Stock Market Highlights, Aug 8: Sensex sheds 581 pts; Nifty ends at 24,117; RBI maintains repo rates

Stock Market Highlights on Aug 8 2024: The day ended in favor of the bears as 41 out of 50 constituent stocks of the Nifty50 ended lower

Stock market Highlights on Thursday, August 8, 2024: Equity benchmark indices, the BSE Sensex and NSE Nifty50, settled in negative territory on Thursday after the Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, decided to keep the repo rate unchanged at 6.5 per cent for the ninth consecutive time.

The BSE Sensex shed 581.79 points, or 0.73 per cent, to 78,886.22, while the NSE Nifty50 fell 180.50 points, or 0.74 per cent, to 24,117.

The day ended in favor of the bears as 41 out of 50 constituent stocks of the Nifty50 ended lower, with LTIMindtree, Grasim, Asian Paints, Apollo Hospitals, and Infosys being the top laggards, losing up to 4.9 per cent.

On the BSE, 24 out of 30 constituent stocks of the Sensex settled in the red, with Asian Paints, Infosys, and JSW Stell being the top drags, falling up to 3.21 per cent.

The fear index, India VIX, ended 2.67 per cent higher at 16.60 points.

The broader indices settled lower, with Nifty Next 100, and Nifty 100 being the top laggards, losing 0.79 and 0.74 per cent, respectively. Midcap and Smallcap shares also ended in the red.

Among the sectoral indices, IT, Metal, and OMC were the worst hit, experiencing losses of up to 1.90 per cent.

4:01 PM

Comment :: 'Short-term relief seems unlikely'

Markets struggled to maintain Wednesday's recovery, ending over half a percent lower due to weak global cues. After an initial dip, the Nifty showed volatile movements, ultimately closing near the day's low at 24,117. Sectors like IT, metals, and energy were the hardest hit. However, the broader indices outperformed slightly, posting only minor losses.

The ongoing global uncertainty is making market participants cautious, and short-term relief seems unlikely. The Nifty is encountering resistance around the 24,350 mark, and a decisive break below 23,900 could lead to a further decline. Traders are advised to adjust their positions with a hedged strategy to navigate the current volatility.

Views by: Ajit Mishra – SVP, Research, Religare Broking

4:00 PM

Comment :: 'Global market is focusing on US job data'

The domestic market reversed its earlier gains as the RBI's decision to hold its current policy with a caution to revise upward the CPI and moderate the growth forecast for Q1. Meanwhile the global market is focusing on US job data and the probability for deeper slowdown has raised concerns that the US economy is heading for a recession, forcing the federal reserve to cut rates faster than initially expected.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:58 PM

Rupee Update :: Rupee ends lower against US dollar

3:56 PM

Broader markets :: All indices end in red except BSE BANKEX

3:53 PM

Sectoral trends :: IT, and Metal fall up to 1.90%

3:49 PM

Sensex Heatmap :: 24 of 30 index stocks settle lower

3:45 PM

Stock Market Closing Bell :: Nifty ends at 24,117 on Thursday

3:42 PM

Stock Market Closing Bell :: Sensex sheds 581 pts on Thursday

3:05 PM

BSE SME index surges 3% on August 8; STAL zooms 20%, CRP Risk 8%

The BSE SME index surged 2.8 per cent to 97,785 levels in intra-day deals on Thursday. Meanwhile, the mainline BSE benchmark index - the BSE Sensex was down 0.5 per cent or 380 points at 79,090. The overall breadth in the BSE SME space too was fairly positive; with over 57 per cent (114 stocks) advancing as against 72 declining shares the platform. READ MORE

2:54 PM

MRF stock price soars 6% after Q1FY25 profit jumps 55% QoQ

Shares of MRF climbed as much as 5.80 per cent to hit an intraday high of Rs 1,42,485.10 per share on Thursday, August 8, 2024. The jump in the stock price came after the company’s profit zoomed 54.8 per cent quarter-on-quarter (Q-o-Q) to Rs 573.4 crore in the June quarter of FY24, from Rs 370.5 crore in Q4FY24. READ MORE

Optimism exists, but there are also uncertainties: MRF CMD

2:42 PM

Garware Hi-Tech Films shares hit upper circuit

2:21 PM

Sanghvi Movers hits 6-month low; stock down 32% in 1 week on weak Q1 show

Shares of Sanghvi Movers hit a six-month low at Rs 800.10, as they slipped 10 per cent on the BSE in Thursday’s intra-day trade extending its fall after the company reported a weak set of numbers for the June 2024 quarter (Q1FY25). In the past one week, the stock has tanked 32 per cent. It was trading at its lowest level since February 2, 2024. The market price of Sanghvi Movers nearly halved or plunged 46 per cent from its 52-week high of Rs 1,483 hit on May 16, 2024. READ MORE

2:08 PM

Expert Speaks :: 'A rate cut seems unlikely in the near term'

- The RBI MPC voted 4-2 to keep policy repo rate unchanged at 6.5 per cent on Aug 8, maintaining status quo for the ninth time, in line with most street expectations. The current pause is the second-longest in the past 25 years. Although headline inflation has moderated from its peak, food price momentum remains elevated and likely to result in a shallower softening of CP| headline inflation. The MPC also decided by a majority of 4 out of 6 members to maintain its 'Withdrawal of Accommodation' stance.

- The GDP forecast for Q1FY25 was revised from 7.3 per cent to 7.1 per cent (due to lower than anticipated corporate profitability, general government expenditure and core industries output) while maintaining FY25 forecast of 7.2 per cent. Inflation forecast for Q2 and Q3FY25 were adjusted upwards by 60 and 10 bps to 4.4 per cent ano 4.7 per cent while lowering Q4 forecast 20 bps to 4.3 per cent.

- Growth in India has remained resilient; inflation has been trending downward and there has been progress in achieving price stability. The RBI flagged challenges to the global growth outlook over the medium term. RBI remains vigilant to ensure that inflation moves sustainably towards the target, which could take some time. Consequently, a rate cut seems unlikely in the near term.

View By: Mr Dhiraj Relli, MD and CEO at HDFC Securities

1:55 PM

Aadhar Housing Finance shares soar 5% on solid Q1 earnings; details here

Shares of Aadhar Housing Finance rose 4.65 per cent at Rs 432 per share on the BSE in Thursday’s intraday trade. This came after the company registered strong growth in the topline and bottomline on a year on year basis for the April-June quarter of financial year 2024-25 (Q1FY25). READ MORE