Disclaimer

The stock market is subject to significant volatility and inherent risks. Investing in stocks involves potential losses and is not guaranteed to generate profits. Prices of stocks can fluctuate unpredictably, We do not give any buy/sell tips. This article is for Educational purposes only.

Indian Indices

I) Nifty: opened at 24289 and touched a high of 24337 then a low of 24184 and closed at 24297 with a total of + 304 points in Positive

II) Bank Nifty: open 50286 and touched a high of 50292 then a low of 49782 and closed at 50119 With a total of + 370 points Positive

III) Fin Nifty: open 22782 and touched a high of 22857 then a low of 22622 and closed at 22804 With a total of + 284 points in Positive

IV) Nifty Mid Select: open 12474 and touched a high of 12574 then a low of 12385 and closed at 12566 With a total of + 317 points in Positive

NSE Advance and Decline

Nifty 500 Top Gainer

Nifty 500 TOP LOSER

EIH stock tanks: Luxury hospitality company EIH stock price nosedived 10.19 per cent in intraday deals to hit a low of Rs 256.70 per share on Wednesday, August 7, 2024.

Gland Pharma stock falls: Shares of Gland Pharma plunged as much 9.44 per cent to hit an intraday low of Rs 1910.20 per share on Monday, August 7, 2024.

Varroc Engineering Sales rise 5.16% to Rs 1898.85 crore Net profit of Varroc Engineering rose 0.46% to Rs 32.41 crore in the quarter ended June 2024 as against Rs 32.26 crore during the previous quarter ended June 2023. Sales rose 5.16% to Rs 1898.85 crore in the quarter ended June 2024

Sectoral Performance

Outperforming stocks vs nifty 500 over 1 week

Underperforming Stock vs Nifty 500 over 1 week

Stock With Rising Volume

Headlines

The Indian stock market witnessed a significant rebound on August 7, 2024, with both the Sensex and Nifty indices snapping a three-day losing streak. The Sensex surged 874.94 points (1.11%) to close at 78,593.07, while the Nifty gained 304.95 points (1.27%) to end at 23,992.55​ (Business Standard)​ (LiveMint).

Key Highlights:

1. Broad-Based Gains: The market saw broad-based buying across various sectors. Out of the Nifty 50, 44 stocks ended higher, with notable gains in ONGC, Coal India, Adani Enterprises, and Adani Ports. On the BSE, 25 of the 30 Sensex stocks finished in the green, led by Adani Ports, Power Grid, and JSW Steel​ (Business Standard).
2. Sectoral Performance: All sectoral indices closed higher, with the Oil Marketing Companies (OMC), Media, Metal, Pharma, and Healthcare sectors contributing significantly, registering gains up to 3.06%. The Nifty Next 50 led the gains among broader indices with a 3.01% rise, followed by the Nifty SmallCap 100 and Nifty MidCap 100, which increased by 2.86% and 2.45%, respectively​ (Business Standard).
3. India VIX: The volatility index, India VIX, saw a substantial decline of 13.72%, ending at 16.17 points, indicating a reduction in market fear and volatility​ (Business Standard).
4. Market Sentiment: Positive global cues played a role in the market rebound. A statement from the Bank of Japan's Deputy Governor reassured investors that the central bank would not raise interest rates during financial instability, boosting global market sentiments. Additionally, the reinstatement of indexation benefits in the Realty sector led to a relief rally in that segment​ (Business Standard).
5. Stock-Specific Movements:
   • ONGC: The stock rose significantly by 7.38%, driven by investor expectations of a faster production ramp-up from the KG basin​ (LiveMint)​ (LiveMint).
   • Suzlon Energy: Shares hit the upper circuit, gaining 5%, following the announcement of acquiring a 76% stake in Renom Energy Services​ (LiveMint).
   • Venky's India: The stock was locked in the upper circuit of 20% due to strong Q1FY25 results​ (Business Standard).
6. F&O Ban List: Eleven stocks, including Aditya Birla Capital, Birlasoft, Chambal Fertilisers, and RBL Bank, were placed on the NSE's F&O ban list due to surpassing 95% of the market-wide position limit​ (LiveMint).
7. Rupee Movement: The Indian rupee eased slightly against the US dollar, adding a nuanced backdrop to the day's trading activities​ (Business Standard).
8. Expert Recommendations: Analysts suggest maintaining caution amid the volatile market conditions. The short-term trend for Nifty remains weak, and if it fails to hold support at its 50-day EMA, it could test lower ranges​ (LiveMint). For sector-specific strategies, experts recommend focusing on pharmaceuticals, FMCG, chemicals, and telecommunications, which are showing resilience​ (LiveMint).

The market's performance on August 7, 2024, reflected a strong recovery driven by broad-based buying and positive global cues. Investors are advised to stay cautious and consider strategic investments in resilient sectors amid ongoing market volatility.

See our last market recap