Stock Market Highlights, Aug 8: Sensex sheds 581 pts; Nifty ends at 24,117; RBI maintains repo rates
Stock Market Highlights on Aug 8 2024: The day ended in favor of the bears as 41 out of 50 constituent stocks of the Nifty50 ended lower
 "stock brokers, BSE, NSE, Sensex, Nifty")
Stock market Highlights on Thursday, August 8, 2024: Equity benchmark indices, the BSE Sensex and NSE Nifty50, settled in negative territory on Thursday after the Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, decided to keep the repo rate unchanged at 6.5 per cent for the ninth consecutive time.
The BSE Sensex shed 581.79 points, or 0.73 per cent, to 78,886.22, while the NSE Nifty50 fell 180.50 points, or 0.74 per cent, to 24,117.
The day ended in favor of the bears as 41 out of 50 constituent stocks of the Nifty50 ended lower, with LTIMindtree, Grasim, Asian Paints, Apollo Hospitals, and Infosys being the top laggards, losing up to 4.9 per cent.
On the BSE, 24 out of 30 constituent stocks of the Sensex settled in the red, with Asian Paints, Infosys, and JSW Stell being the top drags, falling up to 3.21 per cent.
The fear index, India VIX, ended 2.67 per cent higher at 16.60 points.
The broader indices settled lower, with Nifty Next 100, and Nifty 100 being the top laggards, losing 0.79 and 0.74 per cent, respectively. Midcap and Smallcap shares also ended in the red.
Among the sectoral indices, IT, Metal, and OMC were the worst hit, experiencing losses of up to 1.90 per cent.
4:01 PM
Comment :: 'Short-term relief seems unlikely'
Markets struggled to maintain Wednesday's recovery, ending over half a percent lower due to weak global cues. After an initial dip, the Nifty showed volatile movements, ultimately closing near the day's low at 24,117. Sectors like IT, metals, and energy were the hardest hit. However, the broader indices outperformed slightly, posting only minor losses.
The ongoing global uncertainty is making market participants cautious, and short-term relief seems unlikely. The Nifty is encountering resistance around the 24,350 mark, and a decisive break below 23,900 could lead to a further decline. Traders are advised to adjust their positions with a hedged strategy to navigate the current volatility.
Views by: Ajit Mishra – SVP, Research, Religare Broking
4:00 PM
Comment :: 'Global market is focusing on US job data'
The domestic market reversed its earlier gains as the RBI's decision to hold its current policy with a caution to revise upward the CPI and moderate the growth forecast for Q1. Meanwhile the global market is focusing on US job data and the probability for deeper slowdown has raised concerns that the US economy is heading for a recession, forcing the federal reserve to cut rates faster than initially expected.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
3:58 PM
Rupee Update :: Rupee ends lower against US dollar
3:56 PM
Broader markets :: All indices end in red except BSE BANKEX
3:53 PM
Sectoral trends :: IT, and Metal fall up to 1.90%
3:49 PM
Sensex Heatmap :: 24 of 30 index stocks settle lower
3:45 PM
Stock Market Closing Bell :: Nifty ends at 24,117 on Thursday
3:42 PM
Stock Market Closing Bell :: Sensex sheds 581 pts on Thursday
3:05 PM
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Topics : Stock Market MARKET WRAP Markets Sensex Nifty BSE NSE MARKET LIVE Gift Nifty nikkei stock market trading Market news
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First Published: Aug 08 2024 | 7:27 AM IST