Here’s Why Stock Market Rallied Today?


by Sandip Das on 24 January 2024,  5 min read

Here's Why Stock Market Rallied Today? - MyDhanush Blogs by Ashika

On January 24, 2024, the Indian stock market, experiencing volatility, closed positively. The Sensex surged by 689 points, reaching 71,060, while the Nifty gained 215 points, concluding the session at 21,453. Investors seized the opportunity to buy stocks during market dips, although concerns about FIIs selling persisted. According to NSE data, FIIs have sold equities worth Rs 27,830 crore in the last five sessions.

Notably, 1744 stocks advanced, 769 declined, and 769 remained unchanged.

In terms of sectors, the auto, Information Technology, capital goods, FMCG, metal, oil & gas, and power indices all witnessed gains ranging from 1 to 2 percent.

Top Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
Hindalco Industries 566.75 4.68
Dr Reddy’s Labs 5891 3.82
IndusInd Bank 1495.45 3.73
Tata Steel 134.9 3.69
HCL Tech 1576.75 3.49
Top Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
ICICI Bank 998.3 -2.99
Axis Bank 1059.6 -2.72
Asian Paints 3001.95 -1.73
Adani Ports 1123.25 -1.22
Hero MotoCorp 4418.4 -0.58
Most Active Stocks on NSE in Terms of Volumes
Company Name Last Traded Price (Rs) Volume
HDFC Bank 1456.3 4,30,02,202
Tata Steel 134.9 3,93,40,119
ICICI Bank 998.3 3,45,78,943
Power Grid 245.7 2,83,09,825
NTPC 308.65 2,39,22,028
Asian markets close mixed

Asian markets ended up mixed with Hong Kong Hang Seng index jumping over 3 percent at 15,899 while Kospi shed 0.36 percent at 2,469. Janapn’s Nikkei shed 0.8 percent at 36,226 level.

Also read: India Pips Hong Kong, Becomes 4th Largest Stock Market in The World

European markets edge higher

European markets were trading higher in the morning session on January 24. FTSE added 0.23 percent at 7,503 while CAC was up 0.5 percent at 7,428. German DAX was up 0.96 percent and was trading at 16,786 level

Stocks in action:
Tech Mahindra: up 2.81%

On January 24, the share price of Tech Mahindra increased by more than 2 percent. Despite a 61 percent year-on-year (YoY) decline in profit, the IT firm saw a 3 percent quarter-on-quarter (QoQ) increase in a seasonally weak quarter, as the slowdown in demand persisted in crucial sectors such as hi-tech, telecom, and financial services. The revenue from operations also experienced a 5 percent decline, amounting to Rs 13,103 crore.

Indian Oil Corporation: up 3.78%

The share price of Indian Oil Corporation rose by over 3 percent following the announcement of a consolidated net profit of Rs 9,224.85 crore for the third quarter of the financial year 2023-24. This represented a significant increase from the Rs 890.28 crore reported in the previous year.

However, there was a 33 percent sequential decline in net profit compared to the Rs 13,713.08 crore profit recorded in the July-September quarter. The decrease in profit during the third quarter was attributed to substantial inventory losses and a sharp decline in diesel cracks.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions. Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

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