Stock Market Updates: Sensex, Nifty Rise; Tata Motors Hits Fresh High, L&T Dips

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by Sandip Das on 31 January 2024,  5 min read

Stock Market Updates: Sensex, Nifty Rise; Tata Motors Hits Fresh High, L&T Dips - MyDhanush Blogs by Ashika
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The Indian stock market rose on January 31, 2024, with Sensex up 648 points at 71788 while Nifty gained 196 points and was trading at 21718 level.

Around 1627 stocks advanced and 706 declined while 93 remained unchanged.

Among the sectors, barring the media space, all other sectors were trading in the green. Nifty Pharma was up over 2 percent while Bank Nifty and the auto index gained 1.5 percent each.

Top Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
Dr Reddy’s Labs 6093 4.32
Sun Pharma 1414.8 3.14
Eicher Motors 3812.85 2.92
Divsi labs 3632.25 2.27
Axis Bank 1077.55 2.22
Top Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
Larsen & Toubro 3473.35 -4.40
Titan Company 3701 -0.93
SBI Life Insurance 1393.3 -0.41
BPCL 502.85 -0.27
Nestle India 2488.05 -0.16
Stocks on the move
Tata Motors: up 2.39 percent

Tata Motors’ share price surged over 2%, reaching a new all-time high on January 31, 2024. The automotive giant revealed intentions to increase prices for its passenger vehicles, including electric vehicles, by 0.7% starting February 1, aiming to enhance its profit margins.

Dr Reddy’s Labs: up 4.38 percent

In the third quarter, the pharmaceutical company witnessed an 11% increase in its consolidated net profit. Revenue also grew 6.6%, reaching Rs 7,236.8 crore, with EBITDA rising by 4.4% to Rs 2,023.1 crore.

Larsen & Toubro: down 4.5%

Larsen & Toubro’s share price dropped by over 4% following the announcement of its Q3 earnings. The company disclosed a consolidated net profit of Rs 2,947 crore for the third quarter of FY24, marking a 15% increase from last year. The revenue surged to Rs 55,128 crore, representing a 19% year-on-year growth, according to the company’s filing on January 30.

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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