Stock Market Highlights, August 2: Sensex plunges 886 pts, Nifty ends near 24,700; Auto, IT fall

Stock Market Highlights on Friday, August 2, 2024:42 out of the 50 constituent stocks on Nifty50 ended in the red, with Eicher Motors, Tata Motors, Maruti Suzuki, and JSW Steel being the top laggards

3:58 PM

Tech View :: 'Nifty saw lack of follow-through buying, can fall up to 24,550'

Nifty50
On the daily charts, we can observe that the Nifty has closed be low of the last four trading sessions. There was a breakout failure as Nifty did not witness follow through buying interest on the upside.

We expect the Nifty to retrace towards 24,600 – 24,550 where support in the form of 20-day moving average and 38.2% fibonacci retracement level. On the upside, 24,820 – 24,850 is the immediate resistance.

 

Bank Nifty

Bank Nifty consolidated around the 40 day moving average (51,318) and hence the fall was less intense as compared to Nifty. The Bank Nifty has been underperforming and can continue to do so. On the weekly chart, the Bank Nifty has formed an Inside Bar pattern and thus making the extremes 52,550 – 50,440 crucial levels to watch out for over the next few trading sessions. A range breakout shall decide the further trend hereon. Thus, shall maintain our rangebound outlook for the Bank Nifty.

Views by:  Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:42 PM

Comment :: Why did stock markets fall today, Aug 2?

The domestic market saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers for further upward movement. Q1FY25 earnings have been lackluster so far, while broader market valuations remain significantly high.

Meanwhile, despite the US Fed hinting at a rate cut in September, global markets are consolidating as this move has already been priced in. Additionally, weak earnings from the US IT sector, a potential rise in unemployment, the possibility of further rate hikes by the BOJ, and a slowdown in China's growth are all dampening market sentiment.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:41 PM

Currency Check :: Rupee ends at record low level of 83.75/$

3:39 PM

Broader markets :: Mid, SmallCap indices slip up to 1.2%

3:37 PM

Sectoral trends :: Realty index drops 3.5%, Auto, IT, Metals over 2% each

3:36 PM

Sensex Heatmap :: Only 5 stocks manage to scalp gains, HDFC Bank, Sun Pharma lead

3:34 PM

Stock Market Closing Bell :: Nifty ends near 24,700

3:33 PM

Stock Market Closing Bell :: Sensex sheds 885 pts pressured by global selling, TaMo, Maruti

3:26 PM

Adani Wilmar surges 10% as Adani Ent to demerge food-FMCG biz to company

The food FMCG business has become self-sustained, performing well, and is poised for further growth under Adani Wilmar. For Adani Enterprises Ltd, this arrangement will not only unlock the value for shareholders but also allow focused strategy for sustainable growth in its incubating businesses, AEL said in a media release. READ MORE

3:13 PM

Stock Market Update : Sensex at day's low, down over 900 pts

3:01 PM

ALERT:: UPL posts loss in Q1; stock slips 3%

UPL in an exchange filing on Friday reported a net loss of Rs 384 crore for the quarter ended June 2024. The company had posted a profit of Rs 166 crore in the corresponding quarter a year ago. Revenue from operations grew by 1 per cent YoY to Rs 9,067 crore from Rs 8,963 crore.\

2:53 PM

ALERT:: Hindustan Zinc Q1 net up 20%; stock marginally in red

Hindustan Zinc in an exchange filing on Friday posted 19.7 per cent growth in Q1FY25 net profit at Rs 2,358 crore when compared with Rs 1,970 crore in Q1FY24. Total income increased by 11.1 per cent YoY to Rs 8,407 crore from Rs 7,569 crore.

2:45 PM

Shakti Pumps shares locked in 5% upper circuit on Rs 558 crore-order win

The uptick in stock price came after the company announced that it has secured Letter of Intent (LoI) for an order worth Rs 558.16 crore from Department of Agriculture, Uttar Pradesh. READ MORE

2:37 PM

Joe Biden tells Netanyahu to accept cease-fire in 'very direct' call

Iran and Hezbollah have vowed revenge against Israel, with Tehran ordering its security forces to assess options for attacking the Jewish state. READ MORE

2:30 PM

This Mukul Agrawal-owned stock crossed Rs 10,000-mark; up 725% in 2 years

Neuland Laboratories hit a new high of Rs 11,093.15, as the stock rallied 18% on the BSE in Friday's intra-day trade on the back of robust earnings for June 2024 quarter. READ MORE

2:18 PM

Sebi to relax norms for registered investment advisors, research analysts

The Securities and Exchange Board of India (Sebi) will soon propose relaxing norms for registered investment advisors (RIAs) and research analysts to facilitate more participants entering through the formal route and to curb financial influencer activities. READ MORE

2:08 PM

ALERT:: SML Isuzu Q1 net rises 46%; stock down 2%

SML Isuzu in an exchange filing on Friday reported 45.9 per cent growth in Q1FY25 net profit at Rs 46.39 crore when compared with Rs 31.79 crore in Q1FY24. Total income increased by 17.9 per cent YoY to Rs 747.26 crore from Rs 633.81 crore.

