Market Overview: On Tuesday, August 6, 2024, the equity benchmark indices, the BSE Sensex and the NSE Nifty50, pared early gains to settle in the red. The BSE Sensex ended at 78,593, down 166 points or 0.21%. The index had jumped 1.38% to hit an intraday high of 79,852.08. Similarly, the NSE Nifty50 closed down 63 points or 0.26% at 23,992 after reaching a high of 24,382.6.
Key Highlights:
- Sector Performance: 29 out of the 50 constituents of the NSE Nifty50 ended lower, with HDFC Life Insurance and SBI Life Insurance being the top laggards, falling up to 4.28%. Other notable losers included BPCL, Shriram Finance, and Mahindra & Mahindra.
- On the BSE, 17 out of 30 listed Sensex stocks ended in the red, with State Bank of India, Mahindra & Mahindra, and Bharti Airtel being the primary drags.
- The fear index, India VIX, decreased by 7.97% to close at 18.74 points.
Broader Indices: The broader indices also settled in the red, with the Nifty Next 50 index falling 0.92%. The Nifty Midcap 100 and Smallcap 100 indices were down 0.61% and 0.39%, respectively.
Sectoral Indices: Among the sectoral indices, Financial Services, Banking, and Oil & Gas declined by up to 1.42%. Conversely, IT, Metal, Realty, Media, and FMCG sectors managed to record gains of up to 0.84%.
Market News:
- Crude oil prices surged over $1 a barrel amid escalating tensions in West Asia. As of 9:23 AM, October Brent oil futures were at $77.27, up by 1.27%.
- Gold prices nudged higher as expectations for larger U.S. interest rate cuts later this year gained traction, with spot gold up 0.1% to $2,408.77 per ounce.
- The rupee opened 25 paise higher at 83.84 against the US dollar, recovering from its all-time low level, mirroring the rebound in the domestic equity market.
Top Gainers and Losers:
- NSE Top Gainers: Tata Motors (2.98%), Tech Mahindra (2.60%), L&T (2.40%), Infosys (2.29%), HCL Technologies (2.20%).
- NSE Top Losers: SBI Life (-0.79%), Apollo Hospitals (-0.40%), HDFC Life (-0.39%).
Noteworthy Stocks:
- Best Agrolife: Shares surged 2.46% after its subsidiary secured a 20-year patent for a synergistic fungicidal composition.
- Patel Engineering: Stock soared 2.97% after winning a ₹317.60 crore water lifting project contract.
- Biocon: Stock rose 1.56% following a positive inspection report from the USFDA for its Visakhapatnam API facility.
- Akums Drugs: Shares debuted with nearly a 7% premium, trading at ₹725 against the issue price of ₹679.
Market Sentiment: As of noon, 2,546 stocks advanced, 1,195 declined, and 136 remained unchanged out of a total of 3,877 stocks traded. The overall sentiment reflects cautious trading amid fluctuating global cues.
