Home » Market Spotlight » What happened in the Indian stock market today (6th May 2024)?

What happened in the Indian stock market today (6th May 2024)?

On 6th May 2024, the market made a strong recovery, erasing previous losses, with Nifty closing above 22,440.

On 6th May 2024, the market made a strong recovery, erasing previous losses, with Nifty closing above 22,440.

After beginning the day slightly higher at 74,196.68, the Sensex reached a high of 74,359.69 and a low of 73,786.29. The Sensex closed at 73,895.54, up 17.39 points, or 0.02%.

After the RBI said that it would be recommending stricter rules to control lending to ongoing projects, Indian benchmark indexes ended the day down on Monday.

Foreign institutional investors (FIIs) net sold ₹2,391.98 crore shares, while domestic institutional investors (DIIs) pumped in ₹690.52 crore on May 3, provisional data from the NSE showed.

Impact on the stock market

Information Technology+1.57%
Healthcare+ 0.35%
Oil & Gas-1.48%
PSU Banks-3.24%

Top gainers today

CompanyPriceChange (%)
Kotak Mahindra Bank share price1,624.755.01%
Tata Consultancy Services share price3,921.002.13%
Hindustan Unilever share price2,255.351.80%
Mahindra & Mahindra share price2,225.101.47%
Sun Pharmaceutical Industries share price1,529.551.40%

Top losers today

CompanyPriceChange (%)
Titan Company share price3,281.65-7.18%
State Bank Of India share price807.75-2.86%
NTPC share price356.65-2.31%
Power Grid Corporation Of India share price306.90-1.22%
Larsen & Toubro share price3,462.10-1.06%

Market aftermath: Impact on stocks

Tata Tech shares plunge 5% on subdued Q4 earnings

Shares of Tata Technologies fell 5 percent in trading on May 6, after the company’s weak January-March performance disappointed investors.

Shares of Tata Technologies were trading at Rs 1,041.80 on the NSE at 09:55.

The company’s March quarter net profit fell around 8 percent to Rs 157 crore from the previous quarter, compared to Rs 170 crore in the quarter. The result was burdened by slower turnover growth and a decrease in other income due to the return of a one-time deferred income tax asset.

Revenues also grew at a sluggish pace of less than 1 percent to Rs 1,301 crore in Q1FY24 compared to Rs 1,289.5 crore in Q2FY24. JM Financial attributed the slowdown in turnover growth to the curtailment of projects by Vinfast, the company’s most important service client. The management also announced that the remaining withdrawal of the Vinfast account will continue in Q1FY2025.

REC, PFC, IREDA shares fall up to 11% as RBI proposes tighter project finance rules

On May 6, shares of IREDA, Power Finance Corporation Ltd. (PFC), and REC Ltd. fell as much as 11%, giving up the majority of the gains from the previous week. PFC and REC stocks experienced a remarkable surge last week, driven by robust Q4 earnings, which propelled them to all-time highs.

The steep decline follows the release of the Reserve Bank of India’s draft project financing rules, which stipulated that all new and current project loans in the “construction phase” (i.e., before the start of commercial activities) must have a five percent general provision placed on them.

It is suggested that these rules apply to lenders who are not banks as well as those who are. The nodal organisations in charge of funding all electricity sector projects are REC and PFC.

Paytm slumps 4% as president & COO Bhavesh Gupta resigns; Q4 results eyed

Paytm’s stock dropped more than 4.5 percent on May 6 following the company’s announcement via a regulatory filing over the weekend that Bhavesh Gupta, its president and COO, was resigning.

The statement states that Gupta stated in a letter that his resignation will take effect on May 31, 2024, at the latest, at the close of business hours. Nonetheless, he stated that he intended to be involved with the business as an advisor in the CEO’s office.

In his letter of resignation, Gupta acknowledged the strong leadership in payments and financial services that Paytm has built over the past few years and gave personal reasons for taking a career sabbatical. He also expressed confidence in the company’s future trajectory.

As oil heads for the largest weekly decline in three months, Brent and WTI fell 6%: What causes the commodity to cool down?

The most recent price of Brent crude futures for July was $83.38 a barrel, down 29 cents, or 0.35 percent. The price of a barrel of US West Texas Intermediate crude for June decreased by 37 cents, or 0.47 percent. Because investors fear that higher-for-longer interest rates will stifle economic growth in the US, the world’s largest oil user, and other regions of the world, both benchmarks are poised for weekly losses.

Crude prices poised for the biggest weekly fall since February, Brent below $84.


Positive signals from the global market suggest that the key equity indices of the Indian stock market, the Sensex and Nifty 50, will probably open higher on Monday.

The Indian benchmark index is out to a strong start, according to Gift Nifty’s trends. The Gift Nifty was trading at a premium of around 110 points over the previous closing of the Nifty futures, at 22,685 points.

Key events surrounding the upcoming Lok Sabha elections in 2024, the Q4 results, national and international macroeconomic statistics, the price of crude oil, and other global indications will all be closely watched by investors.

The key indexes of the Indian stock market saw a decline of almost one percent on Friday due to losses in heavyweight firms and profit booking in various sectors.

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