1:59 PM

Akums Drugs IPO: How to check allotment; latest GMP, expected listing price

Once the allotment is finalised, investors can check the allotment status by visiting the official website of BSE or Link Intime India, ththe registrar for the issue. READ MORE

1:52 PM

ALERT:: Eicher Motors get GST relief; stock down 5%

Eicher Motors in an exchange filing today said an earlier GST order dated December 30, 2023 for Rs 129.79 crore has been revised lower to Rs 26.97 crore followed the appeal.

1:44 PM

ITC share price target raised: Up to 17% upside expected on steady cig biz

Most analysts have raised their target prices marginally for ITC stock, and see up to 17.4 per cent upside from a one-year perspective. READ MORE

1:36 PM

Auto index skids 2% on tepid July sales; Maruti, TaMo, Eicher slip up to 5%

Auto stocks update: The overall wholesale volume performance was subdued in July 2024 with some segments like PV, CV and select two-wheeler players' volume reporting weak sales volume. READ MORE

1:29 PM

ixigo stock jumps 5% on healthy June quarter performance; profit zooms 78%

ixigo’s profit after tax (PAT) jumped 78 per cent year-on-year (Y-o-Y) to Rs 14.9 crore in the June quarter of Fy25, from Rs 8.4 crore in the June quarter of FY24. READ MORE

1:20 PM

Only 30 pin codes in India with no investors: NSE MD, CEO Ashish Chauhan

Recently, more retail investors are showing interest in stock market investing as they are moving away from traditional investment strategies. READ MORE

1:14 PM

ALERT:: Infibeam Avenues Q1 net jumps 31%; stock soars 7%

Infibeam Avenues in an exchange filing on Friday reported 31.1 per cent growth in Q1FY25 net profit at Rs 36.41 crore when compared with Rs 27.77 crore in Q1FY24. Total income was up 0.3 per cent YoY at Rs 701.63 crore from Rs 699.53 crore.

1:09 PM

IDBI Bank stock gains 3% as RBI okays 3 bidders for majority stake sale

The finance ministry is likely to provide private data room access to potential bidders of IDBI Bank as soon as next week after it received a fit and proper nod for three suitors from the RBI. READ MORE

IDBI Bank

12:59 PM

Sebi mulls 'demystified filing' for faster IPO approvals, easier listing

The Securities and Exchange Board of India (Sebi) is considering a simplified filing process for prospectuses in initial public offerings (IPOs) to reduce complexities around the listing process and enable faster approvals. READ MORE

 

12:52 PM

ALERT:: Zydus Wellness Q1 net dips 24%; stock up 2%

Zydus Wellness in an exchange filing on Friday posted a 24.4 per cen dip in Q1FY25 net profit at Rs 6.20 crore when compared with Rs 8.20 crore in Q1FY24. Total income, however, rose 5.5 per cent YoY to Rs 63.40 crore from Rs 60.10 crore.

12:41 PM

ALERT:: Sebi chief speaks at FICCI; talks on faster clearance of IPos

Sebi chief Madhabi Puri says looking to streamline capital raise through IPOs at a faster pace

12:34 PM

KP Green Engineering rises 5% on orders of Rs 53 cr; stock up 141% in six months

The uptick in the stock price came after the company announced that it has secured orders worth over Rs 53 crore. READ MORE

12:19 PM

COMMENT:: Nifty likely to remain negative to sideways for the next two weeks

The US ISM manufacturing index for July dropped to 46.8 from 48.5 (consensus 48.8), meaning it has been below the break-even 50 level for 20 out of the past 21 months.

Employment was very weak, plunging to 43.4 from 49.3, which is the worst outcome since the pandemic (June 2020).

 

New orders dropped to 47.4 from 49.3 with output dropping to 45.9 from 48.5, anything below 50 is a contraction, so this is not good and has helped to push the market to fully discount all the possible.

 

The Nifty pivot has jumped to 25,015, accordingly the buy zone for Nifty spot is trading in the range of 24,710 to the extremely low buy shall be at 24,500, once the support is taken out. The sell zone is trading in the range of 25,025 to 25,050, Nifty 25,215 shall be the tough NUT to crack by the bulls for year 2024 from these levels.

 

For the next two weeks the outlook remains negative to sideways.

 

- Rahul Ghose, CEO of Hedged.in