Sensex. Nifty extended losses after RBI opted for the status quo for the ninth time in a row on August 8. Both the benchmarks have fallen by around 0.6% each. RBI's latest policy is in line with street estimates with the policy repo rate at 6.5%.
Nifty Bank gained 149 points to 50,268 and Nifty Midcap rose 178 points to 57,052 in afternoon trade on August 8, 2024. Shares of Tata Steel declined 1.69% to 151.25 per share on BSE.
Earleir, Indian stock market opened in red with Sensex slipping below 79,200 and Nifty 40 dipping under 24,230 levels. Despite a bearish tone, Bank Nifty and BSE Bankex traded on a positive note with marginal gains. Investors position their bets ahead of RBI's monetary policy outcomes which will be announced in the first half of August 8.
Top gainers are Cipla, ITC, Bajaj Auto, Dr Reddy's Lab, and HDFC Bank. While stocks like Infosys, Shriram Finance, JSW Steel, LTIMindtree and Wipro are top bears.
In the early trade, Gift Nifty rose to trade near 24,200 levels.
On the other hand, Asian stocks declined sharply, dragged by sharp selloffs in Japanese stocks as investors digested its Bank of Japan's rates decision. Topix, KOSPI and ASX/200 indexes were down. Also, US futures slipped after downside in Wall Street overnight.
The Reserve Bank of India (RBI) is likely to keep its repo rate unchanged for the ninth time in a row on August 8, despite the resilient economic growth of the country. RBI's key rates decision comes at a crucial juncture where the US Federal Reserve is resorting to a $50 billion buyback in three months starting August, to support liquidity as concerns of recession grow.
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Aug 08, 2024, 3:04 pm IST
RVNL Share Price
The shares of Rail Vikas Nigam Ltd (RVNL) experienced a sharp decline of over 5% on Thursday following the release of the company's June quarter results. The fall in share price comes after a period of exceptional gains, raising concerns among investors about the sustainability of the stock's recent rally. With a drop in net profit, revenue, and EBITDA, RVNL's financial performance has come under scrutiny.
Aug 08, 2024, 2:14 pm IST
MRF Shares Up
Top tyre stock MRF rallied by 5% or by Rs 6,270 on August 8 after its Q1 results. Investors were optimistic as margins beat estimates in Q1, despite narrowing.
Aug 08, 2024, 2:01 pm IST
Metro Brands Limited Announces Strategic Partnership With New Era Cap
New Era Cap, the New York-based brand revolutionizing headwear in sports fashion, today announced the signing of a long-term licensing agreement with Metro Brands Limited (MBL), one of India’s largest footwear and accessories specialty. This partnership will expand the retail presence of New Era in India and deepen MBL’s retail expansion in the athleisure market. Under the terms of the agreement, MBL is granted exclusive rights for the distribution and sale of New Era products including headwear, apparel and accessories through retail stores and shopping kiosks. They will hold rights to channel online sales through their own websites, New Era sites and online marketplaces. New Era will also be present in the coming Foot Locker stores in India.
Aug 08, 2024, 1:57 pm IST
TVS Motor Company Introduces New Colours To TVS NTORQ Lineup
TVS Motor Company (TVSM), a leading global automaker that operates in the two and three-wheeler segments, today announced the launch of new colour variants to the TVS NTORQ 125 and the Race XP series. The new options will appeal to varied preferences. , Mr. Aniruddha Haldar, Senior Vice President of Marketing in Scooters, Commuter Motorcycles & Corporate Brand, TVS Motor Company, said, “At TVS Motor, it is our endeavour to provide a platform for self-expression to our customers. The TVS NTORQ 125 and TVS NTORQ Race XP exemplify our commitment to this vision. The new striking colour variants showcase a modern approach to scooter design, seamlessly combining excitement with self-expression.”
Aug 08, 2024, 1:35 pm IST
RBI MPC Meet Highlights: Top 10 Key Takeaways From Governor Shaktikanta Das' Speech
The Reserve Bank of India (RBI) Governor Shaktikanta Das announced on August 8 that the Monetary Policy Committee (MPC) has chosen to maintain the benchmark interest rate at 6.5%. This marks the ninth consecutive time the rate has been held steady, reflecting a consistent approach to monetary policy amid evolving economic conditions. Here are the key takeaways from Governor Das' address: 1. Repo Rate Decision The MPC decided by a 4:2 majority to keep the repo rate unchanged at 6.5%. Governor Das emphasized that the committee remains focused on the withdrawal of accommodation.
