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What happened in the Indian stock market today (3rd Sep 2024)?

On Sep 3, Indian stock market saw a rather uneventful day as the Sensex and Nifty 50 ended flat.

 Indian stock market today (3rd Sep 2024)

The Sensex closed marginally lower by 4 points at 82,555.44, while the Nifty 50 managed to close just 1 point higher at 25,279.85. 

While the benchmarks showed little movement, the mid and small-cap segments performed better, with the BSE Midcap and Smallcap indices rising by 0.19% and 0.54%, respectively. 

Impact on the stock market

Among the sectors, bank and capital goods indices posted gains of 0.5% each, while media, power, metal, realty, and oil & gas sectors saw declines ranging from 0.5% to 1.5%.

Sector/IndexPerformance
IT & BPM sector-0.29%
Healthcare sector-0.06%
Oil & Gas sector-0.52%
Real estate sector-0.52%
PSU Bank in India-0.35%

Top gainers today

CompanyPriceChange (%)
SBI Life Insura Share Price1,928.65+2.11
HDFC Life Share Price758.75+1.80
ICICI Bank Share Price1,247.70+1.44
Shriram Finance Share Price3,271.60+1.44
Bajaj Finserv Share Price1,865.60+1.36

Top losers today

CompanyPriceChange (%)
ONGC Share Price322.20-1.23
Infosys Share Price1,941.25-1.18
Bajaj Finance Share Price7,353.80-1.16
JSW Steel Share Price930.95-1.01
Adani Ports Share Price1,479.55-1.00

Market aftermath: Impact on stocks

Vdeal System lists with 52% premium on NSE SME

Vdeal System made a remarkable debut on the NSE SME, listing with a 52% premium at ₹170 against the offer price of ₹112. The IPO had been oversubscribed by 71.38 times, reflecting strong investor interest. 

The stock further climbed to ₹178.50, showcasing the bullish sentiment surrounding this SME listing. Retail investors and high net worth individuals (HNIs) showed strong participation, driving the stock’s stellar performance.

You may also read: Shree Tirupati Balajee Agro Trading IPO: Everything you need to know

GACM Technologies hits upper circuit after ₹10 crore order

GACM Technologies, a penny stock, saw a 5% surge, hitting its upper circuit after announcing a ₹10 crore project win. The stock has been on an upward trajectory, gaining 22% in one week and 83% in three months. 

This project is expected to boost the company’s revenue and profitability, aligning with its growth strategy. GACM Technologies has been a multibagger, delivering over 126% returns in the past year.

Also read : Semiconductor Stocks Surge as Nvidia Exceeds Expectations

Hindustan Aeronautics jumps 5% 

Hindustan Aeronautics Ltd (HAL) shares jumped over 5% following the union cabinet’s approval for procuring 240 aero-engines worth ₹26,000 crore. The stock has delivered outstanding returns, with over 137% gains in the past year and 580% in three years. 

The new order is expected to further strengthen HAL’s order book, providing strong revenue visibility for the coming years.

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Crude oil price decline

In the commodities market, crude oil prices dipped despite supply disruptions in Libya. November Brent oil futures were down by 0.32% at $77.27, and Crude oil futures fell by 0.16% to $73.92. 

September crude oil futures on the Multi Commodity Exchange (MCX) traded marginally lower at ₹6,221, while October futures were slightly down at ₹6,155. The ongoing supply issues in Libya, which have reduced production to nearly half of its usual level, did not provide enough support to offset the bearish sentiment in the market.

Conclusion

The Indian stock market had a mixed day with the major indices ending flat amid weak global cues. However, certain stocks like Vdeal System, GACM Technologies, and Hindustan Aeronautics saw significant movements, reflecting specific catalysts that drove their performance. 

Meanwhile, the dip in crude oil prices highlighted the ongoing concerns in the global commodities market. As the market looks ahead, investors will likely keep a close watch on global cues and domestic developments to gauge the next move.

Stay tuned on StockGro for more updates on market trends.

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