What happened in the Indian stock market today?

On February 23, 2024, Indian benchmark indices, Sensex and Nifty 50, concluded Friday’s trading session with minor losses due to selling pressure in the IT, bank, metal, and oil & gas sectors. 

The Nifty 50 hit a record high for the fifth consecutive session, starting the day with marginal gains supported by positive global cues. 

However, profit booking led to a flat close. The BSE Sensex finished 15.44 points lower at 73,142.80, down 0.02%, while the Nifty 50 closed at 22,212.70, dropping 4.75 points or 0.02%. 

Initial optimism in IT and bank stocks faded, resulting in a neutral outcome.

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Impact on the stock market

In sectoral indices, Nifty Bank (-0.23%), Nifty FMC (-0.15%) and Nifty Metal (-0.27%) closed lower. 

Conversely, Nifty Auto (+0.18%), Nifty Financial Services (+0.28%), Nifty Media (+1.36%), Nifty Pharma (+0.42%), and Nifty Consumer Durables (+0.60%) concluded in the green.

Nifty top gainers today

Nifty top losers today

Market aftermath: Impact on stocks

Jio financial services surpasses ₹ 2 lakh crore market cap

Jio Financial Services Ltd surpassed the ₹ 2 lakh crore market capitalisation mark for the first time, driven by a 35% surge in its share price this year. Parent company Reliance Industries also reached a fresh record high on February 23.

Jio Financial’s stock rose 8% to ₹ 326, with a market cap of ₹ 2.08 lakh crore. Reliance Industries hit a record high of ₹ 2,989. Thirty-nine firms boast market caps above ₹ 2 lakh crore on the NSE & BSE exchange.

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Vodafone Idea surges 8%

Amid fundraising plans, Vodafone Idea’s stock soared 8% to ₹ 17.60 on February 23. The board of the telecom operator is scheduled to meet on February 27th to discuss multiple funding proposals.

Despite posting a 12.56% decrease in net loss at ₹ 6,985.9 crore for Q3 FY23-24, revenue slightly rose by 0.49% to ₹ 10,673.1 crore. Over the last three months, the stock has gained 9%, signalling investor optimism amid the company’s financial moves.

Sona Comstar surges 5%

Sona Comstar rose 5% to ₹ 643 on February 23, becoming the inaugural automotive component manufacturer to obtain certification under the Auto Production Linked Incentive (PLI) scheme. 

The PLI scheme aims to boost domestic production of high-value automotive products with a budgetary outlay of ₹ 25,900 crore over five years from fiscal year 2023-24. 

In Q3, the company saw a 24% YoY increase in net profit to ₹ 113.6 crore, with revenue up by 15.8% to ₹ 781.80 crore.

Also Read: Union Bank of India raises ₹3,000 crore through QIP, stock price soars 7%

Crude oil futures dip

Crude oil futures slipped on Friday morning as April Brent oil futures fell to $83.28, down 0.47%, and April WTI futures dropped to $78.19, down 0.53%. 

On the Multi Commodity Exchange (MCX), March crude oil futures traded at ₹6488, a decrease of 0.72%, while April futures stood at ₹6476, down 0.60%. The decline was attributed to comments from a US Federal Reserve official ruling out near-term interest rate cuts.

Conclusion

In today’s stock market, the Sensex and Nifty 50 ended with minor losses amid selling pressure in several sectors, including IT, banking, metal, and oil & gas. 

Despite starting positively, profit booking led to a flat close. However, notable movements were seen in stocks like Jio Financial Services, Vodafone Idea, and Sona Comstar, reflecting ongoing market dynamics. Meanwhile, crude oil futures dipped due to comments from a US Federal Reserve official.

Stay tuned for more such market updates on StockGro!