Stock Market Highlights, Aug 6: Sensex drops 1,259 pts from high, ends 166 pts down; Nifty below 24k
Stock Market Highlights on August 6: On the BSE, 17 out of 30 listed stocks of the Sensex ended in the red, with State Bank of India, Mahindra & Mahindra, and Bharti Airtel being the top drags
12:07 PM
Technical Outlook: 'Resistance is anticipated in the range of 24,500 to 24,600'
- Today, Indian equity benchmark indices surged in early trading after a significant decline the previous day. For Nifty, the index is currently in a weak position, with the next support level expected to be between 23,700 and 23,800. On the upside, resistance is anticipated in the range of 24,500 to 24,600.
- In Bank Nifty, significant call writing activity is observed between the 51,500 and 52,000 levels, suggesting robust resistance. Meanwhile, the put base is firmly positioned at the 49,000 and 50,000 strikes, highlighting crucial support zones.
- As we look ahead, ongoing volatility is expected due to the forthcoming RBI policy announcement and a range of global uncertainties, including the unwinding of Yen carry trades, recession fears in the US, and escalating tensions in the Middle East.
- In light of these factors, adopting a cautious, wait-and-watch approach may be advisable before committing to new positions.
Views By: Shrey Jain, Founder and CEO, SAS Online
12:01 PM
V-Mart Retail hits life high on reporting turnaround Q1 performance
V-Mart Retail surged 11.32 per cent to Rs 3,616.65 after the company reported a net profit of Rs 12.14 crore in Q1 FY25 as against net loss of Rs 21.94 crore posted in Q1 FY24. Revenue from operations jumped 15.85 per cent year on year (YoY) to Rs 786.08 crore in the quarter ended June 30, 2024. READ MORE
11:53 AM
Market update :: Sensex trades up nearly 600 pts
11:43 AM
Motherson Sumi Wiring deserves rich valuations, say analysts post Q1 show
Shares of Motherson Sumi Wiring India soared up to 4.69 to Rs 70.03 per share on the BSE in Tuesday’s intraday deals. This came after the company reported a 21 per cent rise in profit after tax (PAT) on a year-on-year (YoY) basis for the first quarter of financial year 2024-24 (Q1FY25). Analysts believe that Motherson Wiring’s Q1 show was muted due to start-up costs of two new plants, resulting in lower-than-estimated growth in profits and operating margins. READ MORE
11:21 AM
FirstCry IPO opens today: 7 things to know before you bid for the issue
The initial public offering (IPO) of Brainbees Solutions, the parent company of the kidswear brand FirstCry, opens for public subscription today. The company aims to raise Rs 4,193.73 crore from the public issue. Established in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is one of India's leading e-commerce companies in the kids and babies shopping sector, with its headquarters in Pune. READ MORE
11:02 AM
More regulation needed to curb retail speculation in F&O: Amisha Vora
Volatility has gripped Indian stock markets at a time when the market regulator Securities and Exchange Board of India (Sebi) has introduced various measures to curb speculative bets in the futures & otpions (F&O) segment. AMISHA VORA, chairperson & managing director, PL Capital - Prabhudas Lilladher, tells Nikita Vashisht in an email interview that despite global uncertainties, India's strong fundamentals provide a solid foundation for sustained market growth, mitigating concerns of a bubble. READ MORE
10:59 AM
Patel Engineering stock price zooms 7% as JV bags project worth Rs 318 cr
Shares of Patel Engineering surged as much as 6.98 per cent to hit an intraday high of Rs 57.25 per share on Tuesday, August 6, 2024. However, at 10:26 AM, shares of the company were trading 2.13 per cent higher at Rs 54.65 per share. In comparison, BSE Sensex was trading 0.84 per cent higher at 79,419.59 levels. READ MORE
10:29 AM
Nomura eyes three US Fed rate cuts in 2024; RBI likely to go its own way
The Japanese brokerage firm Nomura has predicted a total 75 basis points (bp) in rate cuts this year after the significant dovish surprise in the July employment report. The brokerage firm in a recent report said that the US Federal Reserve may begin rate cuts as early as next month with a 25 bp cut in September, with following rate cuts in November and December of 25 basis points each against an earlier expectation of two rate cuts in September and December of 25 bp. READ MORE
10:25 AM
Akums Drugs IPO listing: Shares make muted debut on BSE, NSE; Book profit?
Shares of Akums Drugs and Pharmaceuticals made a positive debut on the stock exchanges on Tuesday. Akums Drugs' shares were listed at a 6.77 per cent premium at Rs 725 on the BSE, compared to the issue price of Rs 679. On the NSE, the company's shares also listed at Rs 725, offering investors a return of Rs 46, or nearly 7 per cent, per share after listing. READ MORE
9:56 AM
Coforge, Tech Mahindra and HCL Tech lift Nifty IT index over 2%
9:36 AM
Tata Motors leads in early trade
9:30 AM
Broader markets :: SmallCap index outperforms
9:26 AM
Sectoral trends :: Banking, Auto, IT, and Metal indices lead gains up to over 2%
9:23 AM
Sensex Heatmap :: All the 30 index stocks trade in green; Tata Motors up 4%
9:20 AM
Stock Market Opening Bell :: Nifty climbs over 1% in early trade
Topics : Stock Market MARKET WRAP MARKET LIVE stock market trading nikkei Markets Sensex Nifty BSE NSE
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First Published: Aug 06 2024 | 7:22 AM IST