Sensex witnessed sharp rally of 822 points to 79,717 and Nifty rallied 258 points to 24,375 in late afternoon trade on Friday (August 9, 2024) amid gain in IT stocks and positive momentum prevailing in Asian markets. Nifty Bank surged 410 points to 50,567 and Nifty Midcap soared 539 points to 57,220 on August 9. Meanwhile, NBCC (India) Shares rallied over 7% in trade today after it bagged orders worth Rs 15,000 crore. Current market price of NBCC (India) Shares on BSE is Rs 187.20 per share. Shares of electric two-wheeler company Ola Electric Mobility Ltd listed on a flat note on Friday against the issue price of Rs 76, but later bounced back and jumped 16.46%. Trent shares rallied over 11% amid healthy quarterly earnings.
Earlier, Indian stock market opened with strong gains as Sensex neared its 80,000 levels, and Nifty 50 almost inched towards its 24,400 mark. In the opening bell, Sensex zoomed by 1,098 points and Nifty 50 jumped over 270 points. Accordingly, India's volatility index dipped nearly 6%.
IT, metals, auto, and oil & gas stocks were top gainers. Notably, all sectoral indices in green.
While stocks like Aditya Birla Capital, Aditya Birla Fashion and Retail, Birlasoft, GNFC, Hindustan Copper, India Cements, IndiaMART InterMESH, LIC Housing Finance, Manappuram Finance, RBL Bank are retained under the futures and options (F&O) ban list.
Global market is trading robustly bullish. Taiwan index is up by 3%, while Japanese Nikkei 225 jumped over 1.5%. Overnight, Wall Street surged with S&P 500 index closing with 2% gains.
The uptrend in investors sentiment comes after new labor market data in the US, where jobless claims dipped more than expected last week, which comes recession fears.
LIVE Feed
Aug 09, 2024, 3:54 pm IST
Closing Statement
The Indian market ended on a euphoric note today with the Sensex and Nifty recording sharp gains. All sectoral indices closed in the green, propelled by a strong buying spree. Eicher Motors Ltd, Mahindra & Mahindra and Shriram Finance Ltd, emerged as top performers, rising by 5.68%, 3.05%, 2.88% respectively. Top losers today included BPCL, HDFC Life, Kotak Mahindra recorded a loss of 1.15%, 1.12%, 0.17% respectively. The banking and realty sectors also contributed to the market's uptrend, with Nifty Bank and Nifty Realty closing with gains of 0.65% and 1.55%, respectively.
Aug 09, 2024, 3:33 pm IST
Asahi SongwonColors Delivers Stellar Q1 FY25 Results with Triple-Digit Growth
Asahi SongwonColors Limited, India’s leading manufacturer of pigments for ink, plastics, paint, textile, and paper industries, has announced its financial results for the first quarter ended June 30, 2024. Standalone Total Revenue stood at Rs 89.83 crore, registering a 7.14% quarter-on-quarter growth and a substantial 32.13% year-on-year increase. EBITDA for the quarter amounted to Rs 210.33 crore, exhibiting a 27.94% quarter-on-quarter growth and a remarkable 1,033 times year-on-year increase. EBITDA margin improved to 11.50% for Q1 FY25 compared to 9.63% in Q4 FY24 and a mere 0.01% in Q1 FY24. Net Profit reached Rs 75.65 crore, showcasing a 42.99% quarter-on-quarter growth and a significant 309.26% year-on-year increase.
On a consolidated basis, Total Revenue was Rs 134.28 crore, indicating a 6.60% quarter-on-quarter growth and a 30.63% year-on-year increase. EBITDA surged to Rs 313.74 crore, with a robust 56.43% quarter-on-quarter growth and a staggering 1,639.43% year-on-year increase. EBITDA margin improved to 10.23% for Q1 FY25 from 6.97% in Q4 FY24 and a negative 0.87% in Q1 FY24. Net Profit recorded Rs 74.38 crore, demonstrating a substantial 382.94% quarter-on-quarter increase and a 174.81% year-on-year growth.
Aug 09, 2024, 3:22 pm IST
Info Edge (India) Delivers 9.3% Revenue Growth in Q1 FY25
Info Edge (India) Limited reported its Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30th, 2024. Info Edge (India) Limited recorded 9.3% growth in its Revenue from Operations at Rs 638.9 crore on a standalone basis for the quarter ended June 30th, 2024, compared to Rs 584.3 crore in the corresponding quarter of the previous fiscal. The recruitment business continued the uptick in Q1, whereas non-recruitment businesses also continued to grow with reduced operating losses. Revenues growth in the recruitment business was 5.6% year on year and for non-recruitment business verticals namely 99acres (the real estate vertical), Jeevansathi (the matrimony business), and Shiksha (the education business) was 19.5%, 34.7%, and 18.4% respectively. Billings for the company on a standalone basis for the quarter grew by 10.8% year on year and stood at Rs 579.3 crore.
