Home » Market Spotlight » What happened in the Indian stock market today (22nd May 2024)?

What happened in the Indian stock market today (22nd May 2024)?

Nifty 50 rose by 69 points, or 0.31%, to reach 22,597.80, while the Sensex increased by 268 points, or 0.36%, closing at 74,221.06.

Nifty 50 climbed 69 points, or 0.31%, to 22,597.80. Meanwhile, the Sensex went up 268 points, or 0.36%, closing at 74,221.06.The Indian stock market was green for the fifth day. Reliance Industries, Infosys, Hindustan Unilever (HUL), ITC, and HDFC Bank, all of which were high in the market.

Impact on the stock market

Top gainers today

CompanyPriceChange (%)
Cipla share price1,482.30+2.77
HUL share price2,366.90+2.43
TATA Cons. Prod share price1,120.35+2.41
Coal India share price501.70+2.25
Britannia share price5,267.40+1.72

Top losers today

Market aftermath: Impact on stocks

Sun Pharma Q4 results

Sun Pharma is gearing up to with its Q4FY24 financial performance, boasting an impressive year-on-year (Y-o-Y) surge in revenues by 8-14%, raking in between Rs 11,858 crore and Rs 12,472 crore. This is a significant leap from the Rs 10,930 crore it reported in Q4FY23. With a TTM P/E ratio of 33.94, slightly above the sector P/E of 31.64.Sun Pharma has a net profit of Rs 2,523.75 crore. Ownership-wise, the company enjoys a robust promoter holding of 54.48% and a public holding of 45.52%. Mutual funds have shown growing confidence, increasing their stake to 5.06% as of March 31, 2024, up from the previous quarter. Foreign Institutional Investors (FIIs) have also upped, raising their stake to 17.72% by the same date.

Grasim Industries Q4 results

Grasim Industries is set to report an impressive Q4FY24, with a 77% YoY surge in standalone net profit to Rs 159.30 crore. This stellar growth comes despite a projected 5.8% YoY revenue decline to Rs 6,356.30 crore due to muted volume growth and lower realisations in the viscose staple fiber (VSF) and chemical divisions. The EBITDA for the VSF segment is expected to high by 166% YoY, with the operating profit margin (OPM) jumping 6.5pp YoY to 10.3%. Conversely, the chemical segment’s EBITDA is predicted to drop 19% YoY. Despite the challenges in paints and B2B, the low base effect is expected to drive strong annual earnings growth.

Nykaa Q4 results

Nykaa’s Q4 results saw its net profit soar to Rs 9 crore, a more than fourfold increase from Rs 2 crore a year ago. This impressive jump is credited to smarter customer acquisition and higher platform conversions. Revenue climbed 28% YoY, reaching Rs 1,668 crore, up from Rs 1,302 crore. Despite facing fierce competition from Reliance Retail’s Tira and Walmart-owned Myntra, Nykaa’s BPC division is outpacing the industry. However, noted that 37% of users are now shopping more on Tira due to attractive discounts. Nykaa’s shares wrapped up at Rs 179.35 on the BSE, up 1.2%.

Oil prices fluctuate amid mixed market responses

Bharat Petroleum Corporation Limited (BPCL) reported that 40% of its crude imports in FY 23-24 came from Russia, including grades like Urals, S4, and CPC. Looking ahead, BPCL anticipates similar procurement levels for 2024-25. They expect discounts on Russian crude to range from $3 to $6 per barrel, down from last year’s $8 to $10 due to moderate supply. BPCL’s shares reflected optimism, hinting at a steady demand outlook. Oil prices took a 1% leap, Brent crude marked its first weekly gain in three weeks, closing 71 cents higher at $83.98 a barrel, while U.S. West Texas Intermediate (WTI) climbed 83 cents to $80.06. Over the week, Brent rose about 1% and WTI by 2%.The U.S. oil rig count also saw a rise by one to 497, the first increase in four weeks. 


Nifty 50 and Sensex continued their upward trend, with Nifty climbing 69 points and Sensex rising 268 points. The market remained green for the fifth consecutive day, led by Reliance Industries, Infosys, HUL, ITC, and HDFC Bank. Sun Pharma’s Q4FY24 results showed an impressive surge in revenues and net profit, with growing confidence from mutual funds and FIIs. Grasim Industries is expected to report a strong Q4FY24 despite revenue challenges in the VSF and chemical divisions. Nykaa’s Q4 results reflected smart customer acquisition and revenue growth, despite tough competition. Oil prices fluctuated amid mixed market responses, with BPCL anticipating steady crude imports from Russia for the coming year. Brent crude marked its first weekly gain in three weeks, closing at $83.98 a barrel. The U.S. oil rig count also saw a slight increase, signalling a potential rise in demand.

Stay tuned on StockGro for more updates on market trends.

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