Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a lower note on August 08. The BSE Sensex fell almost 600 points or 0.75% to finish the day’s trading at 78,873. The NSE Nifty 50 closed 197 points or 0.81% lower at 24,100.50. The Bank Nifty closed the day 0.01% or 6 points lower at 50,113. Similarly, the Nifty Midcap 100 closed 198 points or 0.35% lower at 56,675.65.
Share Market Live: LTIMindtree major loser in Nifty 50
The company has issued a recall for 2,555 Alto K10 cars due to a suspected defect in the steering-gear box assembly. In a filing with the National Stock Exchange, the company stated that the defect could, in rare cases, affect the vehicle’s steerability. The shares of Maruti Suzuki India shares trade marginally lower at Rs 12,281.60 on NSE
Commenting on the Technical outlook of Bank Nifty Virat Jagad, Technical Research Analyst at Bonanza Portfolio said that the Bank Nifty index started the day on a positive note but encountered resistance near the 50,300 mark, in the end closing with a bearish candlestick pattern, which reflects negative market sentiment. It finished the session just above the critical support level of 50,000, which could now serve as a pivotal point for the index.
Jagad also added that the RSI is trading near the oversold region, indicating a weakness in the Bank Nifty. There is a tug-of-war between put writers and call writers at the 50,000 mark, making this a critical make-or-break level. If the price sustains below this level, it may indicate weakness in the Bank Nifty. Conversely, if itholds above, it could suggest strength.
Motilal Oswal reiterates a ‘BUY’ rating on GCPL with a target price of Rs 1,700, based on 60x Jun’26E EPS, up from the previous 55x. The report adds that the company is also making consistent efforts to address profitability and growth gaps in its international business.
According to a Motilal Oswal report on Godrej Consumer Products Ltd (GCPL), the firm broadly retains its FY24/FY25 EPS estimates. GCPL has demonstrated improved sales growth in its India business in recent years, achieving industry-leading volume growth over 9MFY24.
The company is expected to record double-digit EPS growth over FY24-26E, driven by disruptive innovations, the introduction of access packs, expansion into new growth categories, and increased advertising expenditure.
The Motilal Oswal report expects that these factors will sustain a robust growth trajectory in its high-margin and high-ROCE domestic business. Additionally, GCPL is focused on expanding its Total Addressable Market (TAM) in India and driving product innovation to increase purchase frequency.
Greaves Cotton stock surged 4.32% on the NSE, trading at ₹165.25, after the company reported a standalone net profit of ₹36.55 crore for the quarter ended June 2024, up from ₹33.79 crore in the same quarter last year.
Tata Motors, Cipla, Dr Reddy’s Lab, Divis Labs, and Sun Pharma are the top gainers o NSE Nifty 50 index whereas the top laggards include Infosys, Power Grid Corp, BPCL, Tata Motors, LTIMindtree.
Nifty slips below 24,150, Sensex struggles around 79,000, Bank Nifty down over 200 points after RBI maintains repo rate at 6.5%
Godrej Consumer Products plunged over 4% after the FMCG major missed street estimates for the April to June quarter of fiscal year 2025. The share price fell by 4.66%, reaching an intra-day low of Rs 1,433.70 on the NSE.
RBI MPC decided by a 4:2 majority to keep the key policy rate unchanged at 6.50%. RBI maintained a ‘withdrawal of accommodation’ stance. Also, the MSF and SDF rates are unchanged at 6.75% and 6.25%, respectively. This is the ninth consecutive policy where rates remained unchanged.
Infosys, L&T, Reliance, Power Grid, and ICICI Bank were the major draggers in the Nifty 50 as RBI Governor Shaktikanta Das kept the key policy rate unchanged at 6.5%.
Courtesy: NSE
Headline inflation, after remaining steady at 4.8% during April and May this year increase to 5.1% in June, primarily driven by the food component.
The MPC decides to keep policy rates unchanged at 6.5% for the 9 consecutive policies
Read More : RBI MPC Meet 2024 Live Updates: RBI keeps repo rate UNCHANGED at 6.50%
This is the first RBI MPC today after the Union Budget was presented by Finance Minister Nirmala Sitharaman. In Q4 of FY23, on February 8, the RBI increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.50%.
Cipla, Tata Motors, ITC, Dr Reddy’s Laboratories, and Titan Company were the top gainers in the Nifty 50. Meanwhile, ONGC, JSW Steel, Infosys, Shriram Finance, and Wipro were the major gainers in the Nifty 50 on August 08.
The NSE Nifty 50 opened 56 points or 0.23% lower at 24,241.55, while the BSE Sensex opened 217 points or 0.27% lower at 79,250.81.
