What happened in the Indian stock market today?

Despite early losses, they rebounded to register gains of nearly half a per cent each by late trading. The Sensex stood at 71,822.83, up 267.64 points or 0.37%, while the Nifty reached 21,840.05, rising by 96.80 points or 0.45%. 

Nifty opened gap-down tracking the weak US markets; however, strong recovery in the heavyweights, including SBI, Reliance Industries, and Axis Bank, pared losses and helped the index close around the day’s high.

The combined market capitalisation of BSE-listed firms surged to approximately ₹385 lakh crore from around ₹380.8 lakh crore in the preceding session, reflecting a notable increase of about ₹4.2 lakh crore in investor wealth within a single session.

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Impact on the stock market

Sectoral Indices Surge: Nifty PSU Bank is up 3.24%, Oil & Gas is up 3.10%, Nifty Media is up 2.51%, and the Auto index is up 1.46%. 

However, Nifty IT declined 1.12%, Healthcare and Pharma indices each dropped around 1%.

Sector/Index	Performance
Information Technology	-1.12%
Healthcare	-0.94%
Oil & Gas	+3.10%
Realty	+1.25%
PSU Banks	+3.24%

Top gainers today

Company	Price	Change (%age)
BPCL	623.65	+6.73%
SBI	743.40	+4.20%
ONGC	268.85	+3.60%
Coal India	466.35	+3.09%
Axis Bank	1,096.85	+2.44%

Top losers today

Company	Price	Change (%age)
Tech Mahindra	1,294.85	-2.53%
Cipla	1,426.90	-2.12%
Sun Pharma	1,519.95	-1.44%
Dr. Reddys Labs	6,253.40	-1.29%
Infosys	1,664.65	-1.18%

Market aftermath: Impact on stocks

Paytm shares hit all-time low amid ED probe

Paytm shares plummeted by 10% to hit all-time lows amidst a potential ED probe. Since RBI’s restrictions on January 31, shares have plunged by 53%, below half their value. 

It was trading at ₹ 342.15, down by 65.5% from its 52-week high of ₹ 998.3. RBI’s crackdown on Paytm Payments Bank led to severe losses, with a 53% drop since January 31. RBI cited persistent non-compliance, halting deposit acceptance and transactions from February 29.

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IREDA shares surge 5%

IREDA shares surged 5% after a ₹ 390 crore deal on Feb 14. The company’s inclusion in the MSCI Small Cap index is anticipated to draw $17 million in foreign inflows. Around 2 crore shares, valued at ₹ 389.80 crore, changed hands at Rs 160 each. 

Despite a recent 15% slump, the stock is up over 65% year-to-date. Since its November debut, IREDA has quadrupled investor returns from its ₹ 32 issue price, emerging as a top PSU performer.

Mahindra & Mahindra’s Q3 net profit surges 60% YoY

Mahindra & Mahindra’s standalone net profit surged 60% YoY to ₹ 2,454 crore, exceeding analyst estimates. Revenue grew 16% to ₹ 25,642.4 crore, with EBITDA rising by 9.7% to ₹ 3,590.3 crore. 

Operating margin expanded to 14%. Automotive segment volumes rose by 11.1% YoY to 3,13,115 units, with auto sales up by 20.1% YoY. Tractor volumes declined by 4%. At a consolidated level, profit after tax increased by 34% to ₹ 2,658 crore, with revenue up 15% to ₹ 35,299 crore.

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Crude oil futures slip

Crude oil futures slipped on Wednesday morning following a significant rise in US crude oil inventories. At 9:15 am, April Brent oil futures stood at $82.14, a 0.16% decrease, while March WTI crude oil futures were at $77.83, down by 0.05%. 

Meanwhile, February crude oil futures on the MCX were trading at ₹ 6469, a decline of 0.32%, and March futures were at ₹ 6462, down by 0.37% from the previous close.

Conclusion

In today’s stock market, the Sensex and Nifty 50 closed higher, marking a second consecutive positive session and reflecting investor optimism. 

However, Paytm shares hit all-time lows amid a potential ED probe, contrasting with IREDA’s surge following a lucrative deal. Mahindra & Mahindra reported impressive Q3 results, while crude oil futures slipped on increased US inventories. 

Stay tuned for further updates on StockGro!