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What happened in the Indian stock market today(2-July-2024)?

On July 2, 2024, the Indian stock market saw a sell-on-rise and buy-on-dips trend prevail.

Indian stock market today(2-July-2024)

The Nifty 50 reached an intraday high of 24,236.35 but closed slightly lower at 24,123.85, a decrease of 18 points or 0.07%. Similarly, the Sensex hit a new peak of 79,855.87 before settling at 79,441.45, down 35 points or 0.04%. 

Over 350 stocks, including Tech Mahindra, Ambuja Cements, and UltraTech Cement, achieved fresh 52-week highs on the BSE during intraday trading amid weak global cues influencing the market’s volatility.

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Impact on the stock market

Most indices closed lower, with Nifty Bank dropping 0.74%, PSU Bank index declining 1.81%, and the Private Bank index down 0.83%. FMCG and Auto sectors also saw notable losses, down 0.80% and 0.79% respectively. 

In contrast, Nifty Media rose 1.12% and IT gained 1.17% by the end of trading.

Sector/IndexPerformance
Information Technology+1.17%
Healthcare-0.32%
Oil & Gas+0.26%
Realty+0.83%
PSU Banks-1.81%

Top gainers today

CompanyPriceChange (%)
Larsen share price3,626.50+2.83%
Wipro share price538.20+2.06%
Infosys share price1,621.05+1.90%
HDFC Bank share price1,730.60+1.49%
TCS share price4,017.40+0.99%

Top losers today

CompanyPriceChange (%)
Shriram Finance share price2,824.90-3.40%
Bharti Airtel share price1,418.95-2.41%
Kotak Mahindra share price1,769.60-2.13%
Tata Motors share price981.30-2.07%
IndusInd Bank share price1,429.45-1.88%

Market aftermath: Impact on stocks today

Angel One stock drops 10%

Angel One’s stock dropped 10% to ₹ 2,394.85 on July 2 after SEBI’s new circular on market intermediary charges. The revision may impact Angel One’s ₹ 400 crore earnings from transaction charges in FY24. 

Trading volumes spiked to 18 lakh shares, far above the one-month average of 5 lakh. The circular mandates MIIs to charge clients directly without discounts. This change could significantly reduce revenues for discount brokers, though higher brokerage rates might offset some impact.

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CSB Bank surges 7% on strong Q1 growth

CSB Bank’s stock surged 7% to ₹ 402 per share on July 2 following a robust Q1FY25 business update. Total deposits grew 22.2% YoY to ₹ 29,920 crore, while gross advances rose 17.7% YoY to ₹ 25,099 crore.

CSB Bank shares soared over 17% in the past month, outperforming the Nifty 50 index’s 7% increase. Despite this rise, the stock remains below its recent high of ₹ 421. CSB Bank reported a 3.1% YoY decline in Q4FY24 net profit to ₹ 151.5 crore with GNPA at 1.47% and NNPA at 0.51%.

Godrej Properties soars 5%

Godrej Properties hit a record high, surging over 5% to ₹ 3,337.8 per share on July 2 after selling more than 2,000 homes worth ₹ 3,150 crore at its Godrej Woodscapes project in Bengaluru. 

The project at Whitefield-Budigere Cross saw sales of over 3.4 million square feet, marking its most successful quarterly launch in both value and volume. Year-to-date, the stock has soared over 65%, far outpacing the Nifty 50 index’s 10% rise.

Crude oil futures rise

Crude oil futures rose in morning trading on Tuesday, driven by anticipated US summer holiday demand. September Brent oil futures reached $86.84, up 0.28%, while August WTI crude oil futures stood at $83.56, up 0.22%. 

On the Multi Commodity Exchange (MCX), July crude oil futures opened at ₹6,977, a 0.39% increase from the previous close, with August futures at ₹6,909, up 0.41% from ₹6,881.

Conclusion

In summary, July 2 saw a mixed day for the Indian stock market with the Nifty 50 and Sensex experiencing minor fluctuations amid broader market volatility. 

Angel One faced a notable decline following SEBI’s regulatory changes, while CSB Bank and Godrej Properties surged on strong quarterly performances. Crude oil futures rose on expectations of increased summer demand. 

Stay tuned to StockGro for more updates on market trends and developments.

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