Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a positive note on August 09. The BSE Sensex rose 789 points or 1% to finish the day’s trading at 79,675.50. The NSE Nifty 50 closed 248 points or 1.03% higher at 24,365. The Bank Nifty closed the day 0.65% or 325 points higher at 50,482. Similarly, the Nifty Midcap 100 closed 500 points or 0.88% higher at 57,180.55.
Share Market Highlight: Bank Nifty closed up 325 points
Excel Industries has announced that the Maharashtra Goods & Service Tax Department, Investigation B, Mumbai, initiated an inspection and search on August 8, 2024. The action, conducted under Section 67 of the Maharashtra Goods & Service Tax Act, 2017, took place at the company’s registered office located at 184-87, S. V. Road, Jogeshwari West, Mumbai-400102.
Infibeam shares are up for the third consecutive day, with the stock gaining 10.5% over the past month and 53.3% year-to-date.
In today’s trading session, the stock surged by 3.3%, reaching its highest level since January 2010 and pushing the company’s market capitalization beyond Rs 1 lakh crore, currently standing at ₹1.02 lakh crore. This strong performance highlights the stock’s consistent upward trajectory since March, with each month closing in positive territory. Over this period, the stock has appreciated by 82%.
JP Morgan has maintained a ‘Neutral’ rating while raising the target price to Rs 4,435 from Rs 4,230. The report attributes the margin improvement to strategic pricing actions.
JP Morgan also anticipates gradual improvement in the VECV business over the course of the year. Additionally, the management expects enhancements in the performance of flagship models.
Shares of Godfrey Phillips , the manufacturer of Four Square cigarettes and other brands, surged by as much as 6.5% on Friday following the company’s June quarter results, released on Thursday evening. The results showed that the company outperformed its peers in cigarette volumes, driving the stock’s strong performance.
According to a recent report by Jefferies on Eicher Motors, the firm has maintained a ‘Buy’ rating with a target price of Rs 5,550. While the recent weakness in Royal Enfield volumes is noted as a concern. However, Jefferies has cut its FY25-27 EPS estimates by 2-4%.
Jefferies highlights that Eicher Motors should be a key beneficiary of the ongoing premiumisation trend in the two-wheeler segment. The report also suggests that the toughest phase of competition is now behind the company.
JSW Steel‘s stock rose by 1.14% on the NSE, trading at Rs 897.65, after the company reported a consolidated crude steel production of 22.15 lakh tonnes for July 2024. This marks a 9% year-on-year increase in total crude steel production.
Eicher Motors‘ share price surged 4%, making it the top gainer in the Nifty 50, following the company’s impressive Q1 results that exceeded market expectations. The stock reached an intra-day high of Rs 4,839.90 on the NSE, reflecting a jump of 5.43%.
JSW Steel reported consolidated Crude Steel production for July at 22.15 lakh tonnes up by 9% on year compared to 20.39 lakh tonnes in the same month last fiscal year. The capacity utilisation at Indian operations stood at 91% for July 2024.
Eicher Motors, ONGC, Tech Mahindra, HCLTech, and LTIMindtree were the top gainers in the Nifty 50. Meanwhile, there was only one stock trading below its previous close, HDFC Life Insurance, in the Nifty 50 on August 09.
The NSE Nifty 50 opened 0.92% higher at 24,339.55, while the BSE Sensex opened 0.98% at 79,656.95.
“The sharp rebound in US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower than expected indicating that the labour market is not loosening as many sceptics feared. However, it is important to understand that the US economy is slowing down, and along with the struggling Chinese economy, it can pull down global growth in the near term. Indian valuations continue to remain elevated and, therefore, there is no room for sustained rallies in the market. Tech stocks are likely to stage a recovery today drawing inspiration from the positive US cues,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Eicher Motors reported a 20% year-on-year increase in net profit, reaching Rs 1,101.5 crore for the first quarter ending June 30, 2024, compared to Rs 918 crore in the same period last year. The company’s revenue also saw a growth of 10.2%, rising to Rs 4,393.1 crore from Rs 3,086.4 crore in the corresponding quarter of the previous fiscal year.
Life Insurance Corporation of India reported a 10% increase in its net profit, reaching Rs 10,461 crore for the June 2024 quarter, compared to Rs 9,544 crore in the same period last year. The company’s total income also saw a rise, climbing to Rs 2,10,910 crore, up from Rs 1,88,749 crore in the June 2023 quarter.
