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What happened in the Indian stock market today (7th Aug 2024)?

On August 7, The Indian stock market witnessed a significant rebound.

Indian stock market today (7th Aug 2024)

The Sensex was up 1.11 percent at 79,468 while the Nifty gained 1.27 percent at 24,297.

The market breadth was notably positive, with about 2,685 shares advancing, 713 shares declining, and 71 shares remaining unchanged. The Nifty Metal index emerged as the top gainer, thanks to sharp upticks in Vedanta, Tata Steel, Adani Enterprises, and Hindalco.

Mid and small-cap indices outperformed, rising nearly 3% each.

Impact on the stock market

Sectoral indices saw notable gains today, with oil and gas rising over 2%, while auto, IT, FMCG, metal, pharma, realty, media, financial services, and healthcare sectors each gained over 1% during trading.

Sector/IndexPerformance
IT & BPM sector+1.48%
Healthcare sector+2.01%
Oil & Gas sector+1.83%
Real estate sector+1.83%
PSU Bank in India+1.46%

Top gainers today

CompanyPriceChange (%)
ONGC Share Price329.10+7.51
Coal India Share Price531.50+6.39
Adani Enterpris Share Price3,185.95+3.69
Adani Ports Share Price1,543.80+3.33
Power Grid Corp Share Price352.05+3.32

Top losers today

CompanyPriceChange (%)
IndusInd Bank Share Price1,345.15-2.60
Eicher Motors Share Price4,597.15-1.22
Tech Mahindra Share Price1,473.65-0.66
Britannia Share Price5,836.80-0.30
Titan Company Share Price3,326.25-0.27

Market aftermath: Impact on stocks

Gland Pharma drops 9%

Gland Pharma saw a significant downturn, with its shares nosediving 9% in early trade on August 7 following disappointing Q1FY25 earnings. The company’s net profit fell by 26% year-on-year to ₹ 143.8 crore, largely due to lower milestone income and delayed product off-takes by European customers. 

Despite a 16% increase in revenue to ₹ 1,401.7 crore, the company’s EBITDA margin declined, reflecting operational challenges. This poor performance led to a sell-off in the stock, although it managed to recoup more than half of its losses later in the day.

You may also read: Inside Ajanta Pharma’s financials: A stock to watch after Q4

Pidilite Industries net profit rises 21% in Q1FY25

Pidilite Industries reported strong Q1FY25 results, with a 21% increase in net profit to ₹ 571 crore. The company’s net sales grew by 4% to ₹ 3,384 crore, and its EBITDA before non-operating income rose by 15% year-on-year to ₹ 813 crore. 

Managing Director Bharat Puri attributed this robust performance to effective strategies that mitigated the adverse impacts of election-related uncertainties and severe heatwave conditions across the country.

Also read : Paytm case study: The dramatic downfall of a fintech pioneer

Suzlon Energy shares up 28%

Suzlon Energy’s shares have been on an impressive upward trajectory, gaining 28% over the past 13 sessions.

 The stock hit the 5% upper circuit limit in today’s trade, driven by the announcement of its acquisition of a 76% stake in Renom Energy Services for ₹660 crore. 

This acquisition, aimed at establishing Suzlon’s dominance in the wind energy operations and maintenance (O&M) sector, has been well-received by the market.

You may like: Suzlon Energy: Exploring the highs and lows of the renewable energy giant

Crude oil price decline

Crude oil prices rose on Wednesday despite an increase in US crude oil inventories, indicating other factors are outweighing the impact of higher supply.

Brent oil futures increased by 0.27% to $76.69 per barrel, and September WTI crude oil futures rose by 0.26% to $73.39 per barrel, reflecting market optimism about demand.

On the MCX, August crude oil futures were trading at ₹6,172, up from ₹6,186, indicating a positive trend in the Indian commodity market that aligns with international trends.

Conclusion

Today’s market recovery, driven by strong performances from companies like Pidilite Industries and strategic moves by Suzlon Energy, provided a much-needed respite after several days of losses. 

However, challenges remain, as evidenced by Gland Pharma’s disappointing earnings and the broader market’s sensitivity to external factors such as crude oil prices. 

As investors navigate these mixed signals, staying informed and adaptive will be key to leveraging opportunities and mitigating risks in the volatile market environment.
Stay tuned on StockGro for more updates on market trends.

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