What happened in the Indian stock market today (6th Aug 2024)?

The Sensex dropped 125.84 points or 0.16% to close at 78,633.56, while the Nifty fell 63.05 points or 0.26% to end at 23,992.55.

The market’s mixed performance reflected in the sectoral indices as well. The BSE midcap and smallcap indices shed 0.5% each, indicating broader market weakness. 

Impact on the stock market

The decline was driven by mixed sectoral performances, with sectors like auto, banking, and oil & gas down 0.5% each, while IT, metal, and realty sectors saw modest gains of 0.3-0.8%.

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Top gainers today

Top losers today

Market aftermath: Impact on stocks

PFC net profit rises 20% to Rs 7,182 cr in Q1

PFC reported a significant rise in net profit. The state-owned entity saw its consolidated net profit increase by over 20% to ₹ 7,182 crore for Q1FY25, compared to ₹ 5,982 crore in the same period last year. 

This surge was attributed to higher revenues, which climbed to ₹ 24,736.68 crore from ₹ 21,017.81 crore a year ago. Additionally, PFC declared an interim dividend of 32.50% or ₹ 3.25 per equity share.

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Brigade Enterprises stock surges 6%

Brigade Enterprises’ stock surged over 6% following a nearly four-fold increase in Q1FY25 profit to ₹ 81 crore. The company’s consolidated revenue from operations rose by 62% YoY to ₹ 1,113 crore.

The company recorded presales of ₹ 1,086 crore and a sales volume of 1.15 million square feet. The average realisation was ₹ 9,483 per square foot, reflecting strong market demand and execution.

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Marico shares fall amid Bangladesh unrest

Marico shares fell 4% due to political unrest in Bangladesh, which contributes about 12% of its total revenue. This instability overshadowed the company’s positive financial results.

Marico reported a consolidated net profit of ₹ 464 crore for Q1FY25, a 9% growth. Despite the profit increase, concerns over Bangladesh’s political situation impacted the stock.

Bangladesh accounts for 44% of Marico’s international business revenues, significantly affecting the company’s overall performance amidst the ongoing political turmoil.

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Crude oil price

Crude oil prices played a significant role in shaping the market sentiment. After a decline of nearly 1% on Monday, crude oil futures recovered. 

Brent oil futures rose by 1.31% to $77.30 a barrel, and WTI crude oil futures increased by 1.62% to $74.12 a barrel. On the Multi Commodity Exchange (MCX),  crude oil futures were trading at ₹6227, up by 1.32%, while futures were at ₹6173, up by 1.25%.

This recovery was driven by growing tensions in West Asia, highlighting the market’s sensitivity to geopolitical developments.

Conclusion

The Indian stock market’s performance on August 6 was a mixed bag, reflecting the volatility and diverse factors at play. 

While strong financial results from companies like PFC and Brigade Enterprises provided some relief, concerns over political unrest in Bangladesh and its impact on Marico, coupled with sectoral weaknesses, weighed on the market.

Crude oil prices added another layer of complexity, with their recovery driven by geopolitical tensions. As investors navigate these turbulent times, staying informed and understanding the broader market context becomes crucial.
Stay tuned on StockGro for more updates on market trends.