Indian stock market entered into a bloodbath in the opening bell of Monday, August 5. Sensex erased 80,000 mark to hit new intraday low of 78,580.46, while Nifty 50 dipped to touch the day's low of 24,228.05.
Tata Motors, Tata Steel, Maruti Suzuki, Adani Ports, and JSW Steel were top laggards falling by 3.0-5%.
In the early trade, Gift Nifty plunged over 300 points, while the MSCI Asia Pacific index nosedived. Japan's benchmark has tumbled by around 7%.
Overnight, Wall Street struggled in the grip of bears with S&P 500, Dow Jones, and tech-heavy Nasdaq Composite index falling by 1.5% to 2.5%.
Investors are in hysteria as concerns over weakness in the US economy and volatile markets escalated, after the unemployment rate shot up to 4.3%, surpassing the Fed's target limit of 4.2%, which has dampened sentiments of a rate cut as early as September. With recession susceptibility back in the picture, it is expected that the Fed could keep rates at a two-decade high longer than hoped.
Last week, on Friday, the Sensex dipped by 885.60 points or 1.08%, while the Nifty 50 shed 293.20 points or 1.17% to end at 24,717.70. Overall, the weekly performance of Sensex and Nifty was down by nearly a per cent.
Another reason for the Indian stock market to face the heat of bears would be that they're still overvalued compared to their other Asian counterparts.
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Aug 05, 2024, 4:07 pm IST
Indian Stock Market Drops 2.74 Percent By Monday’s Close
The Indian market witnessed sharp selling at the start of the week as global capital markets fell amid gloomy sentiments. Despite the ongoing conflict in the Middle East, commodities segments and safe-haven metals have received consistent capital inflows. Top losers include Tata Motors, ONGC, Adani Ports, Tata Steel which fell 80.20%, 19.85%, and 94.15%, respectively. Similarly, top gainers include Hindustan Unilever Limited and TATA consumers products limited, which dropped 1.02% and 0.07%, respectively. In sectoral indices, Nifty Realty led the market down by 4.32%, while Nifty Metal down 4.85% today.
Aug 05, 2024, 3:31 pm IST
Joint Venture Agreement Announced Between CIL and GAIL
Coal India Limited (CIL) and GAIL (India) Limited (GAIL) entered into a Joint venture Agreement directed at setting up Coal to Synthetic Natural Gas (SNG) plant at Eastern Coalfield Limited (ECL), Bardhaman, West Bengal. The Joint Venture Company shall be incorporated as a “Private Limited” Company Initial paid-up share capital of INR 1,00,000. The authorized share capital of the JVC shall be INR 11,00,00,000/- comprising 1,10,00,000 Equity Shares at Rs. 10/- each. The registered office of the JVC shall be situated in the state of West Bengal, India CIL and GAIL each shall have the right to nominate three executives as Directors of JVC.
Aug 05, 2024, 2:56 pm IST
Baazar Style Retail Limited Raises Rs 37 crore In Pre-IPO Placement From Volrado Venture Partners
Kolkata-based Baazar Style Retail Limited, a value fashion retailer with the largest retail footprint in Eastern India and leadership positions in West Bengal and Odisha in the organized value retail market, has raised Rs 37 crore from institutional investors. Accordingly, the fresh issue size has been reduced from Rs 185 crore to Rs 148 crore. As per a media advertisement in Financial Express, on August 5, 2024, the company, in consultation with the lead bankers, had undertaken a private placement of 9,56,072 equity shares to Volrado Ventures Partners Fund II at an issue price of Rs 387 per equity share (including a premium of Rs 382 per equity share) aggregating to Rs 37 crore.
Aug 05, 2024, 2:19 pm IST
Keystone Realtors Ltd Reports Robust Performance On Key Operational Metrics
Keystone Realtors Limited, a prominent MMR based real-estate company engaged in the development of residential and commercial projects, announced its financial results for Q1 FY25. Pre-Sales during Q1FY25 INR 6.11 bn (up 22% YoY).Added 1 project in Q1FY25 having an estimated GDV of ~INR 9.84 bn. Launched 2 projects in Q1FY25 with an estimated GDV of ~INR 20.17 bn. Mr. Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said “In FY24, the company has demonstrated remarkable progress in terms of Pre-Sales, collections, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us”.
