Sensex, Nifty Rally Led by PSU Bank, Metal, Pharma; Bajaj Twins Top Gainers
by Sandip Das on 28 March 2024, 5 min read
The Indian stock market rallied on March 28, 2024 with Sensex jumping 1026 points at 74,022.93 while Nifty surging 340 points at 22,463.80.
Around 2,149 stocks advanced and 1,606 declined while 109 stocks remained unchanged.
Among the sectors, expect for media, all other sectors were trading in the green led by PSU Bank, Metal and Pharma which added 1.5-3 percent. The other sectoral gainers included Bank Nifty, Auto and FMCG.
Top Nifty50 Gainers
| Company Name | Last Traded Price (Rs) | % Change |
| Bajaj Finserv | 1666.85 | 5.32 |
| Bajaj Finance | 7323.6 | 4.28 |
| Grasim Industries | 2300.95 | 4.24 |
| Mahindra & Mahindra | 1952.95 | 3.82 |
| Eicher Motors | 4056.9 | 3.66 |
Top Nifty50 Losers
| Company Name | Last Traded Price (Rs) | % Change |
| Shriram Finance | 2359.35 | -1.13 |
| Axis Bank | 1050.75 | -0.20 |
Stocks in Action
Bajaj Finance
Following reports that subsidiary Bajaj Housing Finance was planning to go public with a valuation of $9-10 billion, the share price of Bajaj Finance gained over 4 percent. The move aims to meet the RBI’s mandatory requirement for “upper layer” NBFCs to list within three years of being notified. According to the current regulatory timeline laid out by the RBI, Bajaj Housing Finance has to list by September 2025.
Also read: TAC Infosec IPO: Check Out Price Band, Issue Size & More
VIP Industries
The stock price of VIP Industries surged over 13 percent after the luggage maker shared its growth strategy. In an investor presentation on March 27, VIP Industries highlighted its key goal of achieving double-digit revenue growth from Q4FY24. It also set an EBDITA ambition of 15 percent growth from H2FY25 onwards. The company aims to enhance its market share in the luggage space from H1FY25 onwards. Additionally, VIP Industries announced plans to expand its portfolio to include premium options, targeting new customers at various price points. Moreover, the company is optimizing its inventory to reduce debt and interest costs.
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.
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