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What happened in the Indian stock market today (8th Aug 2024)?

On August 8, The Indian stock market had a mixed performance today, with major indices resuming their downward trend after a brief respite.

What happened in the Indian stock market today (8th Aug 2024)?

The Sensex settled at 78,886.22, down 582 points, or 0.73 percent, while the Nifty 50 closed with a loss of 181 points, or 0.74 percent, at 24,117. 

The mid and small-cap indices on the BSE also fell, but they still outperformed the benchmarks, with the BSE Midcap index down 0.44 percent and the Smallcap index declining 0.16 percent.

Impact on the stock market

Sectoral indices saw declines, with Nifty IT down 1.90 percent, Metal down 1.74 percent, and Oil & Gas down 1.32 percent. Realty, Consumer Durables, and PSU Bank sectors also posted losses, while the Nifty Bank closed almost flat.

Sector/IndexPerformance
IT & BPM sector-1.90%
Healthcare sector0.13%
Oil & Gas sector-1.32%
Real estate sector-1.21%
PSU Bank in India-0.78%

Top gainers today

CompanyPriceChange (%)
HDFC Life Share Price710.35+2.03
Tata Motors Share Price1,041.75+1.60
SBI Life Insura Share Price1,706.30+1.22
HDFC Bank Share Price1,642.70+1.18
Cipla Share Price1,569.95+1.06

Top losers today

CompanyPriceChange (%)
LTIMindtree Share Price5,338.30-4.12
Grasim Share Price2,544.65-3.50
Asian Paints Share Price3,005.40-3.10
Infosys Share Price1,743.15-2.71
Power Grid Corp Share Price342.65-2.67

Market aftermath: Impact on stocks

MRF shares rise 5% despite higher expenses

MRF shares saw a notable rise of 5%, even though the company’s net profit fell by 6% to Rs 573.4 crore for Q1 FY25. This rise in stock price was driven by a significant improvement from the previous quarter, with revenue from operations increasing by 11.7 percent to Rs 7,196.5 crore. 

The net profit was impacted by higher expenses, with the cost of materials consumed jumping to Rs 4,370.6 crore from Rs 3,780.7 crore a year ago, and total expenses for the quarter increasing by nearly 14 percent.

You may also read: Why is each share of MRF worth ONE LAKH rupees

V-Mart Retail stock soars over 17% on strong Q1 results

V-Mart Retail experienced a significant surge, with its stock soaring over 17% in just two sessions following robust Q1 results. The company reported a net profit of ₹12 crore for the June quarter, recovering from a loss of ₹22 crore in the same period last year. 

This impressive performance was driven by a 16 percent year-on-year increase in revenues to ₹786 crore, and an 88.93 percent surge in EBITDA to ₹99 crore, which improved the EBITDA margin to 12.6 percent from 7.7 percent last year.

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

Dr Lal Pathlabs drops 4% on valuation concerns

Dr Lal PathLabs saw its shares drop nearly 4 percent as concerns over high valuations outweighed the positive quarterly earnings. Despite the stock having risen over 40 percent in the last three months, brokerages such as Centrum Broking, ICICI Securities, and JM Financial downgraded the stock due to limited upside potential. 

While ICICI Securities and Centrum Broking raised their price targets to Rs 3,240 and Rs 3,550 respectively, they downgraded their ratings to ‘Hold’ and ‘Add,’ and JM Financial assigned a ‘Sell’ rating with a price target of Rs 3,425.

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Crude oil price decline

Crude oil futures traded higher today as official data showed a decrease in US crude oil inventories for the week ending. 

Brent oil futures were up 0.42 percent at $78.66, while September crude oil futures on WTI were up 0.57 percent at $75.66. 

In India, August crude oil futures were trading at ₹6,356 on the Multi Commodity Exchange (MCX), up by 0.46 percent from the previous close of ₹6,327.

Conclusion

Today’s stock market performance reflected the ongoing volatility and mixed sentiment among investors. While major indices like the Nifty 50 and Sensex resumed their downward trend, certain stocks such as MRF and V-Mart Retail posted strong gains. On the other hand, Dr Lal PathLabs faced pressure due to valuation concerns. 

Crude oil futures saw a rise, driven by a decrease in US inventories, though concerns over Chinese demand linger. As the market navigates these mixed signals, investors are advised to stay cautious and consider large investments over mid and small caps given the current market valuations.
Stay tuned on StockGro for more updates on market trends.

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