Daily Market Wrap-Up by Stock Whisperers: 13-AUGUST-2024

Nifty and Sensex Slip Amid Broad Sell-Off

Author

thestock whisperers
August 13, 2024

Market Overview:

Summary of the Day's Market Performance

  • Indian benchmark indices ended the day on a weak note, with broad-based selling pressure dragging the markets down.

  • Sensex closed 692.89 points lower (-0.87%) at 78,956.03, and Nifty dropped 208 points (-0.85%) to close at 24,139.00.

  • Both the Midcap and Smallcap indices fell by -1% each, mirroring the negative sentiment in the broader market.

Sector Highlights:

Performance of Key Sectors

  • All sectoral indices closed in the red.

  • Banking, Power, Oil & Gas, Metals, Media, and Telecom sectors led the decline, each falling by 1%.

Market Transactions:

• 📉FII Sold: -2,107.17 cr.

• 📈DII Bought: 1,239.96 cr.

Important Observations and Market Sentiments:

"Today’s broad-based decline highlights the market's cautious stance amid global uncertainties and sector-specific challenges. The inclusion of stocks in the MSCI Standard Index provided some relief, but overall sentiment remained subdued."

Stock News:

Key Stock Movements and News

  • Nifty Gainers: Titan Company, Apollo Hospitals, Dr. Reddy's Labs, Tata Consumer, HCL Tech.

  • Nifty Losers: Shriram Finance, BPCL, HDFC Life, HDFC Bank, Bajaj Finance.

  • IRCTC: Q1 net profit surged by +32.5% YoY to ₹307.7 crore compared to ₹232.2 crore last year.

  • Bajaj Auto: Plans to increase production capacity for its CNG bike to 20,000 units per month by September-October 2024.

  • MSCI Index: Oil India, Vodafone, RVNL, Dixon Tech, and Oracle Financial Services were added to the MSCI Standard Index.

  • Jhunjhunwala-backed IKS Health: Filed for an IPO in India.

  • HDFC Bank: The stock slipped 3% as MSCI's lower-than-expected weight change disappointed investors.

  • Alembic Pharma: Received USFDA approval for Dabigatran Etexilate Capsules, boosting its portfolio in the US market.

  • Torrent Pharma: In talks to raise USD 3 billion for KKR’s stake in JB Chem.

  • Bharti Airtel: Faced a penalty of ₹7.97 lakh from the GST Council.

  • Indus Towers: Announced a buyback opening on August 14 and closing on August 21.

  • Mamaearth (Honasa): Shares jumped 5% as Goldman Sachs initiated coverage, projecting a 26% upside.

  • Man Industries: Announced the setup of a new plant in Dammam, Saudi Arabia, to cater to the growing demand in the region.

  • Sugar Stocks: Stocks like Balrampur Chini, Shree Renuka Sugar, and Triveni Engineering surged on reports of an ethanol price hike for FY25.

Stocks to Focus On:

  • Sugar Stocks: Stocks like Balrampur Chini, Shree Renuka Sugar, and Triveni Engineering surged on reports of an ethanol price hike for FY25.

Summary:

"With all sectors ending in the red, the market appears to be in a risk-off mode. Investors should remain vigilant and consider sector-specific developments while making decisions. The upcoming corporate earnings season will likely play a crucial role in determining 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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