Market Rebound: Sensex Surges 820 Pts,Nifty Closes Above 24,350

Ira Singh
Khabar Khabaron Ki,10 Aug’24

The domestic equity indices bounced back on Friday,ending the week over 1% higher, mainly driven by gains in IT stocks. This recovery followed a sharp sell-off earlier in the week. Investor sentiment improved as U.S. unemployment claims fell more than expected, reducing concerns about a potential recession in the U.S., a major global economic driver.At close, the Sensex was up 819.69 points or 1.04 percent at 79,705.91, and the Nifty was up 250.50 points or 1.04 percent at 24,367.50.For the week, BSE Sensex and Nifty shed 1.5 percent each.

Highlights of Trade
●Ola Electric shares surge 20%, hit upper circuit,
●MF SIP inflows surge 10% to surpass Rs 23K cr,
●Equity MF inflows ease 9% to Rs 37,000 cr in July,
●RVNL shares fall 4% after Q1 profit declines 35% YoY,
●Ola Electric shares surge 15% within minutes of muted listing,
●Ola Electric shares list at par with issue price of Rs 76,
●Eicher shares jump 4% on slid q1 earnings,
●LIC rises 3% post Q1 show,
●Sensex starts off trade 1,000 pts higher, Nifty above 24,350

Eicher Motors, ONGC, Tech Mahindra, Tata Motors and Shriram Finance were the top gainers on the Nifty, while losers included BPCL, HDFC Life, Kotak Mahindra Bank, Divi’s Labs and Sun Pharma.

On the sectoral front,all the sectoral indices traded in the green with auto, capital goods, IT, power, realty, PSU Bank and media up 1-2 percent.
Broader indices performed in line with main indices. BSE Midcap index rose 1 percent and Smallcap index rose 0.8 percent.

Market This Week

●Market ends lower for 2nd consecutive week, indices fall more than 1%,
●All sectoral indices ex-pharma, FMCG & media end lower, nifty metal falls the most,
●37 out of 50 nifty stocks end in the red, Grasim, Tata Steel, BPCL top losers

Rupee Close:
On 9 Aug’24,the Indian rupee consolidated in a narrow range and settled for the day higher by 2 paise at 83.95 against US dollar on Friday, supported by gains in the domestic markets.Forex traders reportedly stated the rupee edged up slightly on gains in the domestic markets. However, a surge in crude oil prices capped sharp gains for the local unit.

Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly stated,
positive US jobless claims data eased the fears of recession and provided a favourable broader market reaction. The IT index outperformed in expectation of improved spending. Though the sentiment is gaining traction, a lack of fresh triggers and subdued earnings will be a deterrent for higher valuation. To safeguard the sentiment, investors are advised to shift their focus from growth stocks to value stocks.

Market experts recommend these five shares to buy today: Century Plyboards, Manappuram Finance, IndusInd Bank, Hindustan Unilever, and HDFC Life Insurance.