On April 3, 2024, Indian equity benchmarks, the Sensex and Nifty 50, closed the session flat amid subdued global cues.
The BSE Sensex slipped 27.09 points, or 0.04%, to settle at 73,876.82, while the Nifty 50 edged down 18.65 points, or 0.08%, to close at 22,434.65.
Despite this, the broader market outperformed the benchmarks. Traders scaled back expectations of further Federal Reserve interest rate cuts following strong US economic data and a surge in oil prices to a five-month high.
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Impact on the stock market
Nifty PSU Bank surged 1.78%, leading sectoral gains, followed by Nifty IT (0.73%) and Nifty Media (0.57%). Nifty Bank edged up 0.17%.
However, Nifty Realty (-2.58%), Nifty FMCG (-0.43%), and Nifty Auto (-0.27%) closed lower.
| Sector/Index | Performance |
| Information Technology | +0.73% |
| Healthcare | -0.24% |
| Oil & Gas | +0.04% |
| Realty | -2.58% |
| PSU Banks | +1.78% |
Top gainers today
| Company | Price | Change (%) |
| Shriram Finance | 2,556.45 | +3.67% |
| NTPC | 351.25 | +1.87% |
| Divis Labs | 3,684.90 | +1.72% |
| TCS | 3,947.30 | +1.63% |
| Axis Bank | 1,063.25 | +1.53% |
Top losers today
| Company | Price | Change (%) |
| Nestle | 2,553.95 | -2.64% |
| Bajaj Auto | 9,080.45 | -2.11% |
| Dr. Reddys Labs | 6,124.40 | -1.81% |
| Kotak Mahindra | 1,731.15 | -1.49% |
| Britannia | 4,834.60 | -1.33% |
Market aftermath: Impact on stocks
Gopal Snacks’ stock plunges 5% to record low
Gopal Snacks’ shares plunge 5% to a record low on Q3 FY24 earnings. Net profit dips 44% to ₹17.9 crore. Revenue stagnant at ₹367.6 crore for Q3. Since March debut stock struggled, opening at ₹351 versus ₹401 issue price.
Decline continues with 9M FY24 net profit down 14% to ₹73.5 crore. Revenue slips 1.8% to ₹1,043.8 crore. The company’s presence in 10 states, 2 UTs, and 4 lakh retailers.
Also Read: Gopal Snacks IPO – Here is everything you need to know!
Vodafone Idea shareholders approve ₹ 20,000 crore fundraising
Vodafone Idea gains 1% as shareholders greenlight ₹ 20,000 crore fundraising on April 3. This could open revenue avenues for telecom gear vendors like Nokia and Ericsson. Stock jumps over 2% to ₹ 13.7 post-approval.
The company aims to enhance the 4G network and introduce 5G services with the funds. Despite optimism, analysts doubt a substantial impact due to the modest size of the raise. Initially planned at ₹ 45,000 crore, only a portion is approved by the board.
Adani Power hits record high: Surges 18% in 4 sessions
Adani Power stock surged 18% in the last four sessions, reaching a record high of ₹ 611.75 on the BSE. Its one-year growth stands at an impressive 214%. With a market capitalisation of ₹2.33 lakh crore, the company ranks 37th on the BSE.
Adani Power aims to expand its power assets by 6 GW over the next five years. Private firms plan to invest in 10 GW of coal-fired power capacity, potentially conflicting with emission reduction goals.
Also Read: The role of the energy sector in powering India’s growth.
Crude oil futures rise
Crude oil futures rose Wednesday morning due to supply-side factors. June Brent oil futures reached $89.03, up 0.12%, while May WTI futures stood at $85.19, up 0.05%.
On the Multi Commodity Exchange (MCX), April futures traded at ₹7095, a 0.25% increase, and May futures at ₹7049, up 0.41% from the previous close. These movements reflect ongoing market dynamics, with slight gains seen across both Brent and WTI crude oil contracts.
Conclusion
In today’s market update for April 3, 2024, the Sensex and Nifty 50 closed flat amidst subdued global cues, while the broader market displayed relative strength.
Gopal Snacks faced a downturn, while Vodafone Idea’s shareholders approved a significant fundraising plan. Adani Power surged to a record high, reflecting robust investor confidence. Crude oil futures saw a slight rise due to supply-side factors.
Stay tuned on StockGro for market trends and updates.
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