Daily Market Wrap-Up by Stock Whisperers: 08-AUGUST-2024

RBI's Monetary Policy Decision!

Author

thestock whisperers
August 08, 2024

Market Overview:

Summary of the Day's Market Performance

  • Nifty and Sensex reversed sharply mid-session, ending down -0.7% each as weak global cues continued to dominate market sentiment.

  • Midcaps and Smallcaps saw minor losses, down -0.3% and -0.4%, respectively.

RBI's Monetary Policy Decision:

  • The Reserve Bank of India’s Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at 6.5% on August 8.

  • The MPC maintained its stance on the 'withdrawal of accommodation,' with a majority vote of 4:2.

  • Other key rates, including the Standing Deposit Facility (SDF) at 6.25% and the Marginal Standing Facility at 6.7%, were also left unchanged.

  • RBI Governor Shaktikanta Das highlighted the convergence between RBI policy and market expectations during his MPC speech.

Sector Highlights:

Performance of Key Sectors

  • Top Gainers:

    • Pharma (+0.4%)

  • Top Losers:

    • IT (-1.9%)

    • Metals (-1.7%)

    • Energy (-1.6%)

Market Transactions:

• 📉FII Sold: -2,626.73 cr.

• 📈DII Bought: 577.30 cr.

Important Observations and Market Sentiments:

"Today's market retracement was driven by global market weakness, overshadowing domestic developments. Investors remained cautious ahead of the RBI's policy announcement, which aligned with market expectations."

Stock News:

Key Stock Movements and News

  • Nifty Gainers: HDFC Life, Tata Motors, SBI Life Insurance, HDFC Bank, Cipla.

  • Nifty Losers: LTIMindtree, Grasim Industries, Asian Paints, Power Grid Corp, Infosys.

  • SJVN plans to raise funds via securitization of assets and stake sale in its subsidiary.

  • Metro Brands stock rose 5% after announcing a partnership with athleisure brand New Era Cap.

  • TVS Supply Chain Solutions secured a new business contract from JCB in India to manage in-plant warehousing and logistics operations at the Vadodara facility for three years.

  • Bharat Forge board approved a fundraising plan of Rs 2,000 crore.

  • GRM Overseas entered into a partnership with Solariz Invest in Morocco.

  • Coromandel International appointed S Sankarasubramanian as MD and CEO.

  • Garware Hi-Tech Films appointed Abhishek Agarwal as CFO.

Stocks to Focus On:

  • Bharat Forge: The fundraising plan indicates strategic expansion, making it a stock to watch.

Summary:

"Today's market performance was marked by a strong rebound, reflecting global "Despite the RBI's policy decision aligning with expectations, global market weakness weighed heavily on domestic indices. Investors should monitor global cues closely, as they continue to influence market direction."

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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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