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

8:35 AM

How 2W market incumbents Bajaj and TVS are flexing their electric muscle

But the “competition for competitors” Sharma speaks of is not just from Bajaj. TVS, which, like Bajaj, has been a dominant petrol two-wheeler company for decades, is also flexing its electric muscle. It sold 5,493 more electric scooters in July than in June— an increase of 39 per cent. READ MORE

8:24 AM

RBI expected to hold rates, markets seek hints on possible future cuts

India's central bank is widely expected to hold rates steady on Thursday, but with growing worries about the global economy investors are hoping for a more dovish tone from policymakers that could open the door for an October rate cut.

All 59 economists in the Reuters poll conducted in late July predicted the Reserve Bank of India would hold the repo rate at 6.50 per cent for a ninth straight meeting. Read more

8:21 AM

Sebi looks to further tighten the noose around participatory notes

The Securities and Exchange Board of India (Sebi) is looking to further tighten the noose around participatory notes (p-notes) or offshore derivatives instruments (ODIs) by imposing a complete ban from using the derivatives market. Currently, p-notes can use the derivatives market only for hedging purposes. Read more

8:08 AM

Indian companies dismiss global worries to push ahead with IPO listings

India’s bustling initial public offering market is barreling ahead with bigger debuts, shrugging off this week’s global equity selloff.

 

The nation saw 189 companies going for fresh share sales to raise $5.6 billion this year, making it one of the busiest markets in this space. At least 30 IPOs are in the offing as demand powered by domestic money pushes companies to explore listing.

 

The pipeline underscores investor exuberance in India despite turbulence in global equity markets. Local investors armed with funds and a desire to participate in the world’s fastest-growing major economy are ignoring pessimism over global risks. Read more

7:55 AM

Stocks To Watch Today, Aug 8: Financials, Real estate, MRF, Marico, NTPC

Here are a few stocks to keep an eye on for August 8:

Earnings Watch: LIC, SAIL, Eicher Motors, IRCON International, Minda Corporation, MRF, ABB India, Va Tech Wabag, Oil India, Bharat Bajel Projects, Gujarat State Petronet, Forge, Biocon, Alembic Pharmaceuticals, Astral, Astrazeneca Pharma, Page Industries, Rail Vikas Nigam, Sobha, Unichem Laboratories

Listing: Ceigall India will list on the mainboard, while Dhariwalcorp will be listed on the SME board.

 

Rate-sensitive stocks:Sectors like Real Estate, Auto, Financials will closely keep a tab on RBI's interest rate decision. Read more

7:52 AM

These are top picks by Jigar S Patel of Anand Rathi for August 8

Lodha

After reaching a peak near Rs 1,595, Lodha has experienced a significant decline, dropping nearly 450 points, which translates to a 28 per cent decrease in its price. Currently, the stock has found support at its 200-day Exponential Moving Average (DEMA). Interestingly, a bullish bat pattern has emerged precisely at this 200 DEMA support level of Rs 1,218. Read more

7:51 AM

Nifty Energy range bound on charts, eyes breakout; trading strategy here

Nifty Energy Index

The Nifty Energy Index is currently exhibiting range-bound behavior, fluctuating within the bounds of 43,700 and 42,250. This phase of consolidation suggests that the index is poised for a significant move, awaiting a breakout or breakdown to establish a definitive trend direction.Traders can capitalise on these potential movements by adopting appropriate strategies based on their risk tolerance. Read more

7:49 AM

Will Sensex, Nifty rise or fall today? RBI Policy, weekly expiry in focus

Trading guide for Thursday August 7, 2024:Benchmark equity indices are likely to start today’s trading session on a negative note tracking losses in global peers.

At 07:00 AM, GIFT Nifty futures quoted around 24,200 levels – hinting at a likely gap-down of around 150 points on the NSE Nifty 50 index. Read more

7:45 AM

Brent crude at $78.35

7:37 AM

Gift Nifty indicates negative start for Indian bourses

7:34 AM

Asian markets in red zone this morning

7:32 AM

US markets end lower

7:30 AM

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