What happened in the Indian stock market today (02-Apr-2024)?

On April 2, 2024, Indian benchmark indices Sensex and Nifty 50 halted their three-day winning streaks. Sensex slipped 110.64 points or 0.15% to close at 73,903.91, while Nifty dipped 8.70 points or 0.04% to 22,453.30. 

Despite an initial downturn, the market rebounded, though predominantly in negative terrain throughout. However, late-hour buying mitigated most of the losses. 

Notably, India’s manufacturing sector reached a 16-year high in March, recording the strongest surge in output and new orders since October 2020. This surge was driven by robust demand conditions, as indicated by a monthly survey.

Impact on the stock market

Realty, metal, oil & gas, media, power, and auto sectors surged by 1-2%, while information technology and healthcare indices declined by 0.71% and 0.18%.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

Naman In-Store’s NSE SME debut: Opens 40% above IPO price

Naman In-Store’s IPO debuted strongly on NSE SME, opening at ₹125, a 40.45% premium over the issue price of ₹89. The IPO was oversubscribed 309.03 times, with retail portion at 328.80 times, NIIs at 528.12 times, and QIBs at 109.75 times. 

With revenue up 193.48% and PAT up 1696.28% in FY22, it offered 28,48,000 equity shares at ₹10 face value, aiming to raise ₹25.35 crore. 

Tata Technologies’ stock surges 7%

Tata Technologies shares surged 7% on April 2 following its joint venture announcement with BMW Group for automotive software development. Trading at Rs 1,123.15, the stock reached an all-time high of Rs 1,400. 

The venture, each holding a 50% stake, aims to develop software for automated driving and dashboard systems. Tata Technologies plans to start with 100 innovators and expand rapidly. The JV will join BMW Group’s global network of software and IT hubs, signalling significant growth prospects.

Choice International surges 5%

Choice International shares surged over 5% on April 2, reaching Rs 292.00 on the BSE, following its subsidiary’s Rs 520-crore solar project win. The project, with a Rs 152 crore capex, involves developing a 34.72 MW solar plant for Jodhpur Vidyut Vitran Nigam. 

In partnership with Solar91 Cleantech Pvt Ltd, Choice Consultancy Services Pvt Ltd will oversee tasks like site surveys, design, and installation, with a 12-month implementation and 25-year maintenance period.

CAMS zooms 5%

CAMS Surges 5% as it Takes Charge of All Digital Insurance Policies, IRDAI Mandate Spurs Growth. The stock soared to Rs 3,145.75 as CAMS handles electronic policy issuance post-IRDAI directive effective April 1. 

Motilal Oswal reiterates ‘buy’ with a target of Rs 3,450, anticipating AUM-driven revenue growth. CAMSREP, its subsidiary, will manage electronic policies, aligning with CAMS’s strategy for a 20% revenue share from non-mutual-fund business in five years.

Crude oil futures climb

Crude oil futures climbed on Tuesday, with Brent at $87.84 and WTI at $84.13, buoyed by US manufacturing growth in March. June Brent oil futures rose by 0.48%, while May WTI futures increased by 0.50%. 

In India, April crude oil futures on MCX were at ₹7008, up 0.16%, and May futures traded at ₹6952, up 0.19% from the previous close.

Conclusion

In today’s stock market update for April 2, 2024, the Sensex and Nifty 50 halted their recent winning streak but showed resilience with late-hour buying, reflecting a mixed sentiment. 

Notable stock movements include Naman In-Store’s strong debut on the NSE SME platform and Choice International’s surge following a significant solar project win. CAMS also saw a rise after taking charge of digital insurance policies. Crude oil futures climbed, supported by US manufacturing growth. 

Stay tuned to StockGro for further updates and insights.