Aug 05, 2024, 1:52 pm IST
Allcargo Group Elevates Ketan Kulkarni To Leadership Position At Allcargo Gat
Allcargo Group, an India-born global logistics conglomerate has appointed Ketan Kulkarni as Deputy Managing Director of, Gati Express and Supply Chain Pvt. Limited (GESCPL), material subsidiary of Allcargo Gati Limited (Formerly Gati Limited), one of India’s leading premier Express Distribution and Supply Chain Management companies, to further bolster its growing business. Ketan will take charge with immediate effect and work closely with Pirojshaw (Phil) Sarkari, Managing Director and Chief Executive Officer of GESCPL to facilitate the leadership transition and lead the company to the next phase of growth in express and contract logistics business with involvement in sales, operations, customer service and digital initiatives.
Aug 05, 2024, 1:21 pm IST
South West Pinnacle Exploration Limited Receives Orders From Water Department Of India
South West Pinnacle Exploration Limited (SWPE) has got three Letters of Award of contract from Central Ground Water Board (CGWB), Ministry of Jal Shakti, Department of Water Resources, River Development and Ganga Rejuvenation, Faridabad for Construction of Piezometers in soft rock/hard rock and supply, installation and commissioning of DWLRs and telemetry, data acquisition etc. etc. in the states of Madhya Pradesh and Chhattisgarh. The aggregate value of contracts including GST is ~ 49.52 Crores. All three projects are to be completed in one year and Ten months time.
Aug 05, 2024, 1:17 pm IST
Nifty Breaks Below 24,000
The Sensex plunged 2,602.45 points, or 3.21%, to 78,379.50, while the Nifty dropped 784.50 points, or 3.17%, to 23,933.20. This is the first time Nifty fell below 24,000 marks since June 26.
Aug 05, 2024, 12:58 pm IST
August 5 Market Mayhem: What Triggered Sell-Off In Sensex & Nifty? 5 Key Reasons For D-Street Bloodbath
The Indian stock market faced a severe downturn on Monday, August 5, with major indices experiencing significant losses, mirroring the global trend driven by mounting recession fears in the US and escalating tensions in the Middle East. The Sensex plummeted nearly 3%, reaching 78,580.46, while the Nifty 50 fell almost 2% to 24,277.60 in early trade. Several factors contributed to the significant selloff that impacted the Indian stock market.
Green Infra Pvt Ltd. Receives Orders From JDVVNL & JVVNL In Rajasthan
Green Infra Pvt Ltd., a subsidiary of Insola on Energy Ltd has entered into a Memorandum of Understanding with Ganesh Décor India Pvt ltd for Solar Power Project Development in KUSUM C in Rajasthan (Awarded by Jodhpur Vidyut Vitran Nigam Ltd (JDVVNL) . The total project size is 22.68 MW (AC)/ 29.484 MW (DC), which will be developed by the Company. The total value for developing these projects are es mated to be Rs. 118 Crore Approx, including taxes. Further an LOA has been awarded to Insola on Energy Ltd (INA) by Jaipur Vidyut Vitaran Nigam ltd (JVVNL) for Solar Power Plant Development in Kusum C , for 4.7MW (AC)/ 6.11 MW (DC) . The total es mated value of these projects are es mated to be Rs 24.4 crs.
