Nifty Closes at 24,297 and Sensex Rises 874 Points on August 7, 2024

Nifty ? ? ? ??24,297 [+304.95] 1.27

Sensex ? ?79,468 [+874.94] 1.11

Reasons for Market Up

• The stock market rose today due to a rebound in global markets, driven by reassuring comments from the Bank of Japan about not raising interest rates during financial instability.?

• This eased concerns over a potential US recession and reduced the impact of recent yen carry trade unwinding.

• Domestic equity benchmarks surged as real estate stocks rallied following the government's decision to ease property tax regulations. This move provided relief to investors and boosted sentiment in the real estate sector.

• All sectors ended in the green, with significant contributions from the Nifty Metal and Nifty Energy indices. Broad-based buying across various sectors contributed to the overall market upturn.

Top 3 Stocks That Gained The Most?

Nifty?

ONGC:? +7.45

Coal India:? +6.24

Adani Enterprises:? +3.70

Sensex

PowerGrid Corp:? +3.29

JSW Steel:? +2.33

Infosys:? +2.01

Sectors of the Day?

Nifty Oil & Gas:? +3.06

Nifty Metal:? +2.69

Nifty Media:? +2.58

• ONGC shares rose today due to attractive valuations and recent price corrections, supported by strong dividend yields, rising production, and improved domestic gas prices.

IPO Performance

• Aesthetik Engineers Limited IPO will be open for bidding from Aug 08, 2024, to Aug 12, 2024, with shares priced at ?55 to ?58 per share.?

• Dhariwalcorp Limited IPO shares are expected to be listed on the NSE SME platform around August 08, 2024.

• Ceigall India Limited IPO shares are expected to be listed on the NSE SME platform around August 08, 2024.

Key Events to Track For 8th August 2024?

• Monitor international markets for any significant developments or trends that could impact Indian markets.?

• Keep an eye on scheduled economic data releases such as GDP figures, industrial production data, or inflation reports, as they can influence market sentiment and direction.?

• Track earnings announcements from major companies across sectors, to gauge the health of the corporate sector and anticipate market reactions.?

• Stay informed about any policy announcements or decisions by the Indian government, as they can impact market sentiment and specific industries.?

• Stay updated on global events as they can affect Indian markets and investor sentiment.

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