On August 7, 2024, Indian stock markets closed on a firm note with both Sensex and Nifty registering significant gains. The BSE Sensex ended the session at 79,468.01, up by 874.94 points, or 1.11%, while the NSE Nifty closed at 24,297.50, rising by 304.95 points or 1.27%. The day’s top gainers on the Sensex included Adani Ports, Power Grid, JSW Steel, Tata Steel, and Infosys. In contrast, IndusInd Bank, Titan, Tech Mahindra, Hindustan Unilever, and Bharti Airtel emerged as the top laggards.
Global Market Influence and Sectoral Performance
Vinod Nair, Head of Research at Geojit Financial Services, commented on the global market rebound following reassuring comments from the Bank of Japan’s Deputy Governor, who indicated that interest rates would not be raised amid financial instability. This positive sentiment spilled over into Indian markets, leading to broad-based buying across sectors, with notable gains in the oil & gas and energy indices. Additionally, the Realty sector experienced a relief rally due to the reinstatement of indexation benefits.
Sector Highlights and Key Market Movements
– Opening Bell: Indian benchmark indices opened higher, reflecting positive cues from Asian markets as traders reassessed recession fears in the U.S. The Sensex gained 945.37 points to reach 79,538.44, while the Nifty added 298.45 points, settling at 24,291.
– Commodities Market: Despite an increase in U.S. crude oil inventories, crude oil futures traded higher on Wednesday morning, with Brent oil futures up 0.12% at $76.57, and WTI crude futures up 0.15% at $73.31.
– Realty Sector: The Nifty Realty Index surged 1.7% in early trades, driven by amendments to the long-term capital gains (LTCG) indexation proposal. All constituents in the index recorded gains, ranging from 0.1% to 2.7%.
– Midcap and Smallcap: The Nifty Midcap 100 and Nifty Smallcap 100 also saw gains, rising by 1.40% and 1.17% respectively.
– Top Performers: ONGC, Coal India, BPCL, M&M, and Hero Motocorp were the top gainers in early trading, while Asian Paints and Kotak Mahindra were among the top losers.
Corporate Announcements and Market Updates
– L&T Technology and Altair have teamed up to launch a global digital twin center of excellence.
– FirstCry IPO is open for subscription until August 8, 2024, with a total issue size of ₹4,194 crore.
– Fortis Healthcare reported a 40% increase in consolidated profit after tax for Q1 2024, yet the stock fell by 2.09% during the trading session.
– Godrej Industries board approved a ₹3,000 crore fundraising via non-convertible debentures (NCDs), with the stock trading flat on the NSE.
Market Dynamics
At 12:00 PM, the BSE recorded 2,808 advancing stocks against 945 decliners, with 151 stocks hitting 52-week highs. The top gainers on the BSE included Edelweiss, Oil India, and ONGC, while the major laggards were Fusion and Bata India.
The overall market sentiment remained positive, driven by gains across major indices and sectors. The ongoing RBI policy and global market cues will continue to influence the market in the coming sessions. Investors are advised to stay cautious amid potential volatility and monitor key economic developments closely.