Aug 05, 2024, 12:16 pm IST
SENSEX Top 5 Losers
Stock Market Live Updates
Aug 05, 2024, 12:01 pm IST
Result Update: ITC Ltd (ITC IN) | 1QFY25: Cigarette Performance Inline, Non-Cigarette Was Mixed Bag
Mehul Desai of JM Financial Institutional Securities said, “ITC’s Jun-Q operating metrics were largely inline with our expectations. Cigarettes revenue growth was stable with volume growth of 3%, tad better than our forecasts (2.5%); EBIT margins were stable with impact of high input cost in base. FMCG business sales growth was inline but tad weaker vs trend seen in recent quarters, as intense summer & regional competition impacted certain foods and stationary categories. Among the cyclical businesses - Hotels business sales were below expectation (due to lower wedding, harsh summers/election led impact), Agribusiness surprised positively with positive growth after several quarters of decline while Paperboards continued to disappoint. Govt. maintaining taxation on cigarettes in recent budget augurs well for Cig business for organised players like ITC. Further, FMCG business (festive & rural recovery) and Paperboard (weak base) should see recovery from H2FY24, thereby driving overall performance. This, along with sharper capital allocation strategy post hotel demerger, will drive overall return profile. We maintain our positive stance on the company.”
Aug 05, 2024, 11:46 am IST
Crompton Greaves Consumer Electricals Q1 Result Update By LKP Securities
With management firm backing for Crompton 2.0 and its focus on growing its portfolio across fans/pumps along with scaling its kitchen portfolio and transforming lighting is expected to bear fruits with some initial green shoots visible. In the medium to long term product and distribution synergies expected to lead to better growth. Further with focus on product innovation (differentiated and premium products), GTM and cost optimization will reap benefits. We believe these initiatives accompanied by some recovery in margins on the back of Butterfly synergies, consumer demand recovery, pricing actions and operating leverage with steady market share gains will likely bode well over the medium term. Taking into account these recent developments, we maintain a BUY rating with a revised target price of Rs 510.
Aug 05, 2024, 11:15 am IST
Sun Pharma – Profitability Increases For The Quarter (Add, TP: Rs1,900) - Centrum Broking
Sun Pharma (SUNP) 1QFY25 result was a miss on revenue while EBITDA/PAT beat our estimates. Overall revenues grew 6% YoY to Rs125bn (our est. Rs130bn), led by India/EM delivering 16%/11% YoY growth offset by muted US growth. API/ROW declined 8%/1% YoY respectively. Global specialty grew 15% YoY to USD266mn (down 2% QoQ). Gross margins expanded 200bps to 78.6% (down 120bps QoQ). EBITDA grew 11% YoY to Rs35bn with margins expanding 130bps YoY (+350bps QoQ) at 28.2% (our est. 26.5%). Adjusting for FX loss of Rs505mn, PAT grew 26% YoY to Rs29bn (our est Rs26bn) driven by higher other income (+2.5x YoY), lower finance costs (down 24% YoY) and lower tax rate of 16.1% (v/s 18.9% in 1QFY24). Going forward, management expects specialty business to grow led by growth in key assets (Ilumya, Cequa, Winlevi). It expects R&D expense to be 8-10% of sales in FY25. The increase in R&D spend is largely for specialty portfolio. Moreover, India segment is likely to witness volume-led growth across therapies. Accordingly, we raise our earnings estimates for FY25/FY26 by 8%/4%, factoring a) DF segment outperforming IPM, b) superior execution in global specialty sales. We value SUNP on SOTP (36x FY26 core EPS + NPV of gRevlimid at INR28) to arrive at TP of Rs1900. Maintain ADD.
Aug 05, 2024, 11:00 am IST
Crypto Tides Ebb and Flow, But Bitcoin’s Stands Strong
Shivam Thakral, CEO of BuyUcoin said, the global crypto market has witnessed a significant shift, with a market cap of .89 trillion reflecting a 12.29% decrease over the last day. However, Bitcoin has dropped below ,000. Its dominance has slightly increased to 56.56%, indicating resilience amid the market volatility. The recent decline in Bitcoin’s price is due to a hike in interest rates by central banks around the world, geo-political tension in the Middle East, and concerns related to the US economy, which have affected investor sentiment. However, Bitcoin’s strong market presence reflects that there is potential for recovery and growth as market conditions stabilize.