Aug 09, 2024, 2:55 pm IST
1:5 Split, 125% Dividend Ahead: Steel Giant Godawari Power To Deliver Double Rewards; Buy To Be Eligible!
Iron and steel products maker, Godawari Power & Ispat is trending for its announcement of double rewards in a mixture of splits and special dividends. Accordingly, this metal stock has been buzzing. The broader consensus on the stock is BUY. YTD, the stock zoomed by 45% on BSE. Currently, the stock trades at Rs 1,120.80 apiece on BSE with a market cap of Rs 14,995.74 crore. The stock is down by nearly 1%. The stock's 52-week high and low is at Rs 1,222.95 apiece and Rs 550.95 apiece respectively.
Kolte-Patil Developers Ltd Declare Financial Results for Q1 FY25
Kolte-Patil Developers Ltd., a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its un-audited results for the first quarter ended 30 June 2024. Q1 FY25 sales value stood at Rs. 711 crore. Q1 FY25 sales volumes stood at 0.96 million sq. ft. Highest-ever quarterly collections at Rs. 612 crore, up 19% YoY. Q1 FY25 Revenues at Rs. 341 crore. Q1FY25 EBITDA at Rs. 28 crore.
Aug 09, 2024, 2:08 pm IST
Trent Shares Jump 11% As Q1 Profit Rises 126%
Tata group company Trent Ltd shares today gained 11.12% on BSE and hit upper circuit as well as the company reported healthy quarterly results. Current market price of Trent shares on BSE is Rs 6,270.05 per share. It announced its consolidated net profit at Rs 392.6 crore for Q1FY25, up 126% as against the net profit of Rs 173.48 crore declared in the corresponding quarter of last year. Its revenue from operations zoomed 56% to Rs 4,104.4 crore for Q1FY25 as against 2,628.37 crore in the similar quarter of last year, as per its BSE filing.
Mid cap Navratna company from construction sector, NBCC (India) Ltd shares today witnessed sharp rally of 7.34% on BSE after the company informed about receiving an order worth Rs 15,000 crore from Srinagar Development Authority. The order involves development of Satellite Township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar ( J&K).
Aug 09, 2024, 12:51 pm IST
Sanitaryware Maker Grotto To Expand In Northeast
Luxury sanitaryware maker Grotto on Thursday said it is looking to expand its market in Northeast India over the next three months. Grotto co-founder Dhermander Garg said in a statement that the company has plans to make its "innovative and high-quality products" available in dealer outlets across major cities in the region. "We are excited to announce our plans to expand our product availability in Northeast India. This expansion is a significant step for us and we are committed to reaching more customers here," he said.
According to PTI report, Garg said Grotto's vast range of bathroom and kitchen products are crafted around multiple design themes under various sub-brands, each with its own ethos and style catering to distinct customer profiles. "Grotto will be showcasing its extensive range of products at the BAIC Exhibition 2024, Northeast India's largest show of building materials, architecture, interior design and construction, from August 9 to 11 in Guwahati," he added.
Aug 09, 2024, 12:39 pm IST
Arohan Financial Services Reports Four-Fold Jump In Net Profit To Rs 104.08 Cr
Microlender Arohan Financial Services on Friday reported an over four-time jump in its net profit to Rs 104.08 crore during the first quarter of the 2024-25 fiscal. It was Rs 25.40 crore during the same quarter of the previous financial year, the company said in a statement. The net profit was driven by a rise in business and earnings, it said. Total income from operations increased 36 per cent to Rs 469 crore during the quarter under review, as against Rs 345 crore in the same quarter of the previous fiscal. The MFI's assets under management (AUM) grew to Rs 7,062 crore in the first quarter of 2024-25, as compared to Rs 5,564 crore in Q1 of 2023-24. Net NPA stood at zero at the end of the quarter ending June 30.
Aug 09, 2024, 12:03 pm IST
Gold Prices Surge In India: 24k/100 Grams Gold Jump By Rs 8,200, Silver Rallies Too
Gold prices in India recorded sharp jump on August 9, 2024 amid soaring prospects of interest rate cut from US Federal Reserve in September and rising safe-haven demand of the yellow metal. 22k gold prices today jumped by Rs 750 to Rs 64,250/10 grams and 100 grams of 22 carat yellow metal prices today rallied by Rs 7500 to Rs 6,42,500 in India on August 9, 2024. 24k gold prices today in the country rose by Rs 820 to Rs 70,090/10 grams and 100 grams of 24 carat precious metal prices today surged by Rs 8,200 to Rs 7,00,900. On the other hand, 18k gold price today stood at Rs 52,570/10 grams after the surge by Rs 610 and 100 grams of 18 carat yellow metal prices gained by Rs 6,100 to Rs 5,25,700.
