Sensex Today Rallies 800 Points | Nifty Above 24,350 | IT & Power Stocks Shine

Fri, 9 Aug 10:30 am

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Asian markets traded higher on Friday tracking overnight rally on Wall Street amid easing recession fears.

Japan's Nikkei 225 gained 1.63%, while the Topix rose 1.43%. South Korea's Kospi rallied 1.43%, while the Kosdaq jumped 2.67%.

US stock market ended higher on Thursday, with the Nasdaq and S&P 500 rallying more than 2% each.

Here's a table showing how US stocks performed on Thursday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	163.84	3.09	1.92%	165.5	162.03	193.31	121.46
Apple	213.31	3.49	1.66%	214.2	208.83	237.23	164.08
Meta	509.63	20.71	4.24%	509.96	494.72	542.81	274.38
Tesla	198.84	7.08	3.69%	200.7	192.04	278.98	138.8
Netflix	630.35	18.87	3.09%	632.29	616.02	697.47	344.73
Amazon	165.8	3.03	1.86%	166.69	162.55	201.2	118.35
Microsoft	402.69	4.26	1.07%	405.86	399.94	468.35	309.45
Dow Jones	39446.49	683.04	1.76%	39508.4	38922.79	41376	32327.2
Nasdaq	18413.82	546.45	3.06%	18445.41	17965.07	20690.97	14058.33

Data Source: Equitymaster

At present, the BSE Sensex is trading 840 points higher and NSE Nifty is trading 260 points higher.

Eicher Motors, ONGC and Tech Mahindra among the top gainers today.

BPCL and HDFC Life the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on positive. The BSE Midcap index is trading 0.8% higher and the BSE Smallcap index is trading 0.9% higher.

Sectoral indices are trading higher today, with stocks in metal sector, power sector and auto sector witnessing buying speer.

The rupee is trading at Rs 83.93 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 69,623 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the stock market, Indian Pharma companies have been at the receiving end of increased enquiries from the US pharma companies that could potentially be a big business opportunity.

Richa Shah, Research Analyst at Equitymaster in her latest video talks about why biosecurity Act could be a potential shot in the arm for pharma stocks

Tune into below video for more details.

SJVN Commissions Floating Solar Park

SJVN Limited on Thursday announced the commissioning of its 90 MW Omkareshwar Floating Solar Project.

According to an official statement, this project has been executed by SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN. On commissioning of the project, the total installed capacity of SJVN has been increased to 2466.50 MW.

SJVN is a Miniratna PSU under the Ministry of Power.

This 90 MW Omkareshwar Floating Solar Project is housed in Omkareshwar Floating Solar Park located in District Khandwa, Madhya Pradesh. This Park is the largest floating solar park in India. The project is one of the largest floating solar projects in Central & North India.

With the commissioning of the project, the company has ventured into the floating solar power segment.

The project has been developed for Rs 6.5 bn and is expected to generate 196.5 million units of energy in the first year. The estimated cumulative energy generation over 25 years shall be 4,629.3 million units.

Commissioning will reduce 2.3 lakh tons of carbon emission and will significantly contribute to the Government of India's mission of net zero carbon emission by 2070.

The project will also help in water conservation by reducing water evaporation.

Oil India Q1 Results

State-run explorer Oil India reported a smaller-than-expected quarterly profit on Thursday, hurt by higher expenses.

Its profit fell 9% year-on-year to Rs 14.7 bn (about US$ 175 million) in the three months ended 30 June, falling behind analysts' predicted profit of Rs 16.9 bn, per LSEG data.

Oil India, which operates exploration and production assets mostly in the northeastern part of the country, said its total expenses rose nearly 40% to Rs 40.3 bn as its excise duty costs surged over four-fold, which offset the impact of a 26% rise in quarterly revenue to Rs 58.4 bn.

India hiked the windfall tax - a higher tax levied on specific industries when they gain a sudden boost to profits - on petroleum crude thrice in the quarter.

The tax imposition started in July 2022 by the Indian government and was aimed at boosting the local supply of fuels to meet rising demand and to target refiners who were boosting product exports to gain from higher overseas margins.

Fuel demand in the world's third-largest oil importer and consumer, India, remained strong during April-June, data from the oil ministry showed.

Eicher Motors Q1 Results

Eicher Motors on Thursday reported a consolidated net profit of Rs 11 bn for the June 2024 quarter, which was up by 20% over Rs 9.2 bn reported by the company in the year-ago period.

The two-wheeler manufacturer's total revenue from operations stood at Rs 43.9 bn for the reported quarter, higher by 10% versus Rs 39.9 bn posted in the corresponding quarter of the previous financial year.

The company incurred a total expenditure of Rs 34.1 bn in the reported quarter, up from Rs 31.2 bn posted in the corresponding quarter of the previous financial year. It was up by 9%.

The Royal Enfield maker reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 11.7 bn for the April-June quarter, up 14.1% compared to Rs 10.2 bn in the same quarter of the previous financial year.

During the quarter, Royal Enfield recorded sales of 2,27,736 motorcycles as compared to 2,25,368 motorcycles sold during the same period in FY 2023-24.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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