What happened in the Indian stock market today (28-Jun-2024)?

The Nifty 50 reached a peak of 24,174 but closed down 34 points, or 0.14%, at 24,010.60. Similarly, the Sensex hit a record high of 79,671.58 before settling 210 points lower, or 0.27%, at 79,032.73. 

After a slight dip of 0.3% in May amid election uncertainties, the Nifty 50 rebounded strongly in June with a nearly 7% gain, supported by increased foreign institutional investor (FII) activity. Positive economic indicators and robust retail investor participation boosted market sentiment.

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Impact on the stock market

The Nifty Bank index closed down by 0.89%, mirroring a 0.87% decline in the Financial Services index. Conversely, the Nifty Private Bank index dropped 1.24%, while the PSU Bank index posted a robust gain of 0.88%.

Meanwhile, sectors like Nifty Oil & Gas (+1.68%), Pharma (+1.11%), and Healthcare (+1.10%) ended the session with notable gains.

Today top gainers in share market

Today top losers in share market

Market aftermath: Impact on stocks today

KPI Green Energy shares surge 5%

KPI Green Energy Ltd announced it secured a ₹686 crore credit facility for a 200 MWAC Solar Photovoltaic Power Project in Khavda, Gujarat. Following this news, its shares surged 5%, closing at ₹1,804.85 on NSE on June 28. 

The company, which raised ₹300 crore through a Qualified Institutional Placement (QIP), stated the funds will expedite the project’s development, aiming to achieve 1000 MWp capacity by 2025. KPI Green Energy, a Gujarat-based solar and hybrid energy producer, also approved a 1:2 stock split of its equity shares.

Also Read: Stanley Lifestyles IPO

Stanley Lifestyles IPO debuts at 34% premium on NSE

Stanley Lifestyles, a prominent luxury furniture brand in India, debuted on the NSE at ₹494.95, a 34% premium over its issue price of ₹369. The IPO aimed to raise ₹537.02 crore, with a fresh issue of ₹200 crore and an offer for sale of ₹337.02 crore. 

The IPO, which ran from June 21 to June 25, was oversubscribed 96.98 times, driven by strong demand from retail and non-institutional investors. Stanley Lifestyles, founded in 2007, operates two manufacturing facilities in Bengaluru.

Reliance shares hit record high

Reliance Industries (RIL) shares hit a record high of ₹3,129 on June 28, pushing its market cap above ₹21 lakh crore for the first time. The stock has gained 21% year-to-date and 36% over the past year, outperforming the Sensex, which rose 10% and 25% respectively. 

Boosted by a 20% tariff hike by Reliance Jio, analysts expect further gains. 

Crude oil futures rise

Crude oil futures climbed higher on Friday morning amid rising tensions in West Asia. At 9:13 am, September Brent oil futures rose to $85.59, up by 0.39%, while August WTI crude oil futures were at $82.16, marking a 0.51% increase. 

On the Multi Commodity Exchange (MCX), July crude oil futures traded at ₹6856, up 0.76%, with August futures at ₹6802, up 0.64% from the previous close.

Conclusion

In summary, June 28 saw profit-taking trim gains in the Indian stock market after recent highs, with the Nifty 50 and Sensex retreating slightly. 

KPI Green Energy surged on securing a significant credit facility, while Stanley Lifestyles made a robust IPO debut. Reliance Industries hit a record market cap, driven by strong performance from its telecom arm. Crude oil futures rose amidst escalating tensions in West Asia. 

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