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On April 30, 2024, Indian stock markets witnessed a downturn as the Sensex closed 0.25% lower at 74,482.78, down by 189 points, while the Nifty 50 ended at 22,604.85, marking a 0.17% decline with a loss of 39 points.
Initially opening positively, both benchmarks turned negative during the final trading hour due to profit booking, influenced by weak global cues.
Investor’s attention shifted to the upcoming US Federal Reserve policy announcement and Thursday’s US jobs data, contributing to the market sentiment.
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Impact on the stock market
Nifty IT, Metal, and Media sectors faced around a 1% decline each, while Nifty Bank and Private Bank indices saw a slight drop of 0.06%.
However, Nifty PSU Bank index rose by 0.48%. On the positive side, Nifty Auto and Realty sectors surged, recording gains of 1.82% and 1.45% respectively.
| Sector/Index | Performance |
| Information Technology | -1.13% |
| Healthcare | -0.58% |
| Oil & Gas | -0.61% |
| Realty | +1.45% |
| PSU Banks | +0.48% |
Top gainers today
| Company | Price | Change (%) |
| M&M | 2,156.35 | +4.57% |
| Power Grid Corp | 301.85 | +2.77% |
| Shriram Finance | 2,551.70 | +2.39% |
| Hero Motocorp | 4,543.05 | +1.91% |
| IndusInd Bank | 1,515.70 | +1.91% |
Top losers today
| Company | Price | Change (%) |
| Tech Mahindra | 1,263.50 | -1.93% |
| BPCL | 607.35 | -1.85% |
| JSW Steel | 882.20 | -1.51% |
| HCL Tech | 1,366.60 | -1.50% |
| Dr Reddys Labs | 6,204.30 | -1.47% |
Market aftermath: Impact on stocks
Jana Small Finance Bank shares surged 20%
Jana Small Finance Bank shares surged 20% after reporting robust Q4 results, with net profit skyrocketing by 297% to ₹321.4 crore. The bank plans to convert into a universal bank, following RBI guidelines.
Its market capitalisation reached ₹6,260 crore. Notably, Q4 PAT surged 138.7% sequentially and 297% year-on-year. Net interest income rose 26.4% YoY to ₹590.7 crore, contributing to a 28.1% growth in FY24. Jana SFB’s significant transformation from an NBFC-MFI to a scheduled commercial bank.
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Trent shares surge to record high after Q4
Trent shares soared by 218% in the past year, hitting a record high of ₹4,669.95 on April 30 after Q4 results. Revenue surged by 51% YoY to ₹3,297.70 crore, while net profit skyrocketed to ₹712.09 crore, marking a remarkable 1,484% jump.
This increase was fueled by a one-time gain of ₹543 crore from revised lease contract handling. The company expanded with 12 new Westside and 86 Zudio stores across 65 cities.
Mahindra & Mahindra surges 5% to hit a 52-week high
Mahindra & Mahindra’s stock soared by 5% to a new 52-week peak of ₹2,169 per share after unveiling its compact SUV, XUV 3XO. Opening at ₹2,073.05, it peaked at ₹2,169 before closing at ₹2,159 apiece.
The SUV, priced at ₹7.49 lakh, will be available for booking online and at dealerships from May 15, with deliveries starting on May 26. The company aims to cater to diverse customer segments, from entry-level SUV buyers to luxury seekers.
Crude oil futures dipped
Crude oil futures dipped slightly on Tuesday as Israel reportedly proposed a peace deal to Hamas. At 9:16 am, July Brent oil futures stood at $87.17, down 0.03%, while June WTI crude oil futures were at $82.59, a decrease of 0.05%.
Meanwhile, May crude oil futures on the MCX traded at ₹6906, rising 0.10%, and June futures at ₹6874, declining 0.07%, both from previous closes.
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Conclusion
In today’s stock market update for April 30, 2024, the Indian market saw a downturn, with the Sensex and Nifty closing lower due to profit booking amid weak global cues.
However, Jana Small Finance Bank shares surged 20% after robust Q4 results, while, and Mahindra & Mahindra hit a 52-week high with the unveiling of its new SUV.
Stay tuned to StockGro for more updates!
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