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On February 21, 2024, Indian benchmark indices, the Sensex and Nifty 50, closed in the red, with the Sensex dropping 434.31 points or 0.59% to 72,623.09, and the Nifty 50 declining by 141.90 points or 0.64% to 22,055.05.
Despite hitting a record high in the morning session, the Nifty 50 maintained its position above the critical 22,000 mark. Bank Nifty (-0.16%) experienced a slight dip, showing resilience compared to the broader Nifty 50.
Analysts noted a pause in the benchmark’s upward trajectory after recent record-setting performances amid mixed trends in Asian markets.
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Impact on the stock market
Nifty Bank (-0.16%), Nifty Financial Services (-0.55%), Nifty Auto (-0.50%), Nifty Pharma (-0.40%), and Nifty Media (-4.91%) closed lower.
Conversely, Nifty Realty (2%) and Nifty PSU (0.60%) ended higher among sectoral indices.
| Sector/Index | Performance |
| Information Technology | -1.64% |
| Healthcare | -0.43% |
| Oil & Gas | -1.44% |
| Realty | +2.00% |
| PSU Banks | +0.60% |
NSE Top gainers today
| Company | Price | Change (%age) |
| Tata Steel | 143.90 | +2.02% |
| SBI | 771.50 | +1.50% |
| IndusInd Bank | 1,517.25 | +0.87% |
| JSW Steel | 828.25 | +0.86% |
| TATA Cons. Prod | 1,160.75 | +0.55% |
NSE Top losers today
| Company | Price | Change (%age) |
| BPCL | 633.20 | -3.71% |
| Coal India | 432.95 | -3.03% |
| NTPC | 336.10 | -2.78% |
| Hero Motocorp | 4,534.85 | -2.76% |
| Power Grid Corp | 280.10 | -2.71% |
Market aftermath: Impact on stocks
Zee stock dips 10% amid SEBI probe
Zee Entertainment Limited’s shares plummeted nearly 10% on February 21 following a Bloomberg report suggesting that Sebi uncovered a potential $241 million accounting discrepancy.
Regarding the matter, Sebi has reportedly engaged with Zee’s senior officials, including founders Subhash Chandra and Punit Goenka.
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Raymond surges 7%
Raymond surged 7% as it ventured into real estate with Raymond Realty, led by Gautam Singhania. Its stock outpaced Nifty, rising 45% compared to Nifty’s 24% in the last year.
The jump followed the announcement of its debut project outside Thane. Spread across 2.74 acres, the project anticipates revenue exceeding ₹ 2,000 crore.
DLF stock surges 3% on acquisition of Gurugram land parcel
DLF stock soared over 3%, hitting a fresh 52-week high at ₹ 891.6 per share, as its subsidiary, DLF Home Developers, acquired a Gurugram land parcel for ₹ 1,241 crore. The realty major’s stock has surged 22% this year, outperforming the Sensex considerably.
The land, spanning 28.5 acres, offers a development potential of 7.5 million square feet. In Q3FY24, DLF reported its highest quarterly sales booking of ₹ 9,047 crore, with a 26% YoY rise in net profit to ₹ 649 crore.
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Crude oil futures rise
Crude oil futures rose Wednesday morning, with April Brent up 0.39% at $82.66 and WTI at $77.30, a 0.34% increase.
On MCX, March futures traded at ₹ 6421, down 0.14%, while April futures were at ₹ 6426, down 0.08%. The market awaits PMI data and US crude inventory release for demand signals.
Conclusion
In today’s stock market, the Sensex and Nifty 50 closed in the red after hitting record highs earlier in the session, signalling a temporary pause in their upward momentum.
Zee Entertainment faced a significant drop amid a reported Sebi probe, while Raymond surged on its real estate venture. DLF stock soared following a land acquisition, and crude oil futures rose modestly.
Stay tuned on StockGro for further updates on market trends and developments!
