August 9, 2024
New Delhi, India
The Indian stock market saw a robust opening on August 9, with the benchmark indices Sensex and Nifty surging over 1% in early trade. Strong buying interest in information technology (IT) stocks and positive cues from Asian markets propelled the indices higher.
Market Performance:
- Sensex Soars: The BSE Sensex surged 789 points to reach 79,675, marking a significant gain of 1%. All 30 Sensex firms were trading in positive territory, with major contributions from Tata Motors, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Power Grid, NTPC, Tata Consultancy Services, and Reliance Industries.
- Nifty Rallies: The NSE Nifty climbed 235 points, or 0.98%, to trade at 24,352 levels. IT stocks led the rally, with Tech Mahindra, Infosys, TCS, and HCL Tech each gaining 2%.
Ola Electric Shares Make A Muted Debut On NSE and BSE, Listing Flat At ₹76 Per Share
Sectoral Performance:
- All sectoral indices were trading in green, with Nifty IT, Nifty Metal, Nifty Auto, and Nifty Oil and Gas leading the gains.
- Broader markets also showed strength, with the MidCap index rising 0.89% and the SmallCap index surging 0.90%.
Ola Electric IPO:
- Listing and Performance: Ola Electric made its stock market debut today, listing at par with the issue price of ₹76. However, within minutes of listing, Ola Electric shares surged by 16%, reflecting strong investor interest despite a muted opening.
- Market Reaction: The strong post-listing performance of Ola Electric is seen as a positive signal for the company, which recently concluded its IPO.
Other Key Movers:
- Eicher Motors: Shares of Eicher Motors jumped 4% following a solid Q1 earnings report.
- HDFC Life: HDFC Life was the only laggard among the top performers, while RVNL shares fell 4% after reporting a 35% decline in Q1 profit year-on-year.
(More to come)
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