“Emami’s Q1FY25 print was in line; consolidated revenue/EBITDA/PAT grew 9.7%/13.9%/ 10.1% YoY. Domestic revenues surged by 10%, led by 8.7% volume growth, yet international business saw 11.0% growth (CC). Management alluded despite challenges in rural company’s enhanced distribution/village coverage helped to capture good growth around extreme heatwave in the north. Higher spends on brand building (BTL) resulted in volume-led growth reflecting rural growth continue to outpace urban in Q1. Navratna/Dermicool grew 27% followed by Healthcare at 11%, while Pain management declined by 7%. Boroplus range grew 4%, while Kesh king/Male grooming declined by 15%/5%. Sales for D2C brands TMC and Brillare (~6% of sales) grew 23% YoY. MT/ecom and CSD channels continued to post strong growth, while GT saw good recovery. Gross margin inched up to 67.7% (+226bp) aided by lower RM/PM prices. Despite higher ad-spends (+21.0%), and employee/other expenses +9.5%/+5.2%, EBIDTA margins settled at 23.9% (+88bp). Management guided for HSD growth in domestic business. With strong rural recovery we tweak earnings and retain BUY with a revised DCF-based TP Rs826 (implying 28.5x avg. of FY26E/FY27E EPS),” said Centrum Broking said.
Aug 05, 2024, 10:31 am IST
Morning Market Outlook From Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in US job creation in July and the sharp rise in US unemployment rate to 4.3%. Geopolitical tensions in the Middle East also are a contributing factor. Another significant factor is the unwinding of the Yen carry trade which is bleeding the Japanese market. The crash in Nikkei by above 4% this morning is an indicator of the crisis in the Japanese market. Valuations in India, driven mainly by sustained liquidity flows, continue to be high particularly in the mid and smallcaps segments. The overvalued segments of the market like Defence and Railways are likely to come under pressure. The buy on dips strategy which has worked well in this bull run, is likely to be threatened now. Investors need not rush to buy in this correction. Wait for the market to stabilise.
Aug 05, 2024, 10:13 am IST
Market Outlook By Sameet Chavan, Head Research, Technical and Derivative - Angel One
The impressive winning streak in the benchmark index came to an end after eight consecutive weeks of gains. The Nifty50 index achieved a significant milestone during the week, but the last-day sell-off, influenced by weak global cues, acted as a spoiler, resulting in a negative closure. Despite this, the week was eventful, and the Nifty settled just above 24700 with a modest decline of 0.47 percent WoW basis. There have been insignificant alterations to the price action for Nifty, though the overall market breadth turned a bit exhaustive, indicating a sign of caution. From a technical standpoint, the Nifty index continues to maintain a position above all its major Exponential Moving Averages (EMAs), with robust nearby support identified around the subzone of 24600-24500. Also, till Nifty remains above this level, there shouldn't be any significant cause for concern for market participants. On the higher end, the bearish gap on the daily chart, around 24850-24950, is likely to act as intermediate resistance, followed by the psychological mark of 25000 in the near period. Moreover, a sustained breakthrough beyond this level is anticipated to catalyse the next series of rallies in the benchmark. Going ahead, it is crucial for us to stay alert and monitor aberrations in the global landscape, as these could potentially adversely affect the overall sentiments and trends within our market. Therefore, it is imperative that we observe these developments thoroughly and diligently over the weekend to ensure that we are well-prepared to respond effectively.
Aug 05, 2024, 10:08 am IST
What Should Investors Do After The Indian Market Entered into a Bloodbath?
Santosh Meena, Head of Research, Swastika Investmart Ltd said, “The global market is reeling as bears enter with a cocktail of bad news. The fear of a reverse Yen carry trade, following an interest rate hike in Japan, was the initial catalyst. This was compounded by fears of a recession in the USA after extremely poor job data, which spooked market sentiment. China and Europe are already grappling with slowdowns, and escalating geopolitical tensions are adding further pressure on the markets.”
