Indices trade with big gains; Nifty above 24,250 | Capital Market News

Last updated: August 7, 2024 | 9:50 AM IST

Key equity indices traded with large gains in early trade. Nifty traded above 24,250 level. All sectoral indices traded in green on NSE.

At 9:30 am IST, the benchmark S&P BSE Sensex was up 851.35 points, or 1.08 per cent, at 79,443.33. The Nifty 50 index was up 273.95 points, or 1.14 per cent, at 24,269.60.

In the broader market, the S&P BSE Mid-Cap index rose 1.30% and the S&P BSE Small-Cap index rose 0.76%.

Market breadth was strong. On BSE, 2173 stocks rose and 289 stocks fell. A total of 91 stocks remained unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,531.24 crore while domestic institutional investors (DIIs) were net buyers worth Rs 3,357.45 crore in the Indian equity market on August 6, 2024, provisional data showed.

Stocks in focus:

Tata Power lost 0.16%. The company’s consolidated net profit rose 4% to Rs 1,189 crore in the quarter from Rs 1,141 crore reported in Q1 FY23. Revenue from operations rose 13.7% year-on-year to Rs 17,294 crore in Q1 FY25. The company will acquire 40% stake in Khorluchhu Hydro Power for Rs 830 crore and exit Global Depository Shares Scheme.

Lupin gained 4.05% after the company’s consolidated net profit rose 78% to Rs 805.54 crore in Q1 FY25 from Rs 453.33 crore in the same quarter last year. Revenue rose 16.3% YoY to Rs 5,600 crore in the quarter.

Shares of Indigo Paints fell 3.73% after the company’s consolidated net profit declined 16% to Rs 27 crore during the quarter, as against Rs 32 crore in Q1FY24. Revenue stood at Rs 311 crore in Q1FY25, up 8% as compared to Rs 288 crore reported in Q1FY24.

Numbers to track:

The yield on the 10-year Indian government bond rose 1.80% to 6,996 from the previous close of 6,985.

In the currency market, the rupee remained steady against the dollar. The partially convertible rupee was trading at 83.9200, down from a close of 83.9200 in the previous trading session.

MCX gold futures with settlement date of October 5, 2024 remain at Rs 68,965.

The U.S. Dollar Index (DXY), which tracks the value of the American currency against a basket of currencies, rose 0.29% to 103.27.

The yield on the 10-year US Treasury note rose 0.62% to 3.908.

In the commodities market, Brent crude for September 2024 rose 1 cent, or 0.01%, to $76.49 a barrel.

World markets:

Dow Jones Futures indices rose 207 points, indicating a rebound on US stock markets today.

Asian shares rebounded Wednesday, reversing losses suffered earlier in the week. Japanese markets rose sharply after encouraging comments from the Bank of Japan on interest rates. But lingering concerns about a global economic slowdown tempered overall sentiment.

Bank of Japan (BoJ) Vice Governor Shinichi Uchida said on Wednesday the central bank will not raise interest rates while financial markets are unstable.

Regional markets gained support from a strong close on Wall Street, although the U.S. recovery remained fragile after Monday’s sharp decline. Recent comments from Federal Reserve officials eased fears of an immediate recession, boosting investor confidence. The S&P 500 and Nasdaq rose 1% on Tuesday, erasing some losses from the previous day.

The Fed indicated that interest-rate cuts may be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points to end at 16,366.86.

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First published: August 7, 2024 | 9:32 AM IST