The company reported a 24% decline in net profit to Rs 302 crore for the first quarter ended June 30, 2024. This is down from the Rs 397 crore net profit recorded in the same quarter of the previous fiscal year. Revenue from operations for the quarter stood at Rs 6,335 crore, compared to Rs 6,245 crore in the year-ago period.
“After a gap down opening, Nifty can find support at 24,150 followed by 24,100 and 24,000. On the higher side, 24,300 can be an immediate resistance, followed by 24,400 and 24,500. The charts of Bank Nifty indicate that it may get support at 50,000, followed by 49,800 and 49,700. If the index advances further, 50,300 would be the initial key resistance, followed by 50,500 and 50,600. The foreign institutional investors (FIIs) extended their selling on August 7 as they sold equities worth Rs 3314 crore, while domestic institutional investors bought equities worth Rs 3901 crore on the same day,” said Deven Mehata, Research Analyst at Choice Broking.
The FMCG major reported a 41.36% jump in profit after tax at Rs 450.69 crore for the June quarter of FY25. This marks a significant increase from the Rs 318.82 crore profit after tax (PAT) recorded in the same quarter of the previous fiscal year. However, total revenue for the quarter declined to Rs 3,331.58 crore, compared to Rs 3,448.91 crore in the corresponding period last year.
Hindalco subsidiary Novelis Inc reported a 2% year-on-year (YoY) increase in net sales for the first quarter, reaching $4.2 billion. This growth was primarily driven by higher average aluminium prices and increased total shipments. Total flat-rolled product shipments rose 8% to 951 kilotonnes compared to the same period last year.
The board of directors has appointed S. Sankarasubramanian as Managing Director and Chief Executive Officer (CEO) of Coromandel International, effective August 7. Sankarasubramanian, who was previously the executive director of the Nutrient Business, will now lead the company in his new role.
Operating conditions in the Bangladesh market are gradually improving, though the company continues to closely monitor the evolving situation. After a brief interruption, most of its retail sales force and distributors have resumed operations. The company expects manufacturing operations to resume soon.
Hindalco subsidiary Novelis Inc reported a 2% year-on-year increase in net sales for the first quarter, reaching $4.2 billion. This growth was primarily driven by higher average aluminium prices and increased total shipments. Total flat-rolled product shipments rose by 8% to 951 kilotonnes compared to the same period last year.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.03% to 103.08.
The FMCG major reported a 41.36% increase in profit after tax, reaching Rs 450.69 crore for the June quarter of FY25, up from Rs 318.82 crore in the same quarter of the previous fiscal year. However, total revenue for the quarter declined to Rs 3,331.58 crore, compared to Rs 3,448.91 crore in the corresponding period last year.
The NSE added Aditya Birla Fashion and Retail, Aditya Birla Capital, Birlasoft, GNFC, Hindustan Copper, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, RBL Bank in the F&O Ban on August 08, 2024.
The 24 carat gold rate in India was Rs 68,850 per 10 grams on August 08. The rate for 24 carat gold per gram is Rs 6,885. The rate of 22 carat gold was Rs 63,112 per 10 grams.
The rate of 24 carat gold has fallen by 1.82% in the last one week, and the yellow metal has risen by 0.03% in the last ten days. The silver is currently quoted at Rs 789.5 per 10 grams.
Eicher Motors, Life Insurance Corporation of India, ABB India, Oil India, Bharat Forge, Biocon, Alembic Pharmaceuticals, Astral, Astrazeneca Pharma, Bajel Projects, Gujarat State Petronet, IRCON International, Minda Corporation, MRF, Page Industries, Rail Vikas Nigam, Steel Authority of India, Sobha, Unichem Laboratories, and Va Tech Wabag.
Foreign institutional investors (FII) offloaded shares worth Rs 3,314.76 crore, while domestic institutional investors (DII) mopped shares worth Rs 3,801.21 crore on August 07, 2024, according to the provisional data available on the NSE.
WTI crude prices are trading at $75.56, up by 0.43%, while Brent crude prices are at $78.65, up by 0.40%, on Thursday morning.
Shares in the Asia-Pacific region are trading in negative territory on Thursday morning. The Asia Dow is down by 0.24%, Japan’s Nikkei 225 has fallen by 1.41%, Hong Kong’s Hang Seng index is lower by 0.76%, and China’s benchmark Shanghai Composite is down by 0.09%.
Reserve Bank of India (RBI) Governor Shaktikanta Das is scheduled to announce the Monetary Policy on Thursday, August 8, at 10 a.m. (IST). This announcement will set the key benchmark interest rates for the Indian economy, which have remained unchanged at 6.5 percent for the past 18 months.
In the meantime, global markets have experienced increased volatility due to rising fears of a potential recession in the United States. Markets saw significant declines, marked in red, following the release of US job data at the end of last week.