Home » Market Spotlight » What happened in the Indian stock market today(7th May 2024)?

What happened in the Indian stock market today(7th May 2024)?

On 7th May 2024, the market made a strong recovery, erasing previous losses, with Nifty closing above 22,302.50.

Sensex closed with a loss of 384 points, or 0.52 per cent, at 73,511.85. The Nifty 50 closed 140 points, or 0.62 per cent, lower at 22,302.50.

Indian stock market benchmarks, the Nifty 50 and the Sensex ended in the red on an all-round selloff, defying positive global cues.

The Nifty 50 closed 140 points, or 0.62 per cent, lower at 22,302.50 with 34 stocks in the red.

Impact on the stock market

Nifty FMCG (up 2.02 per cent) and IT (up 0.77 per cent), all sectoral indices ended with losses.

Nifty Realty (down 3.49 per cent), Metal (down 2.39 per cent), PSU Bank (down 2.31 per cent), Pharma (down 1.86 per cent),Private Bank index declined 1.45 per cent.

Sector/IndexPerformance
Information Technology+0.77%
Healthcare-1.98%
Oil & Gas-1.88%
Realty-3.49%
PSU Banks-2.31%

Top gainers today

CompanyPriceChange (%)
Marico share price583.50+10.03
Godrej Consumer share price1,322.35+5.78
HUL share price2,379.40+5.46
Dabur India share price558.45+5.21
Tech Mahindra share price1,292.45+2.39

Top losers today

CompanyPriceChange (%)
Bajaj Auto share price8,677.90-374.65
Power Grid Corp share price295.25-11.60
ONGC share price273.60-8.55
IndusInd Bank share price1,452.55-44.95
Hindalco share price620.20-18.60

Market aftermath: Impact on stocks

CarTrade zooms 9% to near 52-week high on robust Q4 results; stock up 110% in 1 year

In Q4FY24, CarTrade Tech’s net profit accelerated by a whopping 50%, hitting Rs 22.52 crore compared to Rs 14.96 crore in the same quarter last year.

Sales surged by 51.55% Year-over-Year (YoY) to Rs 145.28 crore, indicating a smooth ride towards success. Shares rev up over 9%, building on previous gains. The two-day spike of 18% follows the stellar Q4FY24 results.

EBITDA climbs 23% YoY to Rs 49.11 crore, with EBITDA margins expanding to 18.9%. It’s like cruising on a highway with minimal bumps. Shares boast a one-year beta of 0.4, signalling low volatility. With a staggering 110% multibagger return in the past year. The stock gains 20% year-to-date, leaving the benchmark Nifty 50 in the dust with its 3% rise during the same period.

Marico share price jumps over 8% after Q4 results

In Q4FY24, Marico’s revenue from operations soared to ₹2,278 crore, marking a sprightly 1.69% increase from the previous year. The company’s domestic business witnessed a robust underlying volume growth of 3%. while internationally, international business showcased a constant currency growth of 10%.

The Marico share price leaped way up by over 8%. Post Q4 results, the bullish sentiment remained strong, propelling Marico shares to a staggering ₹577.80 apiece on the BSE.

Marico reported a consolidated net profit of ₹320 crore in Q4FY24, marking a splendid growth of 4.9% from the same period last year.

EBITDA during the quarter experienced a remarkable surge of 12.5%, soaring to ₹442 crore by a whopping 190 basis points to 19.4%.

Godrej Consumer share price rallies 8% to hit 52-week high as Q4 results beat estimates

Godrej Consumer’s share price raised nearly 8% to reach a dazzling 52-week high of ₹1,349.65.

Q4FY24 climbed 6% to reach ₹3,385.61 crore.

In the quarter ending March 2024, consolidated volume surged by a whopping 12%, with the India business volume leading the charge with a stunning 15% growth. the company’s board has an interim dividend of ₹10 per share for the financial year 2023-24.

Oil prices fluctuate amid mixed market responses

India’s state-run oil refiners Hindustan Petroleum Corporation Ltd. (HPCL), Bharat Petroleum Corporation Ltd. (BPCL), and Indian Oil Corporation Ltd. (IOC) are all strutting their stuff with gains of up to 7%. 

HPCL seems to be leading the charge, showing off its moves with a 7% increase on top of its already impressive 30% jump this year. Meanwhile, BPCL with a 40% surge so far. And  IOC, managed to shimmy up more than 2% today. 

Conclusion

The Sensex bidding farewell with a loss of 384 points and the Nifty 50 joining the melancholy party by closing 140 points lower. CarTrade zoomed a whopping 9%, revving up near its 52-week high on the back of some jaw-dropping Q4 results. Marico wasn’t far behind, leaping over 8% after showcasing some impressive revenue acrobatics.Godrej Consumer, whose share price decided to reach for the stars, hitting a dazzling 52-week high.

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StockGro Team

StockGro is India’s first and largest ‘Social Investment’ platform aimed at helping you master the art of “Trading & Investment”. Trade, Invest and get rewarded to Learn everything about ‘Investments’ the fun-filled way.

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