Sensex Today Surges 569 Points | Nifty Tops 24,000 Mark | 3 Reasons Why Indian Share Market is Rising

Thu, 27 Jun Closing

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After opening the day on negative note, Indian share markets reversed the trend as the session progressed and ended on firm footing.

Amid a volatile session, benchmarks Sensex and Nifty hit fresh record highs on Thursday.

At the closing bell, the BSE Sensex stood higher by 569 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 176 points (up 0.7%).

NTPC, Wipro, Grasim Industries were among the top gainers today.

L&T, HDFC Bank and Eicher Motors on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,042 up by 181 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.3% higher and BSE SmallCap index ended 0.5% lower.

Sectoral indices are trading mixed with socks in power sector, telecom sector and IT sector witnessing most buying. Meanwhile stocks in consumer durables sector and capital goods sector witnessing selling pressure.

Shares of TVS Holdings, JK Cement and Reliance industries hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.45 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 71,234 per 10 grams.

Meanwhile, silver prices were trading 0.2% lower at Rs 88,990 per 1 kg.

Here are three reasons why Indian Markets are rising today

#1 Index Heavyweights Rally

Indian benchmark index on Thursday was driven by UltraTech Cement's surge following its announcement of acquiring a 23% stake in India Cement.

RIL, the second-largest stock on the Nifty 50, continued its upward trend with a 1.3% increase, following a 4% rise in the previous session.

#2 Sectoral Gains

Financial services and private sector banks advanced by 0.5%. ICICI Bank, the second-largest private lender by market capitalisation, rose 1% and was poised to extend gains for the eighth consecutive session.

#3 Rupee Factor

The rupee appreciated 8 paise to 83.5 against the US dollar in early trade on Thursday, as crude oil prices retreated from their elevated levels.

At the interbank foreign exchange market, the local unit opened at 83.56 and gained further ground to trade at 83.49 against the greenback in initial deals, registering an increase of 8 paise from its previous closing level.

Speaking of the stock market, two experienced fund managers, James Chanos (US) and Sankaran Naren (India), are concerned about high speculation and low margins of safety in their respective stock markets. This means there's a greater risk of losses if the market crashes.

The advice? Invest cautiously. Consider "stock market insurance".

Rahul Shah, Co-head of research at Equitymaster, talks about what exactly is this insurance and how does it work?

Tune into below video for more details.

Texmaco Rail Hits Record High. Here's Why.

In news from the railway sector, shares of Texmaco Rail & Engineering zoomed over 11% on 27 June to hit a fresh record high of Rs 245.7 on the National Stock Exchange (NSE).

The sharp rally comes as investors expect the company to benefit from the growing Indian economy, and increasing investments in the railway sector.

Texmaco Rail & Engineering Ltd. is a Kolkata-headquartered private engineering and infrastructure company. It is primarily engaged in the business of manufacturing railway wagons, coaches, and locomotives, as well as providing related services.

Texmaco Rail & Engineering reported a substantial increase in its consolidated net profit for the quarter ended March 2024 (Q4FY24). The company's net profit surged 247% to Rs 453.2 m, marking a notable rise from Rs 183.3 m in Q4FY23.

The engineering giant also witnessed a remarkable 37% increase in its revenue from operations, which soared to Rs 11.4 bn in the fourth quarter of FY24.

On an annual basis, the company's performance was equally impressive as the consolidated net profit for FY24 zoomed to Rs 1.1 bn, up from just Rs 260.3 m in FY23.

For more details, check out Why Texmaco Infra Share Price is Rising.

Whirlpool Jumps 10%. Here's why

Moving on to news from the Consumer durable sector, shares of Whirlpool India surged more than 9% on 27 June after it was reported that German engineering group Robert Bosch is considering a bid for the US appliances manufacturer.

The stock price was trading 9.3% higher at Rs 2,008.6.

The move will help Bosch strengthen its position in the household appliances market at a time when the competition with Asian rivals is heating up, Reuters reported on 26 June.

According to the report, the German company has been discussing the possibility of making an offer for Whirlpool, which has a market capitalisation of around US$ 4.8 bn.

Whirlpool has been undergoing a major restructuring in recent years, which has seen it fold its European business into a new company controlled by Turkish rival Arcelik and divest its Middle Eastern and African businesses.

Earlier this year, Whirlpool sold a 24% stake in its Indian arm for US$ 468 million. The sale was conducted through its subsidiary in Mauritius and brought its stake in the entity down from 75% to 51% Reuters reported in February.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers