Daily Market Wrap-Up by Stock Whisperers: 02-AUGUST-2024

Market Wrap-Up Your daily dose of market insights and stock updates

Author

thestock whisperers
August 02, 2024

Market Overview:

Summary of the Day's Market Performance

  • Nifty dropped below 24,750, closing down by 293.20 points or 1.17%, at 24,717.70.

  • Sensex plunged by 885.60 points or 1.08%, closing at 80,981.95.

  • The BSE midcap index shed 1%, and the smallcap index fell 0.5%.

Sector Highlights:

Performance of Key Sectors

  • Sectors in Red: Auto, Energy, PSU Bank, IT, Metal, and Realty, all down 1-3%.

  • Gainers: Pharma and Healthcare sectors managed to stay afloat.

Market Transactions:

• 📉FII Sold: -3,310.00 cr.

• 📈DII Bought: 2,965.94 cr.

Important Observations and Market Sentiments:

"Markets witnessed significant profit booking after a strong rally, as indicated by the sharp drop in major indices. The sectoral performance was largely negative, with only Pharma and Healthcare bucking the trend. Investors should stay cautious amidst volatility and monitor upcoming economic data and global market trends."

Stock News:

Key Stock Movements and News

  • Nifty Gainers: Divis Labs, HDFC Bank, Dr. Reddy's Labs, Sun Pharma, Kotak Mahindra Bank.

  • Nifty Losers: Eicher Motors, Maruti Suzuki, Tata Motors, Hindalco Industries, JSW Steel.

  • Dhanuka Agritech: Board approves share buyback of up to Rs 100 crore at Rs 2,000 per share.

  • UPL: Reports Q1 net loss of Rs 384 crore vs. profit of Rs 166 crore YoY.

  • Zomato: Stock surged 19% to a record high after robust Q1 results, m-cap tops Rs 2.5 lakh crore.

  • InfoEdge: Reports a 12% rise in hiring for July 2024; IT sector leads with 17% growth.

  • Shakti Pumps: Receives LoI for an order worth Rs 558.16 crore from UP Agriculture Department.

  • KPI Green Energy: Subsidiary bags LoI for a 28.40 MW project.

  • Lemon Tree: Signs a license agreement for an 82-room hotel in Gujarat.

  • Morepen Labs: Launches Rs 250 crore QIP with a greenshoe option.

  • Hero MotoCorp: Reports a 5.4% decline in total July sales, down to 3.70 lakh units from 3.91 lakh units YoY.

  • Cummins India: Shares fall after parent company Cummins Inc. reports a 10% YoY revenue decline in Indian operations.

Support and Resistance :

NIFTY

BANKNIFTY

Stocks to Focus On:

  • Zomato: Strong Q1 results driving a surge in stock price.

  • Dhanuka Agritech: Potential buyback opportunity.

  • Shakti Pumps & KPI Green Energy: Noteworthy order wins.

Conclusion:

"After a robust streak, the market's correction signals a cautious approach. With critical economic events and corporate earnings ahead, market participants should stay vigilant and consider sectoral rotations."

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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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