Stock Market Highlights, August 2: Sensex plunges 886 pts, Nifty ends near 24,700; Auto, IT fall
Stock Market Highlights on Friday, August 2, 2024:42 out of the 50 constituent stocks on Nifty50 ended in the red, with Eicher Motors, Tata Motors, Maruti Suzuki, and JSW Steel being the top laggards
2:18 PM
Sebi to relax norms for registered investment advisors, research analysts
The Securities and Exchange Board of India (Sebi) will soon propose relaxing norms for registered investment advisors (RIAs) and research analysts to facilitate more participants entering through the formal route and to curb financial influencer activities. READ MORE
2:08 PM
ALERT:: SML Isuzu Q1 net rises 46%; stock down 2%
SML Isuzu in an exchange filing on Friday reported 45.9 per cent growth in Q1FY25 net profit at Rs 46.39 crore when compared with Rs 31.79 crore in Q1FY24. Total income increased by 17.9 per cent YoY to Rs 747.26 crore from Rs 633.81 crore.
1:59 PM
Akums Drugs IPO: How to check allotment; latest GMP, expected listing price
Once the allotment is finalised, investors can check the allotment status by visiting the official website of BSE or Link Intime India, ththe registrar for the issue. READ MORE
1:52 PM
ALERT:: Eicher Motors get GST relief; stock down 5%
Eicher Motors in an exchange filing today said an earlier GST order dated December 30, 2023 for Rs 129.79 crore has been revised lower to Rs 26.97 crore followed the appeal.
1:44 PM
ITC share price target raised: Up to 17% upside expected on steady cig biz
Most analysts have raised their target prices marginally for ITC stock, and see up to 17.4 per cent upside from a one-year perspective. READ MORE
1:36 PM
Auto index skids 2% on tepid July sales; Maruti, TaMo, Eicher slip up to 5%
Auto stocks update: The overall wholesale volume performance was subdued in July 2024 with some segments like PV, CV and select two-wheeler players' volume reporting weak sales volume. READ MORE
1:29 PM
ixigo stock jumps 5% on healthy June quarter performance; profit zooms 78%
ixigo’s profit after tax (PAT) jumped 78 per cent year-on-year (Y-o-Y) to Rs 14.9 crore in the June quarter of Fy25, from Rs 8.4 crore in the June quarter of FY24. READ MORE
1:20 PM
Only 30 pin codes in India with no investors: NSE MD, CEO Ashish Chauhan
Recently, more retail investors are showing interest in stock market investing as they are moving away from traditional investment strategies. READ MORE
1:14 PM
ALERT:: Infibeam Avenues Q1 net jumps 31%; stock soars 7%
Infibeam Avenues in an exchange filing on Friday reported 31.1 per cent growth in Q1FY25 net profit at Rs 36.41 crore when compared with Rs 27.77 crore in Q1FY24. Total income was up 0.3 per cent YoY at Rs 701.63 crore from Rs 699.53 crore.
1:09 PM
IDBI Bank stock gains 3% as RBI okays 3 bidders for majority stake sale
The finance ministry is likely to provide private data room access to potential bidders of IDBI Bank as soon as next week after it received a fit and proper nod for three suitors from the RBI. READ MORE
IDBI Bank
12:59 PM
Sebi mulls 'demystified filing' for faster IPO approvals, easier listing
The Securities and Exchange Board of India (Sebi) is considering a simplified filing process for prospectuses in initial public offerings (IPOs) to reduce complexities around the listing process and enable faster approvals. READ MORE
12:52 PM
ALERT:: Zydus Wellness Q1 net dips 24%; stock up 2%
Zydus Wellness in an exchange filing on Friday posted a 24.4 per cen dip in Q1FY25 net profit at Rs 6.20 crore when compared with Rs 8.20 crore in Q1FY24. Total income, however, rose 5.5 per cent YoY to Rs 63.40 crore from Rs 60.10 crore.
12:41 PM
ALERT:: Sebi chief speaks at FICCI; talks on faster clearance of IPos
Sebi chief Madhabi Puri says looking to streamline capital raise through IPOs at a faster pace
12:34 PM
KP Green Engineering rises 5% on orders of Rs 53 cr; stock up 141% in six months
The uptick in the stock price came after the company announced that it has secured orders worth over Rs 53 crore. READ MORE
12:19 PM
COMMENT:: Nifty likely to remain negative to sideways for the next two weeks
The US ISM manufacturing index for July dropped to 46.8 from 48.5 (consensus 48.8), meaning it has been below the break-even 50 level for 20 out of the past 21 months.
Employment was very weak, plunging to 43.4 from 49.3, which is the worst outcome since the pandemic (June 2020).
New orders dropped to 47.4 from 49.3 with output dropping to 45.9 from 48.5, anything below 50 is a contraction, so this is not good and has helped to push the market to fully discount all the possible.
The Nifty pivot has jumped to 25,015, accordingly the buy zone for Nifty spot is trading in the range of 24,710 to the extremely low buy shall be at 24,500, once the support is taken out. The sell zone is trading in the range of 25,025 to 25,050, Nifty 25,215 shall be the tough NUT to crack by the bulls for year 2024 from these levels.
For the next two weeks the outlook remains negative to sideways.
- Rahul Ghose, CEO of Hedged.in
Topics : MARKET WRAP MARKET LIVE stock market trading Markets Sensex Nifty BSE NSE NSE Nifty50 benchmark index Indian stock exchanges Indian stocks Gift Nifty nikkei S&P Dow Jones Dow Jones Market sell off US markets Fed meet
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First Published: Aug 02 2024 | 7:04 AM IST