HGS Agent X Experiences Triple Growth For Active Users And Clients, Revolutionizing Contact Center
Hinduja Global Solutions (HGS) (listed in BSE & NSE), a leader in technology-led customer experience (CX), today announced the tripling of growth for active users and clients for HGS Agent X, a first-of-its-kind holistic contact center accelerators that incorporates artificial intelligence (AI) for intelligent experience management, making it the cornerstone for top-tier contact center operations. With HGS Agent X, organizations are seeing an average increase of 15-20% in sales conversion rates and up to a 20% decrease in frontline support costs. Recent Gold recognition from the Stevie Awards for Sales & Customer Service underscores HGS Agent X's ability to speed up decision-making processes and operational efficiencies, in order to solve critical contact center challenges, all while delivering an outstanding customer experience.
Aug 08, 2024, 12:47 pm IST
India Shelter Finance Corporation Limited Post Financial Earnings For Q2 2024
India Shelter Finance Corp. Ltd. shared their quarterly earnings, as the profit after tax grew 77% YoY to Rs. 84 Crs in Q1FY25 as against Rs. 47 Crs in Q1FY24. The RoA improved to 5.6% in Q1FY25 from 4.2% in Q1FY24 • RoE stood at 14.3% for Q1FY25. In borrowings, the company's net worth stands at Rs. 2,387 Crs as of June’24. The company continues to carry liquidity of Rs. 1,193 Crs as of June’24 • In Q1FY25, the cost of funds was maintained at 8.8%. Asset Quality & Provisions:. The Gross Stage 3 and Net Stage 3 stood at 1.1% and 0.9% as of 30th June 2024 as against 1.0% and 0.8% as of 30th June 2023 and the Credit Cost for the quarter was stable at 0.4%.
Aug 08, 2024, 12:29 pm IST
NAVA Sustains Growth & Momentum With Robust Performance & Organic Expansion
Nava Limited, a leading diversified conglomerate with business interests in metals, energy, mining, commercial agriculture, and healthcare is pleased to announce its financial results for the quarter ended 30th June 2024. Maamba Energy Limited (formerly Maamba Collieries Limited) has started discharging the dues to Nava Bharat (Singapore) Pte Ltd (NBS). NBS paid maiden dividend of US$ 10 Mn to Nava Limited, since its investment in Maamba Energy Limited. NAVA declares interim dividend of Rs. 4 per share. The company achieved highest-ever quarterly Income and PBT of Rs. 1258.4 cr and Rs. 530.8 cr respectively. PAT increased to Rs. 445.9 cr aided by strong operational performance of Energy division in India & Zambia and supported by increased realisations in FAP & Mining divisions. Increase in Consolidated Profit by 30.1% and Consolidated Revenue by 16.7%, Y-o-Y. Increase in Standalone Profit by 80.0% and Standalone Revenue by 24.4%, y-o-y.
Aug 08, 2024, 11:57 am IST
Gensol Engineering To Consider Proposal of Raising Funds Next Week
The BSE saw a higher opening price for the small-cap company Gensol Engineering today at Rs 940 per share after the company announced that the Board of Directors would be meeting next week to discuss and approve a fundraising plan as well as the quarterly results for Q1FY25.
A meeting of Board of Directors of the company will be held on Monday, August 12, 2024, inter alia; to consider and approve quarterly unaudited financial result of the company for the quarter ended June 2024 and to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities ("Securities") through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods, according to a stock exchange filing.
Aug 08, 2024, 11:24 am IST
Silver Prices India: Silver Prices Fall
Silver prices in India today declined. Prices of 1kg silver stood at Rs 81,500 after the fall of Rs 500 while price of 1 gram silver stood at Rs 81.50 after the decline of Rs 0.50.
