Daily Market Wrap-Up by Stock Whisperers: 07-AUGUST-2024

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

Author

thestock whisperers
August 07, 2024

Market Overview:

Summary of the Day's Market Performance

  • Nifty and Sensex each gained over 1%, tracking recovery in global markets.

  • Midcaps roared back with a 2.5% rise, and Smallcaps surged 2.9%, indicating strong market breadth.

Sector Highlights:

Performance of Key Sectors

  • Oil & Gas (+3.1%)

  • Metals (+2.7%)

  • Pharma (+2.2%)

Market Transactions:

• 📉FII Sold: -3,314.76 cr.

• 📈DII Bought: 3,801.21 cr.

Important Observations and Market Sentiments:

"The markets rebounded strongly today, driven by positive global cues and sector-wide gains. The Oil & Gas, Metals, and Pharma sectors led the charge, reflecting broad-based optimism. Key corporate actions and strategic announcements also fueled investor sentiment."

Stock News:

Key Stock Movements and News

  • Nifty Gainers: Coal India, Adani Ports, Power Grid Corp, Cipla, Wipro.

  • Nifty Losers: IndusInd Bank, Eicher Motors, Britannia, Tech Mahindra, Titan Company.

  • ONGC surged 8% as investors cheered the hike in production guidance.

  • Suzlon Energy locked in a +5% upper circuit after acquiring an energy services firm for Rs 660 crore.

  • NMDC gained 3% after cutting lumps and fines prices by Rs 600 and Rs 500 per tonne respectively.

  • Welspun Living to set up a fully automated pillow manufacturing unit in Ohio, US, for USD 12.5 million.

  • Ramco Systems secured a multi-year Canadian contract for aviation software.

  • Kansai Nerolac commenced commercial production at its new manufacturing unit in Atchutapuram, Andhra Pradesh.

  • Jindal Saw to consider a stock split on August 14.

  • Tata Motors launched a new Electric Vehicle 'Tata Curvv'; shares traded higher.

  • Bajaj Auto is to launch two new Triumph Bikes in the 400cc segment ahead of the festive season.

Stocks to Focus On:

  • ONGC: A significant production guidance hike could indicate future growth.

Summary:

"Today's market performance was marked by a strong rebound, reflecting global market recovery and positive domestic developments. Investors should watch for further gains in sectors like Oil & Gas and Metals while keeping an eye on key corporate actions."

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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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