What happened in the Indian stock market today (8th May 2024)?

Sensex closed at 73,466.39, down 45 points, or 0.06 per cent, Indian stock market benchmarks, the Sensex and the Nifty 50, ended flat.

While some heavyweights like Reliance Industries, Larsen & Toubro, and Tata Motors were busy scoring points, others like HDFC Bank, ICICI Bank, and Hindustan Unilever seemed to have misplaced.

Nifty 50 settled at 22,304.90, up 2 points, or 0.01 per cent.

Impact on the stock market

Top gainers today

Top losers today

Market aftermath: Impact on stocks

TBO Tek IPO:

The TBO Tek IPO has backed by General Atlantic and hitting the Indian primary market with a bang. The price band for TBO Tek IPO shares at ₹875 to ₹920 each.

Fresh shares and Offer For Sale (OFS) are with the company aiming to pocket ₹400 crore from the fresh shares and a hefty ₹1,150.81 crore from the OFS route.

The subscription status reads 37%, according to the BSE data. Retail investors are leading the charge, subscribing 1.18 times their allotted portion. TBO Tek shares quoting at a premium of ₹529 today and planning to hit the big leagues, eyeing a listing on both the BSE and NSE. Non-institutional investors with a 55% subscription rate. The Qualified Institutional Buyers (QIBs) dipped, But with a whopping 99% subscription rate in their portion. TBO Tek is on its way to becoming the IPO superstar of the season.

JSW Energy share price more than doubled investors’ money in 1 year

After the company revealed its stellar performance in the March quarter, the share price raised nearly 6% on the BSE, hitting ₹618. Over the past year, JSW Energy’s share price has been clocking in an impressive surge of 125%.JSW Energy, it seems to be the month of May, with the stock taking a slight dip of nearly 7%.since November 2023, JSW Energy has been in green on the monthly charts. SW Energy had its moment in the dumps, hitting rock bottom at ₹240 on May 24 last year.

PB Fintech stock jumps 2.9% on strong performance in Q4, recovers 10.5% from day’s low

PB Fintech’s shares dipped down to ₹1159 bouncing back up to ₹1279.80, a whopping 10.50% surge. The Q4FY24 results, which dropped showcasing PB Fintech’s prowess. With a net profit of ₹60.19 crore and revenue hitting ₹1,089.57 crore for the quarter. The entire fiscal year, PB Fintech net profit soared to ₹64 crore, and revenue followed suit, reaching ₹3,438 crore.

The total insurance premium of ₹5,127 crore for the quarter.This contributed to an annual recurring revenue (ARR) of ₹20,000 crore in insurance premium. PB Fintech saw a major glow-up in its net profit, flipping the script from a loss of ₹488 crore in the previous fiscal year to a dazzling ₹64 crore. And revenue surged too, jumping from ₹2,558 crore to ₹3,438 crore, a solid 34.40% rise. 

Oil prices fluctuate amid mixed market responses

Crude oil Prices decided to low by a modest 0.66%, hitting 6585.It seems those ever-looming geopolitical tensions took centre stage yet again. The Israeli military cabinet’s nope to a ceasefire with Hamas, coupled with ongoing strikes in Gaza’s Rafah city, had the market feeling a bit jittery.Iran decided to keep things chill on the military front, which helped keep those oil tankers sailing smoothly through the Strait of Hormuz.

Conclusion

In today’s market roundup for April 8, 2024, the Indian stock market, Nifty 50 ended flat. In today’s market the Sensex’s somersaults to PB Fintech’s high-flying antics, and the oil market’s filled with twists and turns. The stock market IPO superstars JSW Energy and PB Fintech showing off their financial acrobatics.

Stay tuned on StockGro for more updates on market trends.