Home » Blogs » Market Spotlight » What happened in the Indian stock market today(09-Jul-2024)?

What happened in the Indian stock market today(09-Jul-2024)?

On July 9, 2024, Indian stock benchmarks, the Nifty 50 and the Sensex, surged to new record highs despite mixed global signals.

Indian stock market today(09-Jul-2024)

The Nifty 50 reached an all-time peak of 24,443.60, while the Sensex touched a new high of 80,397.17 during the session. By close, the Nifty 50 settled at 24,433.20, up 113 points or 0.46%, and the Sensex ended at 80,351.64, gaining 391 points or 0.49%. 

Investor focus remained on US Federal Reserve Chair Jerome Powell’s upcoming congressional testimony, influencing expectations of a rate cut in September amid global economic uncertainties.

You may also like: Railway stocks rally ahead of budget: Key expectations and drivers

Impact on the stock market

The Nifty Auto index surged by 2.23%, finishing as the top gainer among sectoral indices. Other notable gainers included Nifty Consumer Durables, which rose by 1.74%, Pharma up by 1.57%, PSU Bank by 1.28%, Healthcare and Realty both increasing by 1.14% and FMCG which closed with a 0.97% gain.

Meanwhile, Nifty Bank experienced a rise of 0.27%.

In contrast, Nifty IT and Oil & Gas were the only major sectoral indices to decline, falling by 0.20% and 0.17%, respectively, on the NSE today.

Sector/IndexPerformance
Information Technology-0.20%
Healthcare+1.14%
Oil & Gas-0.17%
Realty+1.14%
PSU Banks+1.28%

Top gainers today

CompanyPriceChange (%)
Maruti Suzuki share price12,827.70+6.69%
M&M share price2,925.50+2.60%
ITC share price452.60+2.03%
Divis Labs share price4,551.95+1.97%
Titan Company share price3,215.15+1.87%

Top losers today

CompanyPriceChange (%)
TATA Cons. Prod share price1,142.20-0.75%
Reliance share price3,180.55-0.66%
ONGC share price297.45-0.57%
Shriram Finance share price2,792.00-0.57%
Bajaj Finance share price7,068.05-0.43%

Market aftermath: Impact on stocks

CESC shares surge 10%

CESC shares surged 10% on July 9 after announcing a 5.7% tariff hike and a fuel adjustment charge for consumers to cover incremental fuel costs. 

Over the past year, CESC shares have jumped over 140%, significantly outperforming the Nifty 50’s 26% rise. The company trades at a discount to peers like Torrent Power, Tata Power, and Adani Power, which is expected to narrow with the tariff hike.

Texmaco Rail falls 4%

Texmaco Rail shares fell over 4% on July 9 due to profit booking, despite Nuvama’s ‘buy’ rating with a target of ₹ 331. The stock has surged over 230% in the past year, compared to Nifty’s 26% rise. 

The company benefits from Indian Railways’ expansion and metro projects, with recent order accretion up 75% over FY14–22 levels.

Also Read: Godrej consumer share price dips: A closer look at Q1 performance

Keystone Realtors shares surge 6%

Keystone Realtors shares surged over 6% on July 9 after reporting a 22% year-on-year growth in Q1FY25 pre-sales, reaching ₹ 611 crore. However, pre-sales dropped 28% sequentially from ₹ 843 crore in the March quarter. 

Despite underperforming the Nifty 50 with a 12% gain over the past year, Keystone strengthened its financial position with an ₹ 8 crore QIP in May 2024.

Crude oil prices dip

Crude oil prices fell despite Hurricane Beryl’s limited impact on U.S. oil operations in Texas. At 09:20 GMT, Light Crude Oil Futures traded at $81.86, down $0.47 or -0.57%. Gulf Coast refineries reported minimal disruption, with operations slowly resuming. 

Saudi Arabia expects August crude exports to China to reach 44 million barrels, aiming to regain market share. Prices dropped 1% on Monday amid hopes for a Gaza ceasefire, affecting global supply concerns.

Conclusion

In today’s market action on July 9, 2024, the Nifty 50 and Sensex soared to new heights, setting records despite global uncertainties. 

CESC shares surged following a tariff hike, while Texmaco Rail saw profit-booking pressure. Keystone Realtors reported strong pre-sales growth, boosting investor sentiment. Meanwhile, crude oil prices dipped amid geopolitical developments. 

Stay tuned with StockGro for the latest updates on market trends and emerging opportunities.

Enjoyed reading this? Share it with your friends.

Post navigation

Leave a Reply

Your email address will not be published. Required fields are marked *