On March 26, 2024, Indian benchmarks, the Nifty 50 and the Sensex, broke their three-day winning streaks amidst weak global cues.
Sensex opened at 72,396.97, down from the previous close of 72,831.94, and closed at 72,470.30, dropping 362 points or 0.50%.
Nifty 50 started at 21,947.90, lower than the prior close of 22,096.75, and ended at 22,004.70, down by 92 points or 0.42%.
Investors’ risk appetite decreased due to ongoing uncertainty regarding the Federal Reserve’s interest rate cuts. With only three trading days this week, market volume remained low, indicating a lack of substantial momentum.
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Impact on the stock market
Nifty Media emerged as the top loser, dropping 1.66%. Meanwhile, Nifty Bank and Private Bank indices saw declines of 0.56% and 0.50%, respectively.
However, the PSU Bank index rose by 0.10%. On the upside, Nifty Realty surged 1.57%, with Nifty Oil & Gas following closely with a gain of 0.73%.
| Sector/Index | Performance |
| Information Technology | -0.62% |
| Healthcare | +0.39% |
| Oil & Gas | +0.73% |
| Realty | +1.57% |
| PSU Banks | +0.10% |
Top gainers today
| Company | Price | Change (%) |
| Bajaj Finance | 6,910.10 | +2.21% |
| Hindalco | 558.65 | +1.99% |
| Britannia | 4,961.45 | +1.98% |
| Adani Ports | 1,304.20 | +1.76% |
| Larsen | 3,670.10 | +1.45% |
Top losers today
| Company | Price | Change (%) |
| Power Grid Corp | 270.05 | -2.07% |
| Eicher Motors | 3,911.10 | -1.94% |
| Bharti Airtel | 1,213.10 | -1.86% |
| Wipro | 479.85 | -1.49% |
| Kotak Mahindra | 1,753.70 | -1.28% |
Market aftermath: Impact on stocks
SpiceJet settles ₹ 755-cr debt with EDC
SpiceJet announced a ₹ 755 crore settlement with Export Development Canada, resulting in savings of ₹ 567 crore. The deal grants full ownership of 13 Q400 aircraft, aiding fleet expansion.
With 12 currently grounded, the refurbishment will facilitate flights on regional routes. Over recent months, SpiceJet has resolved issues with multiple lessors, aiming to restore its grounded fleet. The airline currently operates 39 aircraft, with plans to utilise Q400s for regional flights.
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Rategain stock surges 3%
Rategain Travel Technologies rose 3% on March 26 after announcing a strategic alliance with Madrid’s Summerwind GSA for airline representation. The partnership integrates Rategain’s AI-powered pricing solution AirGain, with Summerwind’s global reach, enhancing airline clients’ competitiveness.
Rategain’s shares have soared 140% in the past year, reflecting investor confidence in the company’s growth prospects.
JSW Energy acquires 45 MW wind project, stock Up 2.5%
JSW Energy’s subsidiary will purchase a 45 MW Vashpet wind project from Reliance Power for ₹ 132 crore, boosting its renewable energy portfolio. Despite gaining 2.5% initially, JSW Energy stock traded mildly in the red at ₹ 514.55 apiece.
The company aims to expand its generation capacity to 20 GW and energy storage capacity to 40 GWh by 2030 while aiming for carbon neutrality by 2050. In Q3, its consolidated net profit surged 24.36% Year over Year to ₹ 2,661.41 crore.
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Crude oil futures dip
Despite a tighter supply outlook, crude oil futures traded slightly lower on Tuesday morning. At 9.12 am, June Brent oil futures stood at $86.07, down 0.01%, while May WTI futures were at $81.94, down 0.01%.
On the MCX, April crude oil futures were at ₹6829, up 0.07%, with May futures at ₹6796, up 0.12%. These minor fluctuations occurred despite expectations of reduced supply in the coming months.
Conclusion
In today’s stock market update for March 26, 2024, Indian indices experienced a downturn after a three-day winning streak, influenced by weak global cues and ongoing uncertainty surrounding Federal Reserve decisions.
Despite this, SpiceJet’s debt settlement and positive movements in RateGain Travel Technologies and JSW Energy showcased notable developments.
Stay tuned on StockGro for market updates and insights.
