Table of contents
Sensex opened at 75,124.28, touching a fresh peak before ending 59 points lower at 74,683.70. Nifty 50 opened at 22,765.10, hitting a high of 22,768.40, but closed 24 points lower at 22,642.75.
Investors booked profits ahead of US inflation data. Due to strong US macro data and steady inflation reduced expectations of Federal Reserve rate cuts.
The market focus shifted to March quarter earnings. Cautious sentiment prevailed globally, with major European markets in decline during Sensex’s closing.
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Impact on the stock market
Nifty Media, PSU Bank, Consumer Durables, and FMCG were the top losers among sectoral indices, declining by 1.26%, 0.84%, 0.79%, and 0.62%, respectively.
Conversely, Nifty Metal surged by 1.13%, buoyed by positive global cues, as industrial metal prices rose on expectations of increased demand as global manufacturing rebound. Nifty Bank ended 0.31% higher.
| Sector/Index | Performance |
| Information Technology | +0.04% |
| Healthcare | +0.25% |
| Oil & Gas | -0.44% |
| Realty | +0.53% |
| PSU Banks | -0.84% |
Top gainers today
| Company | Price | Change (%) |
| Apollo Hospital | 6,505.05 | 3.13% |
| Hindalco | 588.60 | 2.05% |
| ICICI Bank | 1,107.05 | 1.83% |
| Bajaj Finserv | 1,710.40 | 1.26% |
| Infosys | 1,494.85 | 1.23% |
Top losers today
| Company | Price | Change (%) |
| Titan Company | 3,679.35 | -1.86% |
| Coal India | 439.85 | -1.69% |
| Hero Motocorp | 4,521.70 | -1.60% |
| Reliance | 2,927.30 | -1.50% |
| Asian Paints | 2,857.15 | -1.21% |
Market aftermath: Impact on stocks
Premier explosives surges 17% to 52-week high
Premier Explosives shares surged by 17% and hit a 52-week high as the company considers a stock split, with the board set to meet on April 19 to discuss this proposal. The stock jumped to ₹1,983.5 apiece on the NSE, up 17.36% from the previous close.
Additionally, the company plans to raise funds, subject to regulatory approvals and shareholder consent. In Q3FY24, Premier Explosives’ net profit soared by 172%, reaching ₹1.71 crore, with total income rising by 24.5% to ₹47.4 crore.
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Axis Bank shares rise by 1.3%
Bain Capital’s exit caused a spike in Axis Bank shares as 3 crore shares worth ₹3,588 crore were exchanged in a block deal. Shares surge to ₹1,090, with Bain Capital selling 3.34 crore shares in the price range of ₹1,071 to ₹1,076.05 each.
Bain Capital previously invested ₹6,854 crore in Axis Bank in 2017. Bain Capital sold a 1.1% stake for ₹3,700 crore in December and a 0.7% stake for ₹2,178 crore in June 2023.
Axis Bank shares hit a high of ₹1,090 per share on the NSE, up by 1.3% from the previous close. The stock closed at ₹1,080 on the NSE.
Exide, Amara raja surge up to 20% in 3 days
Battery manufacturers Exide Industries and Amara Raja Batteries saw a significant uptrend, rallying up to 20% in the last three sessions. Exide’s 2% surge follows a 17% rally driven by a partnership with Hyundai and Kia.
JPMorgan raises Exide’s EV battery business valuation to Rs 172 per share, increasing target price to Rs 480. Sharekhan sets a target of Rs 1,052 for Amara Raja amid optimistic growth prospects. Exide shares trade at Rs 385, while Amara Raja reaches Rs 895.
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Crude oil futures rise
Crude oil futures rose Tuesday morning amid ongoing West Asia tensions. June Brent oil futures reached $90.63, up 0.28%, while May WTI futures hit $86.62, up 0.22%.
April MCX crude oil futures traded at ₹7209, up 0.42% from the previous close, with May futures at ₹7156, up 0.36%. Geo-political concerns in West Asia continued to drive market sentiment.
Conclusion
Today, April 9, 2024, the Indian stock market saw a slight decline after hitting record highs, influenced by global weakness and profit booking ahead of US inflation data.
Premier Explosives surged to a 52-week high, while Axis Bank witnessed a block deal with Bain Capital’s exit. Battery manufacturers Exide Industries and Amara Raja Batteries rallied, reflecting positive growth sentiments. Crude oil futures rose amid ongoing tensions in West Asia.
Stay tuned to StockGro for further updates on market trends.
