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On January 31, 2024, the Nifty 50 and the Sensex surged ahead of Interim Budget 2024 and the US Fed meet outcome.
The BSE Sensex recovered early losses, gaining 612.21 points (0.86%) to close at 71,752.11. It reached an intraday high of 71,851.39, a 1% jump.
Nifty 50 closed at 21,725.70, up 204 points, or 0.95% while the Sensex closed with a gain of 612 points, or 0.86% at 71,752.11.
Despite two consecutive months of gains, January saw Sensex with a 0.7% loss, while the Nifty 50 closed nearly flat, down 0.03% for the month. Investors awaited the outcomes of significant economic events influencing market sentiment.
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Impact on the stock market
All sectoral indices on the NSE closed with gains, with Nifty Healthcare leading with a 2.85% increase, followed by Pharma (2.68%), Realty (2.28%), PSU Bank (2.27%), and Auto (1.85%). The Nifty Bank index also saw a notable rise of 1.39%.
| Sector/Index | Performance |
| Information Technology | +0.70% |
| Healthcare | +2.85% |
| Oil & Gas | +0.68% |
| Realty | +2.28% |
| PSU Banks | +2.27% |
Top gainers today
| Company | Price | Change (%age) |
| Dr. Reddys Labs | 6,121.15 | +4.80 |
| Eicher Motors | 3,839.60 | +3.64 |
| Sun Pharma | 1,418.45 | +3.40 |
| Divis Labs | 3,670.60 | +3.35 |
| Tata Motors | 884.20 | +2.95 |
Top losers today
| Company | Price | Change (%age) |
| L&T | 3,479.75 | -4.23 |
| Titan Company | 3,697.55 | -1.02 |
| TATA Consumer Products | 1,118.00 | -0.44 |
| BPCL | 502.35 | -0.37 |
Market aftermath: Impact on stocks
Voltas hits 52-week high, surges 8%
Voltas shares surged 8% to a 52-week high of ₹ 1,095.95 on January 31, following a Q3 net loss reduction from ₹ 110 crore to ₹ 27.6 crore. The company’s revenue rose 31% YoY to ₹ 2,625.7 crore, but the EBITDA margin contracted to 1.1% from 3.8% last year.
Notably, the unitary cooling projects segment’s revenue increased by 21%, while the projects segment’s topline jumped 51%. Over six months, Voltas shares rose by 39.5%.
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Ambuja Cement’s Q3 net profit soars 123%
Ambuja Cement, owned by Gautam Adani, reported a robust Q3 performance. Consolidated net profit surged 123% to ₹ 1,089.55 crore, aided by price hikes and strong demand. Consolidated revenue rose 2.8% to ₹ 8,128.80 crore.
Standalone profit increased 39% to ₹ 513.68 crore, and revenue jumped 7% to ₹ 4,439.52 crore. Additionally, it announced a ₹ 6,000 crore investment for 1,000 MW renewable power projects.
Cochin Shipyard hits record high
Cochin Shipyard’s stock soared 7% to a record high of ₹ 945 on January 31, following robust Q3 results. The company reported a 121% YoY surge in net profit to ₹ 244.4 crore and a 64% YoY jump in revenue to ₹ 1,056.4 crore.
The Board declared a second interim dividend of ₹ 3.50 per share (70%) for FY24, with a record date of February 12. Cochin Shipyard stock has surged over 250% in the past year, outpacing Nifty 50’s 22% rise.
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Crude oil futures slip
Crude oil futures dipped as Chinese manufacturing contracted for the fourth consecutive month in January. At 9:16 am, April Brent oil futures were down 0.46% at $82.12, and March WTI crude oil futures were down 0.45% at $77.47.
On MCX, February crude oil futures were at ₹6438, down 0.62%, and March futures were at ₹6450, down 0.54%.
Conclusion
In today’s stock market recap, the Nifty 50 and Sensex surged ahead of key events, recovering from early losses. Voltas hit a 52-week high with a strong Q3, Ambuja Cement’s profits soared, and Cochin Shipyard marked a record high. Despite a dip in crude oil futures, positive market vibes prevailed.
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