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What happened in the Indian stock market today?

On May 29, 2024, Indian stock market benchmarks, the Sensex and Nifty 50, sustained losses for the fourth consecutive session.

The Nifty 50 opened 125 points lower at 22,762.75 and closed down 183 points, or 0.80%, at 22,704.70. Meanwhile, the Sensex opened 344 points lower at 74,826.94 and closed with a loss of 668 points, or 0.89%, at 74,502.90. Throughout the session, the Nifty 50 hit an intraday low of 22,685.45, while the Sensex dropped as much as 716 points to 74,454.55. 

Market sentiment remains fragile due to election-related jitters, global signals, and geopolitical tensions.

Impact on the stock market today

The major sectors concluded with declines: Private Banks Were down 1.36%, Oil and Gas were down 1.01%, IT was down 1%, Real Estate Was down 0.90%, FMCG was down 0.54%, and PSU Bank was down 0.49%.

Information Technology-1.00%
Oil & Gas-1.01%
PSU Banks-0.49%

Top gainers today

CompanyPriceChange (%)
Hindalco share price705.30+3.52%
Power Grid Corp share price317.70+1.57%
Divis Labs share price4,448.00+1.27%
Nestle India share price2,476.20+1.00%
Sun Pharma share price1,478.95+0.96%

Top losers today

CompanyPriceChange (%)
HDFC Life share price561.85-2.87%
SBI Life Insurance share price1,412.80-2.62%
ICICI Bank share price1,102.00-2.21%
TATA Consumer share price1,071.30-2.21%
Tech Mahindra share price1,286.45-2.18%

Share market aftermath: Impact on stocks today

Campus Activewear soars 16% on strong Q4 results

Share price of Campus Activewear surged over 16% after reporting robust Q4FY24 results. The company’s net profit rose 42.6% YoY to Rs 32.7 crore, while revenue increased 4.6% YoY to Rs 364 crore. EBITDA grew 16% YoY to Rs 66.4 crore, with margins improving to 18.3% from 16.4%. Despite a 19% decline in the last year, the stock has climbed nearly 40% from its 52-week low of Rs 212.80.

Paytm shares surge 5% despite denial of Adani stake sale talks

Paytm shares surged 4.99% to ₹359.45 on NSE despite denying stake sale talks with Adani Group. The company dismissed a Times of India report as “speculative.” Paytm reported a Q4 FY24 net loss of ₹550.5 crore, compared to ₹167.5 crore last year.

Revenue fell 2.9% to ₹2,267.1 crore. For FY24, net loss was ₹1,422.4 crore, while revenue rose 24.8% to ₹9,977.8 crore. Paytm hinted at potential layoffs, aiming for significant cost efficiencies and a leaner structure.

Cello World surges 4%

According to a May 29 filing, Cello World plans to raise funds by issuing 86.54 lakh shares via QIP (Qualified institutional placement). The stock rose 4.1% to Rs 879 on the BSE. 

The board approved the issuance of various equity-related securities and will seek shareholder approval in an extraordinary general meeting. This move aims to reduce promoter shareholding from 78.06% to meet SEBI’s 75% limit. Over the past year, Cello World stock gained 10%, while the Nifty 50 rose 22%.

Crude oil futures today

Crude oil futures surged amid heightened geopolitical tensions in West Asia. August Brent oil futures rose to $84.19, up by 0.30%, while July WTI futures reached $80.14, up by 0.39%. 

On the Multi Commodity Exchange (MCX), June crude oil futures traded at ₹6,677, marking a 0.60% increase from the previous close, with July futures at ₹6,663, up by 0.59%. The uptrend follows concerns over developments in the region, driving market sentiment.

Share market today conclusion

In today’s stock market report for May 29, 2024, the Sensex and Nifty 50 sustained losses for the fourth consecutive session amidst election-related jitters and global tensions. 

Despite the downturn, Campus Activewear surged on strong Q4 results, while Paytm shares rose despite denying Adani stake sale talks. Cello World’s fundraising plans also bolstered its stock, while crude oil futures climbed amid geopolitical concerns. 

Stay tuned for further updates on StockGro!

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