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What happened in the Indian stock market today?

On May 30, 2024, the Indian stock market witnessed a significant selloff on the expiry day of May futures and options contracts, marking the fifth consecutive session of losses.

The Sensex and Nifty 50 each plummeted by about 2%, resulting in a collective investor loss of nearly ₹10 lakh crore. Sensex closed at 73,885.60, down 617 points (0.83%), while Nifty 50 ended at 22,488.65, down 216 points (0.95%). 

Election-related uncertainties intensified as the Lok Sabha election results loomed. The last phase is scheduled for June 1, and the count will begin on June 4.

Impact on the stock market

Except for Nifty Media (up 0.48%), Nifty Bank (up 0.37%), and Private Bank (up 0.32%), all sectoral indices ended in the red. 

Nifty Metal (down 3.01%), IT dropped (down 2.19%), Healthcare fell (down 1.85%), and Pharma (down 1.81%). Consumer Durables (down 1.67%), FMCG (down1.26%), Oil & Gas (down 1.25%), and Auto (down1.21%).

Information Technology-2.19%
Oil & Gas-1.25%
PSU Banks-0.45%

Top gainers today

CompanyPriceChange (%)
ICICI Bank share price1,113.701.06%
Axis Bank share price1,167.950.71%
HDFC Bank share price1,514.850.43%
SBI share price825.850.39%
Kotak Mahindra share price1,690.100.13%

Top losers today

CompanyPriceChange (%)
Tata Steel share price164.15-5.80%
Tech Mahindra share price1,240.85-3.54%
Power Grid Corp share price306.70-3.46%
Titan Company share price3,271.85-3.21%
Wipro share price436.95-3.07%

Market aftermath: Impact on stocks

Awfis Space Solutions soars 13.5% in market debut

Awfis Space Solutions made a strong market debut, opening at ₹435 on NSE and ₹432.25 on BSE, exceeding the issue price of ₹383 by 13.5%. The IPO garnered 108.56 subscriptions, with retail investors oversubscribing by 54.58 times and non-institutional investors by 129.81 times. 

The company raised over ₹268 crore from anchor investors. The IPO, comprising a fresh issue of ₹128 crore and an offer-for-sale of up to 12,295,699 equity shares, valued at ₹599 crore.

Also read: Awfis space solutions ipo

Edelweiss plummets 16%

Edelweiss Financial Services’ stock plunged 16% on May 30 after the RBI imposed restrictions on ECL Finance and Edelweiss Asset Reconstruction Company, citing material supervisory concerns. The firm’s shares have dropped 3.3% over the past year. 

The RBI’s actions include halting ECL Finance’s structured transactions, barring EARCL from acquiring financial assets and reorganising security receipts. ECL Finance aims to resolve the issue within three weeks, complying with the RBI’s recommendations.

Heritage Foods shares surge 10%

Heritage Foods shares surged 10% after the company reported a 126% YoY increase in Q4 net profit to ₹40.5 crore. Revenue for the quarter rose 16.3% YoY to ₹950.6 crore, while EBITDA jumped 67.5% YoY to ₹70.2 crore, with a margin improvement of 226 bps to 7.39%.

For FY24, net profit grew 83.6% YoY to ₹106.5 crore, and revenue increased 17.1% YoY to ₹3,793.9 crore. The company announced a final dividend of ₹2.50 per share.

Crude oil futures dip

Crude oil futures dipped as markets awaited US economic data. At 9:10 am Thursday, August Brent futures were down 0.12% at $83.33, and July WTI futures fell 0.11% to $79.14. 

June crude futures on MCX traded at ₹6,611, down 0.20% from ₹6,624, while July futures were at ₹6,603, down 0.02% from ₹6,604.


In summary, May 30, 2024, brought significant selloffs in the Indian stock market, marking the fifth consecutive session of losses amidst expiry day pressures and election-related uncertainties. 

Despite this, Awfis Space Solutions had a stellar market debut, while Edelweiss Financial Services faced a sharp decline due to RBI restrictions. Heritage Foods saw a surge in shares after reporting impressive Q4 results. Crude oil futures dipped as markets awaited US economic data. 

Stay tuned to StockGro for further updates!

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