What happened in the Indian stock market today?

The Nifty 50 crossed the 24,000 mark, and the Sensex, surging past 79,000, set new highs in mid-day trading. 

The 30-share BSE Sensex closed higher by 568.93 points or 0.72% at 79,243.18, while the Nifty 50 ended at 24,036.85, up 168.05 points or 0.7%. Nifty 50 reached the 24,000 level after 23 sessions since crossing 23,000. 

Global markets experienced declines, particularly Hong Kong, down nearly 2%, amid anticipation of significant US inflation data due on Friday, which could impact future interest rate decisions.

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Impact on the stock market

Sectoral indices trading in the green included IT (2.03%), Metals(0.55%), Financial Services(0.14%), Oil & Gas(0.86%), FMCG(0.36%), and Consumer Durables(0.04%). 

In contrast, Banks(-0.11%), Media(-1.35%), Pharma(-0.16%), and PSU Banks(-0.92%) were in the red, while Realty ended flat.

Top gainers today

Top losers today

Market aftermath: Impact on stocks

Texmaco rail hits record high with 11% surge

Texmaco Rail stock surged over 11% on June 27, reaching a record high of ₹245.65 on NSE. In the past year, the stock has soared over 200%, while the Nifty gained 27%. The company’s Q4FY24 net profit jumped 247% to ₹45.32 crore, with revenue up 37.03% to ₹1,144.56 crore. 

For FY24, net profit increased to ₹113.21 crore from ₹26.03 crore in FY23, and revenue rose 56.15% to ₹3,502.87 crore. In 2024, the stock has rallied 38%.

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Bharti Hexacom plunges 6%

Bharti Hexacom shares plunged over 6% to ₹1,178.90 on June 27 after Jefferies downgraded the stock to ‘hold’ from ‘buy’ while raising the target price to ₹1,290 from ₹1,200. 

The stock, which has doubled from its IPO price of ₹570 within two months, fell due to Jefferies’ 4% cut in earnings estimates following the acquisition of 15 MHz spectrum for ₹1,001 crore. Jefferies expects Bharti Hexacom’s revenue and EBITDA to grow at a CAGR of 17% and 23% respectively over FY24-FY27.

JSW Energy rises 4%

JSW Energy shares climbed 4% to ₹739 on Thursday after announcing that its subsidiary, JSW Neo Energy Ltd, signed power purchase agreements (PPAs) for 1,325 MW of wind and solar projects. 

The stock is up 175% from its 52-week low of ₹268.60 and is 2% below its 52-week high of ₹750. The PPAs include 1,025 MW with Solar Energy Corporation of India (SECI) and 300 MW with Gujarat Urja Vikas Nigam. The projects, located in Gujarat and Karnataka, have tariffs of ₹3.62/KWh and ₹2.66/KWh, respectively, for 25 years.

Crude oil futures drop

Crude oil futures fell Thursday morning due to increased US inventories. At 9:13 am, September Brent oil futures were down 0.22% at $84.28, and August WTI crude futures dropped 0.26% to $80.69. 

On the Multi Commodity Exchange (MCX), July crude oil futures decreased by 0.90% to ₹6744 from ₹6805, while August futures declined 0.86% to ₹6703 from ₹6761.

Conclusion

In summary, June 27 marked a historic day for Indian markets as the Nifty 50 surpassed 24,000 and the Sensex crossed 79,000 for the first time, despite global market declines. 

Texmaco Rail surged to record highs, contrasting with Bharti Hexacom’s downturn post-rating downgrade. JSW Energy rose on significant power purchase agreements, while crude oil futures declined amidst increased US inventories. 

Stay tuned with StockGro for detailed insights into market dynamics and emerging trends.