Summary of the Day's Market Performance

• Indian benchmark indices ended marginally higher in a volatile session today.

• Sensex closed up by 149.85 points (+0.19%) at 79,105.88, and Nifty edged up by 4.80 points (+0.02%) to settle at 24,143.80.

• Despite the gains, the BSE Midcap and Smallcap indices both declined by 0.5%, indicating a cautious market sentiment.

The stock exchanges BSE and the National Stock Exchange (NSE) will remain shut on Thursday, August 15, on account of Independence Day 2024

Performance of Key Sectors

• IT was the only sector to close in the green, gaining 1.5% on optimism surrounding US CPI data and potential dovish moves by the Fed.

• All other sectors, including Capital Goods, Healthcare, Oil & Gas, Metal, Realty, Pharma, and Media, saw declines ranging from 0.5% to 1%.

Market Transactions:

• 📉FII Sold: -2,595.27 cr.

• 📈DII Bought: 2,236.21 cr.

"Investors exhibited caution amid a narrow trading range, as concerns over potential earnings downgrades weighed on sentiment. A dip in WPI inflation, driven by lower food prices, offers hope that the RBI is on track with its price stability efforts."

"Despite a positive turnaround in global markets, the domestic market remained cautious. The IT sector's gains reflect optimism about favorable US CPI data and potential policy easing by the Fed. However, broad-based sectoral declines highlight underlying concerns about domestic earnings."

Key Stock Movements and News

• Nifty Gainers: TCS, HCL Technologies, Infosys, Tech Mahindra, and BPCL.

• Nifty Losers: Divis Labs, Hero MotoCorp, Coal India, ONGC, and UltraTech Cement.

• Hindustan Zinc: To consider a second interim dividend on August 20.

• L&T: Announced plans to buy an additional 15% stake in L&T Oman.

• Mining Stocks: Vedanta, Coal India, JSW Steel, Tata Steel, and Hindustan Zinc saw declines after the Supreme Court allowed states to levy taxes and collect past dues.

• Sun Pharmaceutical: To invest up to USD 15 million in Pharmazz Inc., securing over 5% holding in the company.

• Kirloskar Industries: Reported a 29.8% decline in Q1 net profit to ₹66 crore compared to ₹94 crore YoY.

• PSP Projects: Secured work orders worth ₹653.67 crore.

• Motisons Jewellers: Approved plans to raise up to ₹170 crore through a preferential issue.

• Arisinfra Solutions: Filed DRHP with SEBI for a ₹600 crore IPO.

• RITES: To consider a bonus issue of shares on September 20.

• Power Mech: To consider a bonus issue of shares on August 22.

• SJVN: Received board approval to dilute stake in a subsidiary.

• Bartronics India: Announced plans to raise up to ₹200 crore through debt, equity, or a combination of both.

• NBCC Subsidiary: Won an order worth ₹528.21 crore.

• Sun Pharmaceutical: The strategic investment in Pharmazz Inc. could lead to future growth opportunities.

"Today's session ended on a cautious note despite marginal gains in the benchmark indices. The market's narrow range reflects ongoing concerns about domestic earnings and global economic conditions. Investors should remain watchful as key developments unfold in the upcoming sessions."

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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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