Nifty 50 reached a new all-time high of 22,186.65 before closing 82 points (0.37%) higher at 22,122.25, while Sensex ended with a 282-point (0.39%) gain at 72,708.16.
However, global cues dampened the market’s optimism amid diminishing hopes for early rate cuts. With Q4 earnings concluded, investors are now shifting focus to macroeconomic indicators.
Expectations of imminent interest rate reductions are fading, prompting a reassessment of investment strategies.
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Impact on the stock market
Most sectoral indices ended higher on the NSE, with Nifty PSU Bank and Oil & Gas leading the gains, surging by 3.27% and 2.46%, respectively.
However, Nifty FMCG, Healthcare, Media, and Pharma saw minor declines of 0.96%, 0.38%, 0.11%, and 0.09%, respectively.
Nifty Auto rose 1.35%, while the Nifty Bank index gained 0.68%. The Nifty Private Bank index settled with a modest gain of 0.31%.
| Sector/Index | Performance |
| Information Technology | -0.30% |
| Healthcare | +0.53% |
| Oil & Gas | +0.55% |
| Realty | -0.67% |
| PSU Banks | -0.47% |
Nifty top gainers today
| Company | Price | Change (%age) |
| Grasim | 2,168.60 | +2.99% |
| Bajaj Finserv | 1,620.15 | +2.81% |
| Bajaj Auto | 8,512.75 | +2.25% |
| ICICI Bank | 1,045.50 | +2.17% |
| Cipla | 1,471.75 | +2.16% |
Nifty top losers today
| Company | Price | Change (%age) |
| Coal India | 461.00 | -3.96% |
| Larsen & Toubro | 3,339.85 | -1.38% |
| SBI Life Insurance | 1,488.85 | -1.30% |
| Wipro | 535.95 | -1.30% |
| HDFC Life | 585.20 | -1.22% |
Market aftermath: Impact on stocks
Dr Reddy’s hits 52-week high
Dr Reddy’s Laboratories surged over 2% to hit a 52-week high of ₹ 6,453.95 amid reports of its bid for Novartis AG’s stake in Novartis India. The company holds a net cash surplus of ₹ 5,900 crore as of December 31, providing substantial financial flexibility for acquisitions.
With nearly 50% of Novartis India’s portfolio already under distribution, Dr Reddy’s is well-positioned to capitalise on the opportunity.
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Titagarh Rail shares surge 8%
Titagarh Rail Systems witnessed an 8% surge in shares following a lucrative ₹ 170 crore contract from the Defence Ministry. At 09:26 hrs, the stock reached ₹ 1,032.80, up by ₹ 76.30 (7.98%) on the BSE.
Notably, the company reported a remarkable 130% year-on-year rise in net profit to ₹ 75 crore in Q3, with revenue from operations climbing 24.6% to ₹ 954.7 crore. The share’s 52-week high stood at ₹ 1,249.00, contrasting with its 52-week low of ₹ 203.00.
CRISIL shares surge 8% on Q3 profit jump
CRISIL shares surged 8% on February 19 after reporting a 33% increase in Q3 net profit, reaching ₹ 210.1 crore, driven by an 11.6% rise in revenue to ₹ 917.7 crore.
At 11.30 am, the stock was trading at ₹ 4,980.35 on the NSE, up 8.05%. The board recommended a final dividend of ₹ 28 for FY2023, bringing the total dividend to ₹ 54, up from ₹ 48 in the previous year.
Crude oil futures declined
On Monday morning, April Brent oil futures dropped to $82.89 (-0.69%), and April WTI crude oil futures fell to $77.88 (-0.74%), attributed to US Federal Reserve officials advocating patience regarding interest rate cuts.
Meanwhile, March crude oil futures on MCX traded at ₹6474 (-0.12%) and April futures at ₹6470 (-0.19%). The cautious stance follows recent economic indicators in the US.
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Conclusion
In today’s stock market, the Nifty 50 and Sensex continued their upward trajectory, marking the fifth consecutive session of gains.
Dr Reddy’s hit a 52-week high amidst acquisition talks, while MRPL and CRISIL witnessed significant surges driven by strong financial performances. However, crude oil futures declined amid cautious sentiments.
Stay tuned for further updates on market trends on StockGro!
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