Aug 08, 2024, 11:23 am IST
Ceigall India Shares Debut With Nearly 4.50% Premium
Shares of infrastructure company Ceigall India Ltd on Thursday listed with a premium of nearly 4.50% against the issue price of Rs 401. The stock started the trade at Rs 413, reflecting a gain of 2.99% from the issue price on the BSE. Later it jumped 5.98% to Rs 425. At the NSE, it listed at Rs 419, up 4.48%. The company's market valuation stood at Rs 7,107.56 crore. The initial public offer of Ceigall India got subscribed 13.75 times on the last day of share sale on Monday, according to PTI.
The Rs 1,252.66-crore initial share sale was a combination of a fresh issue of Rs 684.25 crore and an offer-for-sale (OFS) of up to 1.42 crore equity shares worth Rs 568.41 crore, at the upper end of the price band, by the promoters, and an individual shareholder. Price range for the offer was Rs 380-401 per share. Proceeds from the fresh issue will be used for purchase of equipment, payment of debt and a portion will be used for general corporate purposes.
Aug 08, 2024, 11:22 am IST
Gold Price Chennai: Gold prices Jump
Gold prices in Chennai surged on August 8, 2024. Prices of 1 gram of 22 carat gold price in Chennai today stood at Rs 6,350 after the gain of Rs 20 and cost of 1 gram of 24 carat yellow metal price today registered at Rs 6927 after the surge of Rs 21.
Aug 08, 2024, 11:14 am IST
Gold Price India: Gold Prices Remain Steady
Gold prices in India remained steady on August 8, 2024. If you are planning to buy 1 gram of 22 carat gold today, you need to pay Rs 6350 and the price of 24 carat yellow metal is Rs 6927/gram in the country today.
Aug 08, 2024, 11:05 am IST
UPI Tax Payment Limit Hiked To Rs 5 Lakh Transactions From Rs 1 Lakh
In a major good news, RBI governor Shaktikanta Das announced UPI tax payment limit has been increased to Rs 5 lakh per transaction compared to current Rs 1 lakh. Simply put, UPI transactions above Rs 5 lakh limit will be eligible for tax payment, while transactions below this limit will be tax free.
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
UPI also caters to the "Peer to Peer" collect request which can be scheduled and paid as per requirement and convenience.
As per Tax2Win, UPI transactions exceeding Rs.1,00,000 are subject to tax as per the provisions stated by NPCI. It is the maximum amount that you can transfer using UPI. Any transfer above this amount is subject to tax.
Aug 08, 2024, 10:45 am IST
Nifty, Bank Nifty Today: Virat Jagad, Technical Research Analyst at Bonanza Portfolio Ltd
Nifty index formed a Doji candlestick pattern, which indicates market indecision. Despite this uncertainty, the index closed below the resistance level of 24,200, suggesting that bearish sentiment remains dominant. Additionally, the RSI, a momentum indicator, is below the midpoint, indicating that the market is experiencing negative momentum. The index is finding support near the 50-day EMA and encountering resistance around the 20-day EMA.
It has been observed that new put writing is active at the 24,100 level, while call writing is taking place at the 24,400 level. For the current series expiry, this suggests potential support around 24,100 and resistance at 24,400. If these levels are breached, it could indicate a future trend.
Bank Nifty: 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. Additionally, 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 it holds above, it could suggest strength.
Aug 08, 2024, 10:37 am IST
RBI Monetary Policy: Guv Das Keeps Repo Rate Unchanged At 6.5%
The Reserve Bank of India (RBI) has decided to keep policy repo rate unchanged at 6.5% for the ninth time in a row. The decision received a vote of 4:2 from six-member monetary policy committee.
RBI has kept the repo rate unchanged at 6.5% throughout FY24 till date, after hiking the key interest rate for a whopping 250 basis points between May 2022 to February 2023, as inflationary pressures mounted globally after the Russia-Ukraine war. Central banks globally including in India faced an uncomfortable situation of multi-year high inflation, which led to a series of aggressive rate hike trends.
Aug 08, 2024, 9:55 am IST
Nifty Gainers And Losers
Top gainers are Cipla, ITC, Bajaj Auto, Dr Reddy's Lab, and HDFC Bank. While stocks like Infosys, Shriram Finance, JSW Steel, LTIMindtree and Wipro are top bears.