“A hawkish RBI tone weighed on Nifty in yesterday’s trade, but this Friday morning brings positive news as recession fears, political instability in the U.S., and Middle East tensions fade. Nifty Bulls are hopeful for a double-rate cut in the US this September, with optimism buoyed by Wall Street gains, better-than-expected US jobless claims, and a sharp drop in the US VIX. Today’s focus will be on Q1 results from companies like Aarti Industries and Grasim, while bullish strategies target Nifty, Bank Nifty, and stocks like Tata Motors and IEX,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Global investment firm Blackstone is preparing to offload 33 crore units of its Real Estate Investment Trust (REIT) firm, Nexus Select Trust, through a block deal on the stock exchanges, potentially raising nearly Rs 4,500 crore, according to sources. Blackstone, which currently holds around 43% of Nexus Select Trust, is expected to execute the block deal on Friday.
“The Bank Nifty was an outperforming sector as compared to Nifty in today’s trading session. However, the overall chart set-up for Bank Nifty is still weak and it is likely to find major resistance around the 50,700 to 50,900 area on an immediate basis. On the downside, the support zone lies at 49,650-700 / 49,000 while the resistance is seen at 50,400 / 50,700-900,” said Tejas Shah, Technical Research, JM Financial & BlinkX.
The 24 carat gold rate in India was Rs 69,660 per 10 grams on August 09. The rate for 24 carat gold per gram is Rs 6,966. The rate of 22 carat gold was Rs 63,855 per 10 grams.
The rate of 24 carat gold has fallen by 2.56% in the last one week, and the yellow metal has risen by 0.19% in the last ten days. The silver is currently quoted at Rs 806.9 per 10 grams.
The state-owned company reported a 61.5% year-on-year decline in net profit, falling to Rs 81.8 crore for the first quarter ending June 30, 2024. This decrease was attributed to lower net sales realization (NSR) and adjustments related to exceptional items. In the same quarter last year, SAIL had posted a net profit of Rs 212 crore.
The state-owned company posted a 76.5% year-on-year increase in net profit, reaching Rs 174.2 crore for the first quarter ending June 30, 2024, up from Rs 98.7 crore in the same period last year. The company’s revenue also surged by 61.1%, climbing to Rs 771.5 crore compared to Rs 475.9 crore in the corresponding quarter of the previous fiscal year.
Eicher Motors reported a 20% year-on-year increase in net profit, reaching Rs 1,101.5 crore for the first quarter ending June 30, 2024, compared to Rs 918 crore in the same period last year. The company’s revenue also saw a growth of 10.2%, rising to Rs 4,393.1 crore from Rs 3,086.4 crore in the corresponding quarter of the previous fiscal year.
The NSE added Punjab National Bank, Aditya Birla Capital, Aditya Birla Fashion and Retail, Birlasoft, GNFC, Hindustan Copper, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, RBL Bank in the F&O Ban on August 09, 2024.
Foreign institutional investors (FII) offloaded shares worth Rs 2,626.73 crore, while domestic institutional investors (DII) mopped shares worth Rs 577.30 crore on August 08, 2024, according to the provisional data available on the NSE.
Grasim Industries, Alkem Laboratories, Honasa Consumer, Siemens, Zydus Lifesciences, Apollo Micro Systems, Bajaj Consumer Care, Balkrishna Industries, Bharat Dynamics, Berger Paints India, Concord Biotech, Engineers India, General Insurance Corporation of India, India Cements, Inox Wind, IRB Infrastructure Developers, Jubilant FoodWorks, Info Edge India, SJVN, Sundaram-Clayton, Sun TV Network, Suven Pharmaceuticals, Trent, and Wockhardt.
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six major currencies, remained unchanged at 103.27.
WTI crude prices are trading at $76.13, down 0.08%, while Brent crude prices are at $79.09, down 0.13%, on Friday morning.
Shares in the Asia-Pacific region are trading mixed on Friday morning. The Asia Dow is up by 0.16%, while Japan’s Nikkei 225 is leading with a gain of 1.97%. South Korea’s KOSPI index is trading higher by 1.48%, Hong Kong’s Hang Seng is up by 1.37%, and China’s benchmark Shanghai Composite is also in the green, rising by 0.26%.
U.S. stocks surged on Thursday, with the Nasdaq and S&P 500 both closing over 2% higher after jobless claims dropped more than expected, easing concerns about a rapid weakening in the labor market, according to Returns. The tech-heavy Nasdaq Composite rose by 464.21 points, or 2.87%, to close at 16,660.02. The S&P 500 gained 119.81 points, or 2.30%, ending at 5,319.31, while the Dow Jones Industrial Average increased by 683.04 points, or 1.76%, to finish at 39,446.49.
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