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What happened in the Indian stock market today (21st Aug 2024)?

On Aug 21, the Indian stock market experienced a day of mixed sentiments with resilient indices and significant stock moves.

Indian stock market today (21st Aug 2024)

The Nifty 50 closed up 71 points, or 0.29%, at 24,770.20, marking its fifth consecutive session in the green, while the Sensex ended 102 points higher at 80,905.30. 

Broader markets also outperformed, with the smallcap index gaining 1% and a favorable advance-decline ratio of 2:1. 

Impact on the stock market

Sectors FMCG up 1.30%, followed by Media (+1.20%) and Pharma (+0.91%). On the downside, Realty was the major loser, falling 1.31%. 

Sector/IndexPerformance
IT & BPM sector-0.00%
Healthcare sector+0.86%
Oil & Gas sector-0.43%
Real estate sector-1.31%
PSU Bank in India-0.43%

Top gainers today

CompanyPriceChange (%)
Divis Labs Share Price4,900.80+3.76
Titan Company Share Price3,560.40+2.46
SBI Life Insura Share Price1,800.60+2.23
Cipla Share Price1,594.60+2.03
HDFC Life Share Price724.55+1.96

Top losers today

CompanyPriceChange (%)
Tech Mahindra Share Price1,604.65-1.47
Tata Steel Share Price151.92-1.31
UltraTechCement Share Price11,200.90-1.31
Power Grid Corp Share Price336.65-1.13
HDFC Bank Share Price 1,625.80-0.73

Market aftermath: Impact on stocks

Starlineps Enterprises surges 40%

Starlineps Enterprises’ stock surged by 40% over four days, driven by strategic moves such as a ₹26.9 lakh investment in Writeplus AI Private Limited (LiaPlus AI). This investment positions the company in the rapidly growing AI sector, focusing on virtual assistants and AI-driven customer support systems.

Additionally, the company received a significant order worth ₹37.96 crore from Saketh Impex, which exceeds its total revenue from the previous fiscal year.

You may also read: What the Hindenburg report on Adani revealed?

Genus Power hits 5% upper circuit after ₹3608 crore order

Genus Power’s shares reached a new all-time high of ₹428 apiece after securing orders worth ₹3,608.52 crore. This marks the second major order win in a week, bringing the company’s total order book to ₹28,000 crore.

In the June quarter, Genus Power reported a 59% increase in revenue to ₹414.2 crore and a 121% rise in EBITDA to ₹63.2 crore, indicating robust performance in the smart metering segment.

Also read : Shivalic Power Control IPO

Patanjali Foods hits record high; 24% upside projected

Patanjali Foods, a major player in India’s FMCG sector, saw its shares hit a fresh record high today, rising over 3%. This surge was primarily driven by a ‘Buy’ rating from Systematix, which initiated coverage on the stock with a target price of ₹2,259, indicating a potential upside of 24%. 

Over the past year, Patanjali Foods’ stock has rallied by 44%, significantly outperforming the Nifty, which rose by 27% during the same period. This outperformance reflects the market’s confidence in the company’s long-term growth strategy and its ability to capitalize on emerging opportunities in the FMCG sector.

You may like: Agro Tech Foods Q1: Net Profit Down Over 95%

Crude oil price decline

Crude oil prices experienced a slight dip due to an increase in inventories in the US.

Brent oil futures dropped by 0.16% to $77.08, while WTI crude oil futures fell by 0.20% to $73.02. On the MCX, Crude oil futures were down by 0.23% at ₹6140, while futures declined by 0.13% to ₹6104.

The decline in crude prices reflects the inventory build in the US, which could influence global supply dynamics and impact energy-related stocks in the Indian market.

Conclusion

Today’s market activity highlights the dynamic nature of the Indian stock market, where strategic investments and order wins play a crucial role in driving stock performance. 

As the Nifty 50 continues its upward trajectory, stocks like Starlineps Enterprises, Genus Power Infrastructures, and Patanjali Foods are leading the charge, attracting investor attention. However, the slight dip in crude oil prices serves as a reminder of the global factors that continue to influence market trends. 

Investors should stay alert to these developments as they navigate the opportunities and challenges in the market.
Stay tuned on StockGro for more updates on market trends.

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