On April 5, 2024, Indian stock market benchmarks, the Sensex and the Nifty 50, closed flat following the Reserve Bank of India’s (RBI) decision to maintain the repo rates at 6.5% for the seventh consecutive time.
The Sensex edged up by a mere 20.59 points or 0.03% to reach 74,248.22, while the Nifty remained unchanged at 22,513.70.
RBI Governor Shaktikanta Das highlighted optimism regarding domestic economic growth and easing inflation but cautioned about food price uncertainties.
The lacklustre market response was attributed to uncertainties over future rate cuts, geopolitical tensions, rising crude oil prices, and weak global cues.
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Impact on the stock market
On Friday, most sectoral indices closed higher, with Nifty Realty leading the gains at 1.43%, followed by Nifty Bank and Private Bank, both up by 0.90%, and Financial Services, which rose by 0.86%.
| Sector/Index | Performance |
| Information Technology | -0.50% |
| Healthcare | -0.03% |
| Oil & Gas | +0.08% |
| Realty | +1.43% |
| PSU Banks | +0.74% |
Top gainers today
| Company | Price | Change (%) |
| Kotak Mahindra | 1,785.15 | +2.06% |
| SBI Life Insurance | 1,485.30 | +1.47% |
| HDFC Bank | 1,549.55 | +1.44% |
| Bajaj Finserv | 1,677.95 | +1.34% |
| ITC | 427.55 | +1.14% |
Top losers today
| Company | Price | Change (%) |
| UltraTechCement | 9,823.60 | -1.81% |
| Grasim | 2,237.55 | -1.77% |
| Bajaj Auto | 9,009.50 | -1.49% |
| Bajaj Finance | 7,175.65 | -1.48% |
| L&T | 3,743.10 | -1.44% |
Market aftermath: Impact on stocks
IREDA shares surge 14%
IREDA shares surged over 14% on April 5, following a limit change to 20% from 5% by the BSE, meaning they can rise or fall to a maximum extent of 20% for a trading session. The stock’s recent ascent, up 32% in the past week, correlates with record loan growth in FY24.
IREDA’s market cap surpassed ₹ 48,200 crore, with a trading volume of 14 crore shares, significantly higher than the one-month average of 3 crore shares.
Also Read: IREDA touches 200% returns after IPO: Should you book profits?
Aavas Financiers surges 8%
Aavas Financiers witnessed a 20% YoY increase in disbursements, totalling ₹ 1,890 crore for the January-March quarter. Assets under management grew by 22% YoY, reaching ₹ 17,300 crore.
The surge in quarterly updates drove trading volumes, with 34 lakh shares traded so far, compared to the one-month average of 9 lakh shares. Smallcap World Fund INC divested a 1.27% stake in two open market transactions, selling shares at ₹ 1,421.05 and ₹ 1,420.19 each.
Indraprastha Medical Corp hits 52-week high
HDFC Bank sold 27.8 lakh shares, representing 3.03% of Indraprastha Medical’s total share capital, for ₹ 55.46 crore. The average price per share was ₹ 199.38. Following the sale, HDFC Bank now holds 2.45% in the medical firm.
Shares surged 19% in early trade, reaching ₹ 242.55, hitting a 52-week high at ₹ 249. Over the past year, shares have surged over 200%, outperforming the Nifty 50 index’s 28% rise.
Oil prices fluctuate amid mixed market responses
Oil prices fluctuate on mixed market responses to U.S. economic reports. Despite a slight dip, Light Crude Oil Futures traded at $86.55, down $0.04. Analysts project Brent to reach $95 per barrel, with WTI expected to surpass $90.
OPEC+ emphasises output cut compliance while reducing heavy oil exports from Mexico and the UAE to tighten the global heavy oil market.
Also Read: Fueling India’s growth engine: Evolution and outlook of oil & gas industry
Conclusion
In today’s market roundup for April 5, 2024, the Indian stock market saw a flat close after the RBI decided to maintain repo rates.
IREDA and Aavas Financiers witnessed significant surges, reflecting robust performance in loan growth and asset management. Indraprastha Medical Corp hit a 52-week high amid strategic share sales. Oil prices fluctuated amidst mixed market responses to US economic reports.
Stay tuned on StockGro for more updates on market trends.