“We are witnessing signs of the first meaningful correction in global markets after an extended bull run. Investors and traders should be cautious and avoid rushing in immediately, as better entry levels may emerge. The outlook for our market remains very bullish, but the potential for a significant correction means investors should consider taking profits where valuation concerns exist. Technically, Nifty has support at the budget day low of 24075, with the next support at the 50-DMA around 23900. Below this, the major support lies at the 23300 level. On the upside, 24800-25000 will remain a key resistance area,” he further added.
Aug 05, 2024, 9:33 am IST
Top Bears
Tata Motors, Tata Steel, Maruti Suzuki, Adani Ports, and JSW Steel were top laggards falling by 3.0-5%.
Aug 05, 2024, 9:33 am IST
Sensex In Opening Bell
The 30-scrip benchmark nosedived by a whopping 2,401.5 points to hit an intraday low of 78,580.46. Sensex opened at 78,588.19 compared to previous closing price of 80,981.95.
Aug 05, 2024, 9:33 am IST
Nifty 50 Opening Bell
Nifty 50 opened at 24,302.85, however, erased its 24,300 mark soon after. In the early trade, the benchmark nosedived by over 508 points to touch an intraday low of 24,228.05.
Aug 05, 2024, 9:14 am IST
Rupee At New Lows Against US Dollar
Rupee, which was one of the best-performing Asian currencies, has touched a new low against the US dollar as recession fears in the US economy heightened. The USDINR pair opened at 83.61 per dollar levels at the interbank forex market. While in the opening bell, the rupee touched a new all-time low of 83.853.
Aug 05, 2024, 9:07 am IST
How Stock Market Will Trade Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services:
The rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in US job creation in July and the sharp rise in US unemployment rate to 4.3%. Geopolitical tensions in the Middle East also are a contributing factor. Another significant factor is the unwinding of the Yen carry trade which is bleeding the Japanese market. The crash in Nikkei by above 4% this morning is an indicator of the crisis in the Japanese market.
Valuations in India, driven mainly by sustained liquidity flows, continue to be high particularly in the mid and smallcaps segments. The overvalued segments of the market like Defence and Railways are likely to come under pressure. The buy on dips strategy which has worked well in this bull run, is likely to be threatened now. Investors need not rush to buy in this correction. Wait for the market to stabilise.
Aug 05, 2024, 8:51 am IST
Anxiety Of Recession To Topple Sensex, Nifty?
Prashanth Tapse, Senior VP (Research), Mehta Equities: Nifty ended Friday’s session on a somber note, following a sharp sell-off from the coveted Nifty 25000 mark, leaving investors pondering if this signals the beginning of a downturn. Two negative factors prevail: a lack of significant positive surprises in Q1 June earnings from Corporate India and overbought technical conditions. Despite talks of a potential double-rate cut in September, bearish sentiments persist, with Fed-funds futures indicating a 71.5% probability of a 50-basis point cut at the FOMC’s September meeting. Anxiety remains high, especially after Friday's unexpectedly weak July jobs report, suggesting that volatility will be the hallmark of the day. Q1 results are expected today from Aarti Pharma, Bharti Airtel, CERA, Deepak Nitrite, HCC, ONGC, TAJ GVK, and Tata Chemical.
Aug 05, 2024, 8:23 am IST
Global Market In Rout
Global market are grappled in a frenzy-selling. In the early trade, Gift Nifty plunged over 300 points, while the MSCI Asia Pacific index nosedived. Japan's benchmark has tumbled by around 7%. However, for the trading week from August 5th to 9th, the tone of stock market is seen to be side-ways with more leaning towards bearish stick.
Overnight, Wall Street struggled in the grip of bears with S&P 500, Dow Jones, and tech-heavy Nasdaq Composite index falling by 1.5% to 2.5%.
Aug 05, 2024, 8:22 am IST
Market Previous Session
Last week, on Friday, the Sensex dipped by 885.60 points or 1.08%, while the Nifty 50 shed 293.20 points or 1.17% to end at 24,717.70. Overall, the weekly performance of Sensex and Nifty was down by nearly a per cent.
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