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

SI Reporter New Delhi

12:10 PM

RBI MPC Presser: There is still a distance to cover to align inflation to 4%target, says RBI Guv

12:08 PM

RBI MPC Presser: Inflation moderating but base of disinflation is uneven and slow, says Das

12:08 PM

RBI MPC Presser: Domestic economic growth is resilient, says RBI Guv

12:07 PM

RBI MPC Presser: Inflation has moderated from earlier higher levels, says RBI Guv

12:02 PM

PSU Banks in focus: BoB, UBI among 5 stocks trading at key support levels

However, over the last few trading sessions, stocks of PSU banks have been under pressure amid the global market meltdown. Meanwhile, on the charts select PSU bank stocks are seen trading at crucial support levels, which could impact the near-term trend for these stocks.READ MORE

11:52 AM

Lupin stock soars: Analysts bullish on growth but valuation may cap upside

The domestic brokerage firm, Nuvama Institutional Equities upgraded its call for Lupin’s stock to ‘Buy’ from ‘Hold’ owing to the continued outperformance lined up for the company in terms of its growth outlook. This it said was due Lupin’s growing growth prospects in the US and in the domestic business and despite the run up of the stock in recent times. READ MORE

11:41 AM

KPI Green locked in 5% upper circuit on strong Q1; profit nearly doubles

At the operating front, earnings before interest, tax, depreciation and amortisation (Ebitda), climbed 91 per cent annually to Rs 131.7 crore in Q1FY25, from Rs 69 crore inQ1FY24. READ MORE

11:30 AM

Shree Cement extends fall; stock down 13% in 6 days post weak Q1 results

In the past six trading days, the market price of Shree Cement has declined 13 per cent. The stock had hit a 52-week low of Rs 23,431.90 on August 18, 2023. It has corrected 21 per cent from its 52-week high of Rs 30,710 hit on February 1, 2024. READ MORE

11:15 AM

Explained :: Why stock markets fell after the RBI policy outcome?

RBI as widely expected kept policy rate unchanged at 6.5 per cent with a majority vote of 4-2. However clarifying the debate around the importance of targeting headline versus core RBI has clearly stated that food inflation cannot be ignored as a) food inflation is now persistent and not temporary b) public understands inflation more from food c) high food inflation affects household inflation expectations d) unanchored inflation expectations can have spill overs in wages and cost of living which can result in pass through into services especially if demand is steady e) overall, inflation can become sticky if food inflation is ignored. Therefore RBI is not going to ignore food inflation. Overall according to RBI, the pace of inflation is moderating but the moderation is uneven and slow. Therefore patience is required.

Views by: Anitha Rangan, Economist, Equirus

11:00 AM

Expert Speaks :: 'Markets will focus on US jobs data'

-The status quo in policy rates and stance were on expected lines. The Governor emphasised the need for vigilance on the inflation front saying 'price stability is necessary for sustained growth.'

- There is nothing in the policy that will influence the market much. The market will be focused on the US jobs data today and the market’s response to it and the recession fears in the US."

Views By - V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

10:55 AM

Expert Speaks :: 'There is still risk of fresh selling pressure at higher levels'

- The recent RBI policy announcement was largely uneventful, with the central bank keeping policy rates unchanged and continuing the withdrawal of accommodation as expected. The focus remains on tackling inflation, with no concerns about growth, and there are no indications of rate cuts in the near term. Consequently, the market will now turn its attention back to global cues.

- Although there are signs of a temporary bottom in the global market, Nifty, and Banknifty, there is still a risk of fresh selling pressure at higher levels. Technically, Nifty is forming a bottom around the 50-DMA of 24,000, with important hurdles at 24,350, 24,525, and 24,700.

- Meanwhile, Banknifty is trying to establish a base around the 100-DMA of 5,000, with the key resistance area lying between 51,000 and 51,500.

Views by: Santosh Meena, Head of Research, Swastika Investmart Ltd.

10:47 AM

Ceigall India listing today: Shares debut with up to 4% premium on BSE, NSE

Shares of infrastructure construction company, Ceigall India, made a decent debut on the bourses amidst weak market cues. The company's shares listed at Rs 413 on the BSE, a premium of 3 per cent, while on the NSE they listed at Rs 419, 4.5 per cent higher than the issue price. With listing, Ceigall India shares yielded a return of Rs 12-18 or 3-4.5 per cent per share to its investors, as the IPO was allotted at Rs 401, the upper end of the issue price. READ MORE