with net profit growing by 7.71% to ₹297 crore.

Over the past five years, the company has achieved a compound annual growth rate (CAGR) of 21.02% in revenue, 28.50% in EBITDA, and 44.51% in profit before tax.Fiscal year with a robust order book worth ₹14,750 crore, with passenger rolling stock accounting for 46% of this total. And its joint venture order book stood at ₹13,326 crore, with orders for Vande Bharat trains with BHEL comprising more than half of this amount.

IOL Chemicals & Pharmaceuticals Q4 Results

IOL Chemicals & Pharmaceuticals unveiled its Q4 results, showing a 14.18% drop in revenue and a substantial 57.36% decrease in profit compared to the same quarter last year.There was a slight improvement with revenue down by 3.16% and profit up by 19.67%. The company experienced a 2.82% increase in selling, and administrative expenses quarter-on-quarter, and an 18.16% rise year-on-year. Operating income showed a sequential increase of 18.14%, but a year-on-year decline of 60.22%. Earnings per share (EPS) for Q4 were ₹4.71, down 57.29% from the previous year. Shareholders faced negative returns with a -3.84% change in the last week, -14.95% over the last six months, and -21.02% year-to-date. IOL Chemicals & Pharmaceuticals has a market cap of ₹2,148.03 crore, with a 52-week high of ₹535.9 and a low of ₹350.55. 

Oil prices fluctuate amid mixed market responses

The Central government has reduced the windfall tax on petroleum crude from ₹8,400 to ₹5,700 ($68.34) per metric ton. This adjustment is part of the government’s biweekly review, aligned with global price fluctuations. This marks the second consecutive cut in the windfall tax, following a reduction from ₹9,600 to ₹8,400 per metric ton on May 1. This move benefits upstream oil exploration and production companies like ONGC and Oil India Ltd, as they will now face a lower tax burden on their crude oil output. The tax reduction comes in response to declining international crude oil prices, with benchmark Brent crude currently trading slightly above $82 per barrel.


The Sensex and Nifty 50 both rose by 2% this week, adding nearly ₹14 lakh crore in investor wealth. Sector performances varied, with the IT & BPM sector down 0.85% and Real Estate up 1.67%. Top gainers included M&M (+6.02%) and JSW Steel (+2.37%), while TCS (-1.71%) and Cipla (-1.55%) were among the top losers.

Crompton Greaves shares jumped 15% to a 20-month high of ₹390.40 after strong Q4 results. Titagarh Rail Systems surged nearly 8% to a 52-week high, reflecting a 170% rise over the past year. IOL Chemicals & Pharmaceuticals saw a 14.18% YoY revenue drop but slight QoQ improvement.

The government cut the windfall tax on petroleum crude from ₹8,400 to ₹5,700 per metric ton, benefiting companies like ONGC amid declining global crude prices.

Stay tuned on StockGro for more updates on market trends.

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