On August 9, 2024, the Indian stock market concluded the week on a strong note, with benchmark indices BSE Sensex and NSE Nifty each recording a gain of approximately 1%. The Sensex surged by 819.69 points, closing at 79,705.91, while Nifty50 rose by 250.50 points to settle at 24,367.50.
The session was favorable for bulls, as 45 of the 50 Nifty50 stocks finished higher. Notable gainers included Eicher Motors, Mahindra & Mahindra, Shriram Finance, Tata Motors, and Tech Mahindra, with increases reaching up to 5.68%. On the BSE, 27 of the 30 Sensex stocks ended positively, led by Mahindra & Mahindra, Tata Motors, Tech Mahindra, JSW Steel, and State Bank of India, which climbed as much as 3.08%. The India VIX, a measure of market volatility, fell by 7.45% to 15.37 points, signaling increased investor confidence.
Broader market indices also performed well, with Nifty Next 50 and Nifty 100 contributing gains of 1.24% and 1.05%, respectively. Sector-wise, banking, auto, IT, media, and oil marketing companies emerged as top gainers, rising by up to 1.92%.
In notable stock news, shares of Ola Electric Mobility experienced a significant rally, hitting the upper circuit with a 20% surge, reaching Rs 91.20 on the NSE and Rs 91.18 on the BSE after a flat debut.
In corporate updates, Grasim Industries reported a 9% increase in revenue, totaling Rs 33,861 crore for the June quarter, though its net profit fell by 23.4% to Rs 1,208 crore, primarily due to pressures in the market.
Overall, the day’s trading reflected strong investor sentiment and optimism across various sectors.
