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

12:12 PM

GHCL stock up 12% day after dip in Q1 net; here's what triggered the rally

GHCL has been allotted 6,449 hectares of land in Kutch for salt production on a 30-year lease; stock up 40 per cent so far in FY25. READ MORE

12:01 PM

RattanIndia Power stock price rallies 4% on strong June quarter performance

Shares of RattanIndia Power zoomed as much as 3.98 per cent to hit an intraday high of Rs 17.50 per share on Friday, August 02, 2024. READ MORE

11:49 AM

ALERT:: BSE SmallCap index recoups losses; up over 1% from day's low

11:36 AM

Info Edge rallies 5% in weak market, nears record high on positive outlook

The stock of Info Edge is trading close to its record high level of Rs 7,462.95 touched on October 19, 2021. In comparison, the BSE Sensex was down 1 per cent at 81,041 at 10:29 AM. In the past eight months, the stock price of Info Edge has zoomed 59 per cent. READ MORE

11:22 AM

IPO Update :: Ola Electric issue subscription status

11:13 AM

Zomato stock price can jump 50% from here, say analysts. Check key reasons

Zomato's consistent "overdelivery" on earnings growth front, highlighted yet again in the June quarter (Q1) results, has prompted analysts to raise their target prices on the stock. They, now, see up to 49.5 per cent upside in Zomato stock over the next one year.  Zomato, they believe, is on a high growth path with its profitability having significant room for expansion. READ MORE

11:05 AM

Stock in focus :: Info Edge India (Naukri) hits 52-week high

10:59 AM

Infosys shares fall in trade on Friday amid GST notice row; check details

On Friday, August 2, 2024, shares of IT giant Infosys were in focus after Karnataka State authorities retracted a pre-show cause notice demanding Rs 32,403 crore in GST payments. The notice was initially issued on July 31, 2024, concerning GST for the period from July 2017 to March 2022 related to expenses incurred by Infosys’s overseas branch offices. On the bourses, Infosys’s stock witnessed a decline, falling 1.32 per cent to an intraday low of Rs 1,828.10 per share on the NSE. In comparison, the Nifty IT index dropped 1.64 per cent to an intraday low of 40,038.25. READ MORE

 

10:48 AM

Stock in focus :: Akzo Nobel hits 52-week high

10:45 AM

Sectoral trends :: Auto, IT, PSU Bank indices fall up to 2%

10:40 AM

Gold price outlook turning constructive on hopes of rate cut: Sharekhan

Spot gold, buoyed by rate cut expectations as the US Fed concluded its monetary policy meet on July 31, extended its rally on the first day of the month; however, it came under selling pressure as wider markets fell. The yellow metal was changing hands at $2,440, down nearly 0.30 per cent when the MCX closed. Earlier, the metal rallied 1.55 per cent on July 31 as the Fed Chair Powell said that a rate cut will on the table if the Fed gets the desired data. READ MORE

10:25 AM

Ola Electric IPO :: 'We have a neutral position'

- As a leading player in the Indian EV market, Ola Electric Mobility Ltd. (OEML) is developing vertically integrated manufacturing and technological capabilities for EVs and their component parts, such as cells. 
 

- The company has reported a loss for each of the last three fiscal years. The company’s Heavy investment in R&D may not give a return in the immediate future. Due to high competition, it may face downward pricing pressure with that company’s Employee attrition rate is too high. The business intends to go into the E-2W bike, three-wheeler, automobile, and—most importantly—the 4680 Li-thion battery market, where it hopes to establish itself as a worldwide center for EV batteries.

 

- Although its top line has been growing annually, its bottom line has improved due to lower losses. Undoubtedly, more time will be needed to turn the corner and  liminate the losses. We have a neutral position on this IPO in light of these reasons.

 

Views By - Shivani Nyati, Head of Wealth, Swastika Investmart 

10:07 AM

SJS Enterprises surges 12% in weak market on strong Q1 performance

Shares of SJS Enterprises hit a record high of Rs 958.25, surging 12 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market. The uptick in share priuce came after the company reported a strong earnings with profit after tax (PAT) jumping 56.6 per cent year-on-year (YoY) at Rs 28.24 crore in June quarter (Q1FY25), on back of healthy operational performance. The decorative aesthetics company had posted profit of Rs 18.03 crore in Q1FY24. READ MORE

9:59 AM

Tata Motors shares fall 5% after Q1 show; Check reasons, new target prices

Tata Motors' results for the June quarter (Q1FY25) came in-lline with market expectations, prompting several brokerages to raise their target price for the company. The automaker’s consolidated net profit rose 74 per cent year-on-year (Y-o-Y) to Rs 5,566 crore in the June quarter of financial year 2025 (Q1FY25), from Rs 3,203 crore in the June quarter of financial year 2024 (Q1FY24). READ MORE

9:54 AM

4 reasons why the Sensex sank nearly 800 pts on Friday August 2

Equity market in India started Friday's trading session on a dismal note tracking steep losses in global peers as fears of a possible slowdown in the world's biggest economy resurfaced. The BSE Sensex opened with a negative gap of 709 points at 81,159, and was quoting around 81,283 as of 09:25 AM. Its counterpart on the NSE, the Nifty 50 index, which had topped the 25,000-mark for the first-ever time on Thursday, cracked more than 1 per cent or 260 points to a low of 24,751.  READ MORE