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What happened in the Indian stock market today (1-July-2024)?

On July 1, 2024, Indian stock market benchmarks, the Sensex and the Nifty 50, saw healthy gains driven by select financial and IT heavyweights amid positive global cues.

Indian stock market today (1-July-2024)

The Sensex rose 443 points, or 0.56%, to close at 79,476.19, while the Nifty 50 gained 131 points, or 0.55%, ending at 24,141.95. 

The overall market capitalisation of firms listed on the BSE increased to nearly ₹443.1 lakh crore from ₹439.2 lakh crore in the previous session, adding about ₹3.9 lakh crore to investors’ wealth in a single day.

Impact on the stock market

All sectoral indices closed with gains except for Nifty PSU Bank (down 0.76%) and Realty, down 0.33%.

Nifty Media rose 2.42%, and IT increased 1.97%, leading the sectoral gainers. The Nifty Bank index gained 0.44%, Private Bank ended 0.52% higher, and Nifty Financial Services saw a healthy rise of 0.90%.

Sector/IndexPerformance
Information Technology+1.97%
Healthcare+0.15%
Oil & Gas+0.38%
Realty-0.33%
PSU Banks-0.76%

Today top gainers in share market

CompanyPriceChange (%)
Tech Mahindra share price1,472.10+2.92%
Wipro share price527.35+2.43%
Bajaj Finance share price7,276.75+2.27%
Grasim share price2,726.40+2.10%
UltraTech Cement share price11,904.65+2.03%

Today top losers in share market

CompanyPriceChange (%)
NTPC share price369.75-2.27%
SBI share price841.95-0.82%
Eicher Motors share price4,635.55-0.80%
Dr Reddys Labs share price6,353.70-0.76%
Apollo Hospital share price6,140.50-0.73%

Market aftermath: Impact on stocks today

GRSE surged over 10% and hit a record high

Garden Reach Shipbuilders & Engineers surged over 10% to a record high of ₹2,309 on July 1 after securing a $21 million contract to construct an advanced ocean-going tug for the Bangladesh government.

This year, shares have surged over 163%, compared to a 10% rise in the Nifty 50. The order will be executed within 24 months.

IREDA stock soars 6% on Q1 business update

IREDA shares surged over 6% on July 1 following a Q1 business update revealing a 382.62% YoY increase in loan sanctions to ₹9,136 crore and a 67.61% rise in disbursements to ₹5,320 crore. 

The stock, now trading at ₹197.48 on NSE, is 525% above its IPO price of ₹32, significantly outperforming Nifty’s 10% gain this year. The company hit an all-time high of ₹215 on February 6.

Zomato gains 2%, nears 52-week high

Shares of Zomato rose 2% to ₹204 on July 1, nearing their 52-week high of ₹207, driven by reports of potential inclusion in the NSE Nifty 50 and entry into derivatives trading. 

Approximately four crore Zomato shares traded on BSE and NSE. Revised SEBI criteria for F&O segment inclusion could see Zomato attracting $491 million in passive fund buying if added to Nifty 50. Zomato shares have surged over 63% this year, outperforming Nifty 50’s 10% gain.

Crude oil futures rise

Crude oil futures traded higher on Monday morning, driven by hopes for an early US interest rate cut. At 9:11 am, September Brent oil futures were up 0.49% at $85.42, and August WTI crude futures rose 0.52% to $81.96. 

On the Multi Commodity Exchange (MCX), July crude oil futures increased 0.51% to ₹6,840, and August futures climbed 0.47% to ₹6,780.

Conclusion

In summary, July 1 was a bullish day for the Indian stock market as the Sensex and Nifty 50 posted strong gains driven by financial and IT sectors amidst positive global signals. 

GRSE hit a record high on securing a significant contract, while IREDA and Zomato saw notable increases. Crude oil futures rose on expectations of US rate cuts. 

Stay updated with StockGro for more on today’s market trends and developments.

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