Spot Gold, Spot Silver Prices Today: Spot gold surged 1.8% to ,423.25 per ounce by 1758 GMT, breaking the five-session losing streak. U.S. gold futures settled 1.3% higher at ,463.3. Meanwhile, spot silver jumped more than 3.4% to .49 per ounce, platinum jumped 1.4% at 2.75 and palladium rose 4.1% to 8.75, according to Reuters.
Aug 09, 2024, 11:39 am IST
Germany's Proposed Low Emission Steel Standard May Pose Challenges To Indian Industry: GTRI
Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said, according to PTI report. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports. "Global markets are demanding low-carbon products, and Indian steel producers not aligning with LESS may struggle to compete," GTRI Founder Ajay Srivastava said.
Aug 09, 2024, 11:17 am IST
Silver Prices Rise
Silver prices in India rose by Rs 1,500 to Rs 83,000 in 1Kg. Prices of other grams in this precious metals were also up. The cheapest silver today is at Rs 83 in 1 gram.
Aug 09, 2024, 11:16 am IST
Gold Prices Glitter In Chennai
Gold prices in Chennai rose much higher than prices in retail stores of other cities in India. 24K/100 grams gold in Chennai is up by Rs 8,200 in a single-day on August 9. Yellow metal has broadly witnessed a volatile week amidst US recession fears, geopolitical tensions and expectations of early rate cut by Fed.
Aug 09, 2024, 11:15 am IST
Ola Electric Mobility Shares Jump 16%
Shares of electric two-wheeler company Ola Electric Mobility Ltd listed on a flat note on Friday against the issue price of Rs 76, but later bounced back and jumped 16.46%. The stock made its debut at Rs 75.99, marginally down by 0.01% from the issue price on the BSE. Later, it jumped 10.71 per cent to Rs 84.14. Current market price on BSE is Rs 88.50 per share. At the NSE, shares of the firm listed at par with the issue price of Rs 76. Later in the trade, the stock soared 10.80 per cent to Rs 84.21.
The Bhavish Aggarwal-led company's market valuation stood at Rs 36,742.21 crore during the early trade. The Rs 6,145-crore initial public offer of Ola Electric Mobility received 4.27 times subscription on the final day of bidding on Tuesday. The initial share sale had a price band for the offer at Rs 72-76 a share. The Initial Public Offering (IPO), the first by an electric vehicle maker, had a fresh issue of up to Rs 5,500 crore and an Offer-for-Sale (OFS) of up to 8,49,41,997 equity shares, according to PTI report.
Aug 09, 2024, 11:14 am IST
Gold Prices In India Surge
Amidst a volatile week, gold prices witnessed heavy demand with 24/100 grams gold surging by Rs 7,500 in a single-day on August 9. The cheapest gold to buy is currently of 1 gram in 22K and 24K which is priced at Rs 6,425 and Rs 7,009 respectively.
Aug 09, 2024, 9:52 am IST
LUPIC Stock Rallies
This Pharma stock advanced by around 5% after brokerage upgrade. Notably, Lupin stock surged by 90% in the last one year. At the latest JPMorgan sees more upside after upgrade.
Aug 09, 2024, 9:52 am IST
LIC Stock
LIC stock zoomed by 3% after its Q1 results announcement.
Aug 09, 2024, 9:29 am IST
Sensex, Nifty Open In Strong Gains
Sensex and Nifty made a banger opening, rising by as much as 1,098 points and over 270 points in the early trade so far. All sectoral indices were in green, while IT stocks outperformed. Here is the latest price of Sensex and Nifty
Aug 09, 2024, 9:26 am IST
Sensex Price
Sensex opened at its intraday high of 79,984.24, rising by over 1,098 points in the early bell compared to the previous day's closing print of 78,886.22. Market sentiments look bullish.
Aug 09, 2024, 9:25 am IST
Nifty Price
Nifty opened at 24,386.85, near its intraday high of 24,387.35. Overall, in the opening bell, Nifty gained more than 270 points. In the previous day, the benchmark was at 24,117.
Aug 09, 2024, 9:19 am IST
Stocks In Focus, Top Picks
Prashanth Tapse, Senior VP (Research), Mehta Equities: 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.
Aug 09, 2024, 9:19 am IST
What Is Driving Market Sentiments Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: 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 rally in the market. Tech stocks are likely to stage a recovery today drawing inspiration from the positive US cues.
