What happened in the Indian stock market today (12th Aug 2024)?

The Sensex closed slightly lower by 56.99 points, or 0.07%, at 79,648.92, while the Nifty 50 ended with a minor loss of 20.50 points, or 0.08%, at 24,347.00. 

Despite these marginal declines, the market showed resilience as both indices managed to regain lost ground earlier in the session, driven by positive global cues and fresh foreign money inflows.

Impact on the stock market

The Nifty Realty index emerged as the day’s top performer, advancing over 1%, with strong contributions from stocks like DLF, Prestige Estates, Brigade Enterprises, and Oberoi Realty. However, the PSU Bank and Energy indices were the laggards, with SBI, Canara Bank, and Union Bank among the major drags on the market.

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Top gainers today

Top losers today

Market aftermath: Impact on stocks

Sun TV stock plummets over 10% 

Sun TV Network’s stock took a significant hit, dropping over 10% following a weak Q1 FY25 performance. Brokerages downgraded the stock due to high valuations and concerns over future earnings. 

Kotak Institutional Equities downgraded it from ‘add’ to ‘sell,’ highlighting risks from OTT platforms and potential industry consolidation. Similarly, Motilal Oswal reduced its EBITDA estimates and downgraded the stock to ‘neutral’ with a target price of Rs 860.

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Coffee Day share price tanks 17%

Coffee Day Enterprises faced a tough session as its shares dropped 17% after the NCLT ordered insolvency proceedings against the company. The stock, which has been underperforming for a while, opened at Rs 38 and hit an intraday low of Rs 37.55.

The NCLT’s decision came after IDBI Trusteeship Services Ltd filed an insolvency plea over an alleged default of Rs 228.45 crore, further exacerbating the company’s financial troubles.

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Bharat Dynamics stock plummets 19%

Bharat Dynamics Ltd (BDL) also experienced a challenging day, with its stock plummeting 19% following weak Q1 results.

The company reported an 83% year-on-year decline in net profit, primarily due to supply chain issues stemming from the ongoing Russia-Ukraine war and conflicts in the Middle East. 

Despite this, brokerages remain bullish on the stock, with some maintaining a ‘buy’ recommendation, citing potential for recovery in execution and re-rating of the stock.

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Crude oil price decline

Crude oil futures traded higher today, driven by escalating tensions in West Asia. Brent oil futures were up by 0.18% at $79.80, while crude oil futures on WTI increased by 0.34% to $77.10.

 In India, August crude oil futures were trading at ₹6,477 on the Multi Commodity Exchange (MCX), up by 0.51% from the previous close. The rise in oil prices was supported by better-than-expected inflation data from China, which indicated some improvement in its economy, boosting global demand outlook.

Conclusion

Today’s stock market session reflected a delicate balance between gains in certain sectors and losses in others. While the broader indices ended flat, individual stocks like Sun TV, Coffee Day Enterprises, and Bharat Dynamics saw significant movements based on company-specific news. 

On the commodities front, crude oil prices edged higher, driven by geopolitical tensions and positive economic data from China. As the market continues to navigate these mixed signals, investors should remain vigilant and consider both global and domestic factors when making investment decisions.

Stay tuned on StockGro for more updates on market trends.