Home » Market Spotlight » What happened in the Indian stock market today (21st May 2024)?

What happened in the Indian stock market today (21st May 2024)?

Sensex dipped 53 points (0.07%) to 73,953.31, while the Nifty 50 rose 27 points (0.12%) to close at 22,529.05.

The Sensex ended the day down by 53 points, or 0.07%, settling at 73,953.31. Meanwhile, the Nifty 50 managed to gain 27 points, or 0.12%, closing at 22,529.05.

Impact on the stock market

IT & BPM sector-0.18%
Healthcare sector+0.43%
Oil & Gas sector+0.59%
Real estate sector-0.01%
PSU Bank in India+1.51%

Top gainers today

CompanyPriceChange (%)
Hindalco share price693.80+5.07
Coal India share price490.85+4.50
Tata Steel share price174.70+4.05
JSW Steel share price926.00+3.95
Adani Ports share price1,386.00+3.42

Top losers today

CompanyPriceChange (%)
Nestle share price2,460.80-1.74
Hero Motocorp share price5,053.85-1.10
Maruti Suzuki share price12,473.30-1.01
ICICI Bank share price1,120.95-0.87
TCS share price3,820.20-0.81

Market aftermath: Impact on stocks

Bharat Electronics share price climbs over 9% to new record high on stellar Q4 earnings

Bharat Electronics (BEL) shares took a leap of 9.35%, hitting ₹283 after posting stellar Q4 and FY24 results. The company celebrated a net profit surge of 30% to ₹1,797 crore and revenue growth of 32.18% to ₹8,564 crore for the quarter. BEL shares soared 9.35%, reaching a new peak of ₹283 per share, after the company unveiled its impressive Q4 and FY24 financials. The Navratna Defense PSU’s consolidated net profit shot up by 30% to ₹1,797 crore, compared to ₹1,382 crore in the same period last year. Quarterly revenue from operations surged by 32.18% year-on-year to ₹8,564 crore.

For FY24, BEL reported consolidated revenue of ₹20,268 crore, up from ₹17,734 crore—a 14.28% increase. Net profit for FY24 climbed by 33.45% to ₹3,985 crore, compared to ₹2,986 crore in FY23.

GAIL India share price extends rally for third session as brokerages raise target after Q4 results 

GAIL India with its share price climbing over 15% in the past three months and boasting a year-to-date gain of more than 28%. Over the past year, GAIL shares have risen by over 98%, and they’ve surged an impressive 114% over the last three years. Gail’s stock extended its winning streak for the third consecutive session on Tuesday after announcing its Q4 results. Over these three sessions, GAIL shares have jumped over 8%. India’s leading natural gas company, GAIL India, reported a staggering 260% increase in net profit, reaching ₹2,177 crore for the quarter ending March 2024, compared to ₹603.5 crore in the same period last year. However, quarter-on-quarter, GAIL’s Q4 net profit dipped 23% from ₹2,842.62 crore.The company’s total income for Q4FY24 saw a slight dip of 2.6%, coming in at ₹32,317 crore compared to ₹33,875.39 crore in the year-ago period, and a 5.6% decline from ₹34,237 crore on a quarter-on-quarter basis.

IRFC share price rises 3.5% post Q4 results, dividend announcement

IRFC shares climbed 3.5%, adding an impressive 419% annual gain, delivering multibagger returns. The stock has been a hot topic post-Q4 results, which showed a 33.6% year-on-year profit increase, hitting ₹1,717 crore compared to last year’s ₹1,285 crore. Indian Railway Finance Corporation Ltd (IRFC) shares surged 3.5% in early Tuesday trading after the company reported its Q4 and FY24 financials. With a 419% rise over the past year, IRFC has proven to be a multibagger stock. The company’s net profit for Q4 saw a 33.6% year-on-year increase to ₹1,717 crore from ₹1,285 crore. Revenue from operations for the March quarter grew by 4.5% to ₹6,473 crore from ₹6,193 crore the previous year. For FY24, IRFC’s net profit was ₹6,412 crore, up from ₹6,167 crore in FY23. Additionally, IRFC declared a final dividend of ₹0.70 per equity share of ₹10 for the fiscal year 2023–2024. This comes on top of the ₹0.80 interim dividend per share announced on November 2, 2023, bringing the total dividend for FY24 to ₹1.50 per share on a face value of ₹10.

Oil prices fluctuate amid mixed market responses

Oil prices dipped in early Asian trading, as investors braced for prolonged high U.S. inflation and interest rates, which could dampen consumer and industrial demand. Brent crude futures slipped 12 cents, or 0.1%, to $83.34 a barrel by 0041 GMT, while U.S. West Texas Intermediate crude dropped 8 cents, or 0.1%, to $79.72 a barrel.Both benchmarks saw less than a 1% decline on Monday after U.S. Federal Reserve officials indicated they were waiting for more signs of easing inflation before considering interest rate cuts.


Sensex and Nifty 50, with the former slipping 53 points and inching up 27 points, Bharat Electronics (BEL) soared to new heights with a 9.35% leap with impressive Q4 and FY24 results showcasing a 30% rise in net profit and a 32.18% boost in revenue. GAIL India extended its rally for the third straight session, fueled by a whopping 260% jump in net profit for Q4, though quarterly comparisons showed a slight dip. IRFC continued to shine as a multibagger, climbing 3.5% post-Q4 results and dividend announcement, reflecting a 419% annual gain. Meanwhile, oil prices wobbled slightly as market watchers braced for ongoing high U.S. inflation and interest rates.
Stay tuned on StockGro for more updates on market trends.

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