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On February 27, 2024, the Sensex and Nifty 50 surged amidst a volatile trading session, driven by gains in IT, auto, pharma, and realty sectors.
The BSE Sensex closed 305.09 points higher at 73,095.22, up by 0.42%, while the Nifty 50 ended at 22,198.35, marking a 76.30-point increase or 0.34%.
Investors closely monitored crucial US and domestic economic indicators. Analysts remain optimistic, foreseeing positive trends in both markets, with expectations of favourable macroeconomic data like the US GDP, poised to drive the markets to new highs soon.
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Impact on the stock market
Top gainers in the market include Nifty Auto (+0.71%), Nifty IT (+0.72%), Nifty Pharma (+0.57%), Nifty Metal (+0.36%), Nifty Realty (+1.07%), and Nifty Consumer Durables (+0.92%).
Conversely, Nifty Financial Services (-0.32%), Nifty Media (-0.63%), Nifty PSU Bank (-0.56%), and Nifty Oil & Gas (-0.73%) were among the laggards.
Nifty Bank and Nifty FMCG ended the session unchanged.
| Sector/Index | Performance |
| Information Technology | +0.72% |
| Healthcare | +0.67% |
| Oil & Gas | -0.73% |
| Realty | +1.07% |
| PSU Banks | -0.56% |
Top gainers today
| Company | Price | Change (%age) |
| Tata Motors | 962.70 | +2.75% |
| TCS | 4,101.05 | +2.50% |
| IndusInd Bank | 1,490.60 | +1.64% |
| Bharti Airtel | 1,127.50 | +1.57% |
| Power Grid Corp | 292.30 | +1.56% |
Top losers today
| Company | Price | Change (%age) |
| Hero Motocorp | 4,430.05 | -1.47% |
| Bajaj Finance | 6,556.25 | -1.31% |
| SBI | 749.85 | -1.19% |
| Divis Labs | 3,539.80 | -1.05% |
| UPL | 484.60 | -0.93% |
Market aftermath: Impact on stocks
Havells India hits 52-week high
Havells India stock surged 4% to reach a 52-week high of Rs 1,482 after Goldman Sachs upgraded its rating to ‘buy’ from ‘neutral’. The brokerage raised the price target to Rs 1,660, indicating a 17% upside.
In Q3, net profit rose 1.4% YoY to Rs 287.9 crore, with revenue up 6.8% to Rs 4,400.6 crore. The stock has gained 12.5% in the last three months.
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Whirlpool India’s stock sinks to 52-week low
Whirlpool CEO Marc Bitzer clarified the decision to reduce stake in Whirlpool India was due to high valuations, with the Indian unit trading at 50 times earnings. Despite reassurances, Whirlpool India shares plummeted 5% to a 52-week low of Rs 1,186 on February 27.
Whirlpool stock has plummeted 9% this year, contrasting with the Sensex’s 0.9% rise. SBI Mutual Fund emerged as the largest buyer, acquiring a 7.2% stake in the recent 24% stake sale by Whirlpool Corp.
MCX shares rise 2%
MCX shares surged 2% following a collaboration pact with Jakarta Futures Exchange, aiming to enhance knowledge sharing and market development. Trading at Rs 3,720.25 on the NSE, the stock rose by 1.55%.
Over six months, MCX shares soared by 130%. Despite technical glitches on February 13, MCX saw significant growth, doubling investors’ wealth. Meanwhile, the Nifty 50 rose by only 14% during the same period, highlighting MCX’s exceptional performance.
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Crude oil futures dip
Crude oil futures edged slightly lower on Tuesday morning despite hopes for a ceasefire in the Israel-Hamas conflict. At 9:12 am, May Brent oil futures stood at $81.64, down 0.04%; April WTI crude oil futures were at $77.56, down 0.03%.
Meanwhile, March crude oil futures on MCX traded at ₹6440, a 0.40% decline from the previous close; April futures were at ₹6433, down 0.48% from the previous close.
Conclusion
In today’s market update, the Sensex and Nifty 50 showed resilience, surging amidst volatility driven by gains in IT, auto, pharma, and realty sectors.
Notable movements included Havells India hitting a 52-week high after an upgrade from Goldman Sachs, while Whirlpool India’s stock sank to a low due to stake reduction concerns. MCX shares rose following a collaboration impact.
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