Aug 09, 2024, 9:18 am IST
Derivative Market Outlook
Anand James, Chief Market Strategist, Geojit Financial Services: Nifty weekly contract has highest open interest at 24150 for Calls and 24100 for Puts while monthly contracts have highest open interest at 25000 for Calls and 24000 for Puts. Highest new OI addition was seen at 24150 for Calls and 24100 for Puts in weekly and at 24400 for Calls and 24100 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 10.64%, increased future index shorts by 7.26% and in index options by 50.92% decrease in Call longs, 35.60% decrease in Call short, 41.17% decrease in Put longs and 27.00% decrease in Put shorts.
Aug 09, 2024, 9:18 am IST
Nifty Technical View
Anand James, Chief Market Strategist, Geojit Financial Services: Yet another series of unsuccessful attempts yesterday to clear 24389 ended with a close below 24167 limiting the chances of any meaningful recovery during the rest of the day. However, as maintained yesterday, we prefer to see this as volatility rather than an outright collapse. Equally importantly, even though it would not stand another attack, the 50day SMA, now at 23938, still holds, inline with this stance. This along with the hourly MACD yet to fall below signal line despite yesterday’s hammering, we are encouraged to ride upswings that could be triggered by overbought oscillators. Directional trades thus await break of 23938-24389, with our preference to go long, aiming 24540, should we float above 24195. Or to aim for 23670, should we see below 23938.
Aug 09, 2024, 9:18 am IST
Will Nifty Hold 24,400 Today?
Hardik Matalia, Research Analyst, at Choice Broking: Yesterday, the global market witnessed a jump after jobless claims fell more than expected. Indian markets are expected to open positive today. Traders holding long positions should hold with the strict stop loss of 24200 on a closing basis. If Nifty manages to hold above 24400 it can further lead towards 24550-24650 levels.
Aug 09, 2024, 9:16 am IST
Rupee Stays Near Record Low Levels Against US Dollar
The Indian rupee opened at 83.95 against US dollar, also after RBI kept repo rate unchanged for nine consecutive monetary policies. The rupee has shot to touch an intraday low of 84.088, which is closer to its record low of 84.182 per dollar. Currently, it is around 83.94 per dollar. It needs to be noted that rupee touched a series of record lows in recent times, however, has halted short of crossing, hinting at RBI intervention.
Aug 09, 2024, 8:42 am IST
Stocks To Buy On August 9
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on August 9. These are: BUY MFSL cmp 1106.60 Stop Loss 1080 Target 1160; BUY AARTI DRUGS cmp 517.20 Stop Loss 505 Target 552; and BUY GMR INFRA cmp 98.69 Stop Loss 96.50 Target 104.
Aug 09, 2024, 8:40 am IST
Nifty Outlook Today
By Sr. Technical Research Analyst, Kunal Kamble at Bonanza Portfolio Ltd: The Nifty index is set to open flat to positive. For August, it has been trading between 24,500 and 23,900, with FIIs increasing short positions above 24,350 while reducing them lower, suggesting a resistance at higher levels but no significant drop below 23,900. The monthly Put-Call Ratio (PCR) is 1.4, indicating more put writing, while the weekly PCR is 0.66, showing increased call writing. This suggests a flat to negative outlook in the short term but a less severe decline in the long term. Key resistance is at the 24,500 level and support at 24,000. A move near 24,500 could present a selling opportunity.
Aug 09, 2024, 8:40 am IST
Bank Nifty Outlook Today
Sr. Technical Research Analyst, Kunal Kamble at Bonanza Portfolio Ltd: In the last trading session, the Banking Index showed a brief positive movement but failed to maintain its gains. There has been notable buying interest in private banks at lower levels, which bodes well for the index. The Bank Nifty is supported strongly at the 49,700 level, which has been validated twice, and it is likely to hold this level today. Resistance is anticipated at 50,800, where selling pressure is substantial. As long as the index remains above 49,700, it is expected to approach the 50,800 mark. A key resistance level at 51,100 will be critical; a close above this point is needed for further gains. If the Bank Nifty drops below 49,700, increased selling pressure could ensue.
Aug 09, 2024, 8:14 am IST
Market On Previous Day
On Thursday, August 8, the Indian stock markets witnessed a turbulent session, failing to sustain the positive momentum seen in the previous day. Both the Nifty 50 and the Sensex ended the day deep in the red, with the Sensex dropping 582 points to close at 78,886, and the Nifty 50 shedding 181 points, ending at 24,117. The markets were largely influenced by the Reserve Bank of India's (RBI) decision to maintain the status quo on interest rates and its subsequent hawkish commentary, which triggered widespread selling.
Click it and Unblock the Notifications
Sign in with Google