Aug 08, 2024, 9:48 am IST
Opens Lower Ahead Of RBI Policy Decision
Indian indices opened on a weaker note on August 8 ahead of the RBI's monetary policy announcement. The Sensex dropped by 235.60 points or 0.30% to 79,232.41, while the Nifty fell by 61.20 points or 0.25% to 24,236.30. In early trading, 1407 shares advanced, 925 shares declined, and 137 shares remained unchanged. Among the Nifty's top gainers were Hindalco, Tata Motors, HDFC Bank, Bajaj Auto, and Cipla. On the losing side, Infosys, JSW Steel, LTIMindtree, L&T, and Tata Steel saw significant declines.
Aug 08, 2024, 9:24 am IST
Bank Nifty In Green
The banking stocks index opened at 50,051.90, and continued on gaining momentum to hit an intraday high of 50,185.55. Currently, the index is near 50,175 levels, with gains of over 55 points.
Aug 08, 2024, 9:23 am IST
Sensex, Nifty In Opening Bell
Sensex opened lower at 79,420.49, and toppled further lower to hit an intraday low of 79,142.04. Meanwhile, Nifty 50 index opened at 24,248.55, and further slipped to touch an intraday low of 24,228.40.
Aug 08, 2024, 9:14 am IST
Rupee Near Record Low, Floating Around 84 Per Dollar
The Indian rupee crossed 84 mark in the opening trade of interbank forex market on August 8, 2024, ahead of RBI's monetary policy outcomes. Currently, the local currency is at 83.94, near its intraday low of 84.013 per dollar. Against the greenback, rupee continues to float near its record low of 84.182. Majority of economists are expecting status quo for the ninth time in a row from RBI.
Aug 08, 2024, 8:56 am IST
Top Picks Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: Yesterday’s Nifty rebound suggests the recent selloff may be temporary. The focus today is on the RBI MPC Meeting, expected to maintain the repo rate at 6.5% due to persistent inflation, which stands at 5.08% with food inflation spiking to 9.36% in June. A rate cut is unlikely before December 2024 due to a good monsoon and higher Kharif sowing. Overnight, Wall Street fell amid US recession fears, political instability, Middle East tensions, and the "Yen Carry Trade." For Nifty, buy between 24,100-24,150 with targets at 24,357/24,550; for Bank Nifty, buy between 49,500-49,700 with targets at 50,500/51,151. Today’s top stock pick is IEX (CMP 198) with a target of 207/213, signalling a breakout and bullish momentum oscillators.
Aug 08, 2024, 8:24 am IST
Nifty Support And Resistance
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support and resistance around 24,200 and 24,500.
Aug 08, 2024, 8:24 am IST
Bank Nifty Support And Resistance
Prabhudas Lilladher analyst expects Bank Nifty to find support at 49,800, while resistance is seen at 50,500, during the day of RBI policy outcomes.
Aug 08, 2024, 8:12 am IST
RBI Policy Preview
Emkay Global is expecting softness in the policy tone, recognizing emanating macro forces and market risks. While curve steepening looks to be a popular trade, the consistent repricing of Fed cuts and further unwinding of the Yen carry trade could spill over into the RBI's reaction function and will be cyclically noisy for bonds/FX, in the brokerage's view.
Aug 08, 2024, 8:11 am IST
BSE Stock In Focus
BSE delivered a record quarter in terms of revenues, achieving total revenues of Rs. 674 crores, registering a growth of 149% for Q1 FY25. · Consolidated Net profit attributable to the shareholders for the quarter ended June 30, 2024, stands at Rs. 265 crores. Consolidated Operating EBITDA for the June 30, 2024, up by 306% to Rs. 284 crores from Rs. 70 crores in previous year, with EBITDA margin expanding to 47% from 33%.
Aug 08, 2024, 8:10 am IST
Market Previous Day Performance
The Indian stock market snapped its three-day losing streak, finishing near the day's high on a wave of positive sentiment across sectors. The Nifty surged by 305 points to close at 24,298, while the Sensex jumped by 875 points, settling at 79,468. This rally saw over 90% of Nifty stocks ending in the green, with frontline indices posting healthy gains between 1% to 3%.
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