What happened in the Indian stock market today (9th Aug 2024)?

The Nifty 50 and the Sensex experienced a healthy rise, jumping by 1% each as investor sentiment remained buoyant. 

The Sensex closed 820 points higher at 79,705.91, while the Nifty 50 gained 251 points to settle at 24,367.50. The overall market capitalization of BSE-listed companies rose to nearly ₹450 lakh crore, making investors richer by over ₹4 lakh crore in just one day.

This uptick added over ₹4 lakh crore to the market capitalization of BSE-listed companies, reflecting the robust demand for equities. 

Impact on the stock market

On the sectoral front, all indices closed with gains, with Nifty PSU Bank, Nifty Realty, and Nifty IT leading the charge with over 1.5% upticks each. Indian Bank and Canara Bank were among the top performers, boosting the index of public-sector lenders.

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Top gainers today

Top losers today

Market aftermath: Impact on stocks

Suzlon Energy soars to new heights

Suzlon Energy had a stellar performance, with its market capitalisation surging past the ₹1 lakh crore mark for the first time ever. This wind energy company has seen its stock price increase by over 280% in the past year, making it one of the top performers in the market. 

The stock continued its upward trajectory, rising over 3% in today’s trade to hit a new 52-week high, reflecting strong investor confidence in the company’s growth prospects.

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Birla Corp slips on weak Q1 results

Birla Corporation faced a tough day, with its shares slipping nearly 5% following a disappointing Q1 performance. The company’s net profit fell by 45% year-on-year to ₹33 crore, while revenue declined by 9% to ₹2,190 crore. 

The decline was attributed to weak cement prices and sluggish demand, exacerbated by the general elections and extreme weather conditions in key markets. This decline has contributed to a 20% drop in Birla Corp’s stock price over the past six months.

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Trent Ltd surges on better than expected earnings

Trent Ltd was another major gainer, with its stock jumping 11% after the company reported a more than doubling of its net profit for Q1 FY25. 

The Tata Group company posted a consolidated net profit of ₹392.6 crore, up 126% from the same quarter last year, far exceeding market expectations. Revenue also saw a significant rise, growing by 56% year-on-year to ₹4,104.4 crore. 

The impressive earnings result and strong operational performance led to a sharp rally in Trent’s stock, which hit the upper circuit during the day’s trade.

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Crude oil price decline

In the commodities market, crude oil futures traded higher today, buoyed by positive economic data from China and the US. 

Brent oil futures were up by 0.13% at $79.26, while September crude oil futures on WTI rose by 0.16% to $76.31. The positive momentum was driven by better-than-expected inflation data from China, which indicated an improvement in domestic demand. 

In India, August crude oil futures were trading at ₹6,412 on the Multi Commodity Exchange (MCX), showing a modest increase from the previous close.

Conclusion

Today’s stock market performance was marked by significant gains across major indices, driven by strong earnings reports and positive global cues.

While companies like Suzlon Energy and Trent Ltd enjoyed substantial gains, others like Birla Corporation struggled due to weaker-than-expected results. Crude oil prices also showed resilience, supported by encouraging economic data. 

As the market continues to navigate these mixed signals, investors should remain vigilant and consider the broader economic environment when making investment decisions.
Stay tuned on StockGro for more updates on market trends.