What happened in the Indian stock market today?

On February 20, 2024, the Nifty 50 index surged past 22,000 for the first time, reaching a new peak of 22,215.60 during intraday trading. It closed at 22,196.95, up 75 points or 0.34%, marking a sixth consecutive day of gains with a total increase of nearly 3% over the period. 

The Sensex also climbed 0.48% to end at 73,057.40. Notably, banking heavyweights such as HDFC Bank, Axis Bank, Kotak Mahindra Bank, and ICICI Bank contributed to the positive performance of the market benchmarks.

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Impact on the stock market

Nifty Media gained the most by 2.27%. Nifty Bank surged 1.20%, while Private Bank index rose 1.02%. Nifty PSU Bank remained unchanged. Nifty Financial Services climbed 1.23%. 

However, Nifty IT dropped 0.87%, and Nifty Auto declined 0.62%.

Nifty top gainers today

Nifty top losers today

Market aftermath: Impact on stocks

Vibhor steel tubes soar 181.5% on NSE debut

The company witnessed a stellar debut on the bourses, listing at ₹425 on NSE, a whopping 181.5% premium over the issue price of ₹151. Vibhor Steel Tubes IPO saw an overwhelming investor response, with a subscription status of 298.86 times. 

Grey market premium stood at +140, indicating strong investor interest. The IPO, worth ₹72.17 crore, solely comprised a fresh issue. Analysts project a robust listing, with an expected price of ₹291, 92.72% higher than the issue price.

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NBCC shares surge 4.3% on bagging ₹369 crore orders

National Buildings Construction Corporation (NBCC India) witnessed a 4.3% surge in its shares, reaching ₹147.40, following the acquisition of orders worth ₹369.05 crore, including projects for Rani Lakshmi Bai Central Agricultural University and Telangana High Court. 

The company reported a 59% improvement in consolidated net profit, reaching ₹113.56 crore in Q3FY24, with revenue rising to ₹2,471.51 crore, a 12.80% increase from Q3 FY23. The stock recorded a remarkable 208% return in the last six months and a staggering 809% since April 2020 low.

Zee stock surges 6% amid revival attempt

Zee Entertainment Enterprises witnessed a 6% surge in its stock, closing at Rs 190.40 on the NSE on February 20, following reports of Zee and Sony’s efforts to revive their $10-billion merger. 

Reportedly, meetings were held over the past two weeks with the aim of saving the deal. Zee is expected to decide on the terms of the deal within 24-48 hours. The previous deal faltered due to leadership uncertainties after a SEBI probe involving Zee’s CEO.

Crude oil futures dip

Crude oil futures dip despite Red Sea vessel attacks. March futures on MCX traded at ₹6,509, down 0.14% from ₹6,518, while April futures stood at ₹6,512, down 0.11% from ₹6,519.

The decline comes despite increased attacks on merchant ships in the Red Sea and a reduction in China’s five-year loan prime rate.

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Conclusion

In today’s stock market, the Nifty 50 index surged to a record high, crossing the 22,000 mark for the first time, while the Sensex also recorded gains, driven by banking heavyweights. 

Vibhor Steel Tubes debuted exceptionally on the NSE, while NBCC shares surged after bagging significant orders. Zee stock rose amid efforts to revive a merger deal, while crude oil futures dipped despite geopolitical tensions. 

Stay tuned on StockGro for more updates on market trends!