What happened in the Indian stock market today?

The Sensex ended 228 points up, at 72,050.38, a 0.32% increase, while the Nifty 50 settled at 21,910.75, up by 71 points, or 0.32%. 

Investors are optimistic about rate cuts from June despite uncertainty surrounding the US job market and persistent inflation.

The market’s resilience is evident as investors view recent consolidations as buying opportunities, reflecting confidence in India’s economic growth prospects despite mixed corporate earnings in the December quarter.

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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%.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

MIC Electronics skyrockets 10%

MIC Electronics surged 10% on developing a 42V/3A EV battery charger for e-cycles and two-wheelers, set for launch in March. Volumes spiked as 15 lakh shares changed hands, well above the daily average of 7 lakh shares. 

The company posted a net profit of Rs 2.71 crore in Q3, a significant rise from a net loss of Rs 96 lakh YoY, with sales soaring to Rs 17.5 crore from Rs 1.24 crore.

Axis Bank dips 2% 

BJP’s Subramanian Swamy moves Delhi High Court, claiming Axis Bank gained unlawfully through transactions in Max Life Insurance shares. He seeks an investigation into the matter by experts. 

According to Swamy, Axis Bank allegedly bought a 12.02% stake in Max Life for Rs 736 crore, below fair market value. The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 3 crore on Max Life for misrepresentation.

However, some believe that the fine is insignificant compared to the magnitude of the alleged fraud.

Shares of Axis Bank dipped 2.17% to Rs 1073.1 on the NSE.

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SBI hits 52-week high, locked at 3% upper circuit

Following the Supreme Court’s verdict on electoral bonds, SBI shares surged to a fresh 52-week high, reaching ₹763.90 on the BSE. The court ordered SBI to disclose details of political parties’ contributions through electoral bonds since April 12, 2019. 

The court said that the electoral bonds scheme is unconstitutional and asked for transparency in political funding and the return of unredeemed bonds. SBI must submit the details to the Election Commission to be published on its website by March 31, 2024.

Crude oil futures dip

At 9:08 am on Thursday, April Brent oil futures stood at $81.25, down by 0.43%, while March WTI futures were at $76.25, down by 0.51%. On the MCX, February crude oil futures traded at ₹6337, down 0.94%, and March futures at ₹6330, down 0.75% from the previous close.

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Conclusion

In today’s stock market, the Sensex and Nifty 50 extended gains for the third consecutive session, buoyed by positive global cues. 

MIC Electronics surged 10% following developments in EV battery technology, while Axis Bank dipped amid legal scrutiny. SBI hit a 52-week high after a significant court ruling, while crude oil futures climbed despite a surge in US inventories. 

Stay tuned for more updates on market trends and developments on StockGro!