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What happened in the Indian stock market today?

On May 28, 2024, Indian stock market indices, the Sensex and Nifty 50, continued their downward trend, marking the third consecutive session of losses.

Nifty 50 opened at 22,977.15, rising to 22,998.55 intraday, but ultimately closed 44 points lower at 22,888.15. The Sensex opened at 75,585.40, reaching an intraday high before ending 220 points down at 75,170.45. With 28 stocks in the red, Nifty’s decline was 0.19%, while Sensex slipped by 0.29%. 

Amid election-related caution and global cues, market volatility persists, heightened by upcoming economic data releases, including India’s Q4 FY24 GDP figures.

Impact on the stock market

Most sectoral indices closed lower, with Nifty Realty (-2.16%), PSU Bank (-1.28%), and Oil and Gas (-1.02%) leading the losses. Nifty Bank and the Private Bank index also saw declines of 0.28% and 0.31%, respectively.

Top gainers today

CompanyPriceChange (%)
Divis Labs share price4,392.10+3.22%
SBI Life Insurance share price1,450.75+2.88%
HDFC Life share price578.45+2.52%
Grasim share price2,440.35+2.08%
Hero Motocorp share price5,183.95+1.97%

Top losers today

CompanyPriceChange (%)
Adani Ports share price1,400.50-2.18%
Power Grid Corp share price312.80-1.62%
BPCL share price646.50-1.46%
Coal India share price487.65-1.38%
Adani Enterprises share price3,244.05-1.37%

Market aftermath: Impact on stocks

DOMS industries hit all-time high on strong Q4 results

DOMS Industries‘ shares surged over 10% to an all-time high of ₹2,035 on May 28, following strong Q4FY24 results. The stock is up over 150% from its issue price of ₹790. 

Q4FY24 revenue rose 20% YoY to ₹403 crore, with EBITDA growing 22% YoY to ₹76 crore. Net profit increased 29% YoY to ₹47 crore, and margins expanded by 40 bps to 18.8%. DOMS holds a 12% market share in India’s stationery sector, driven by unique products.

Inox wind shares plunge 10% after 11 crore block deal

Inox Wind’s share price hit a 10% lower circuit on May 28 after 11 crore shares were traded in block deals at ₹150-151 each, an 8.5% discount to the previous close of ₹164.15. The stock dropped to ₹147.75, down from its 52-week high of ₹177. 

Promoter Inox Wind Energy Ltd (IWEL) reportedly reduced its stake by 5%, lowering its holding to 33.43%. Inox Wind posted a Q4 net profit of ₹36.7 crore and revenue of ₹527.7 crore.

Bharat Dynamics: 7% dip after ten-day surge amid defence sector boom

Bharat Dynamics shares plunged 7% after a ten-day gain streak, trading at ₹ 1,431. The PSU surged 45% in the last month. Its recent stock split aims to boost small investor participation. 

Amid geopolitical tensions, defence stocks like Hindustan Aeronautics Limited and Data Patterns India Limited saw gains of 65% and 17% respectively in three months. Jefferies predicts a 7-8% CAGR in India’s defence expenditure, potentially driving stock prices higher, with Q4 results due on May 30.

Crude oil futures rise

Crude oil futures rose as OPEC+ considers extending production cuts. Tuesday morning saw August Brent oil futures at $83.08, up 0.24%, and July WTI futures at $78.91, up 0.46%. 

On MCX, June crude oil futures traded at ₹6566, up 0.29%, and July futures at ₹6552, up 0.31%. Markets anticipate OPEC+ decisions beyond June 30.


In today’s stock market report for May 28, 2024, the downward trend continued for the Sensex and Nifty 50, marking the third consecutive session of losses amidst election-related caution and global cues. 

Notable movements included DOMS Industries hitting an all-time high on strong Q4 results, while Inox Wind shares plunged following a block deal. Bharat Dynamics saw a dip after a ten-day surge, and crude oil futures edged up amid OPEC+ considerations. 

Stay tuned for further updates on StockGro!

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