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What happened in the Indian stock market today (20th Aug 2024)

On Aug 20,The Indian stock market witnessed a day of significant movements, leaving investors with much to consider.

Indian stock market today (20th Aug 2024)

The Sensex closed with a gain of 378 points, or 0.47%, at 80,802.86, while the Nifty 50 settled 126 points, or 0.51%, higher at 24,698.85. This

Positive movement added over ₹2 lakh crore to investor portfolios, signaling strong market sentiment. Several factors contributed to this overall gain, including significant developments in key stocks and sectors.

Impact on the stock market

Nifty Bank index rising 0.86% and the Nifty Financial Services index up 1.11%. Other sectoral indices, except FMCG, also ended in the green, with gains of 0.5% to 1% in healthcare, IT, metal, and power sectors.

Sector/IndexPerformance
IT & BPM sector+0.81%
Healthcare sector+0.53%
Oil & Gas sector+0.15%
Real estate sector+0.20%
PSU Bank in India+1.68%

Top gainers today

CompanyPriceChange (%)
SBI Life Insura Share Price1,761.30+5.37
HDFC Life Share Price710.60+3.63
Bajaj Finserv Share Price1,602.10+3.29
Shriram Finance Share Price3,159.85+2.74
IndusInd Bank Share Price1,381.30+2.50

Top losers today

CompanyPriceChange (%)
ONGC Share Price330.10-1.55
Bharti Airtel Share Price1,449.15-1.39
Adani Enterpris Share Price3,070.65-1.03
Cipla Share Price1,562.85-0.80
Apollo Hospital Share Price6,672.90-0.77

Market aftermath: Impact on stocks

Angel One rises 17%, up 25% in five sessions

Angel One, a leading brokerage firm, saw its shares rise by 17% on heavy trading volumes, marking the fourth straight session of gains. Over one crore shares were traded, significantly above the one-month average of 11 lakh shares. This surge has resulted in a 25% increase over the last five sessions.

The rally follows a strong Q1FY25, where Angel One reported a 32.57% YoY increase in consolidated net profit to ₹292.7 crore and a 74% YoY rise in revenue to ₹1,405 crore. The firm’s client base also grew by 64% to 2.47 crore.

Industry expert Raamdeo Agrawal remains bullish on the capital market segment, citing its high-quality, asset-light nature as key drivers of future growth.

You may also read: Cipla vs Sun Pharma: Titans of India’s pharmaceutical industry

Tech Mahindra to sell land for ₹535 crore

Tech Mahindra shares gained over 2% after announcing the sale of a 103-acre land parcel in Hyderabad to Mahindra University for ₹535 crore.

The land, along with 17 buildings totaling 1.26 million square feet, will be sold in tranches over four years, with an interest rate of 8.2% per annum on deferred payments.

The sale is part of a broader strategy to establish Mahindra University as an autonomous institution focused on societal betterment, allowing Tech Mahindra to redirect resources to its core business areas.

Also read : Tech Mahindra share price surge after Q4 results: CEO’s FY27 Vision

Saraswati Saree Depot shares debut 21% higher on NSE.

Saraswati Saree Depot made a strong debut on the NSE, with shares listing at ₹194, a 21% premium over the issue price of ₹160. The IPO was subscribed 107.39 times, reflecting strong investor interest across categories, including retail, QIB, and NII segments.

Established in 1996, Saraswati Saree Depot has carved a niche in manufacturing and wholesaling women’s apparel, attracting significant market attention during its IPO.

You may like: Saraswati Saree Depot Ltd IPO analysis

Crude oil price decline

Crude oil market saw a dip, influenced by hopes for a ceasefire between Israel and Hamas in West Asia. Brent oil futures and WTI crude oil futures both traded lower, with declines of 0.79% each. 

The drop in crude prices is likely to have mixed implications for the Indian economy. On the one hand, lower oil prices can reduce import costs and improve the trade deficit. On the other hand, it may signal underlying geopolitical uncertainties that could impact global markets.

Conclusion

On July 26 saw a mixed but notable movement in the Indian stock market. While the Sensex and Nifty showed resilience, specific stocks like Cipla and Paytm experienced significant gains due to positive corporate developments. 

The surge in PSU insurer stocks highlighted market dynamics around low public float stocks. Meanwhile, crude oil prices remained influenced by global economic data and market expectations. 

Investors should continue to monitor sector-specific developments and global economic indicators to navigate the market effectively.
Stay tuned on StockGro for more updates on market trends.

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