Sensex Today Rallies 819 Points | Nifty Above 24,350 Mark | 4 Reasons Why Indian Share Market is Rising

Fri, 9 Aug Closing

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After opening the day on positive note, Indian share markets continued the momentum as the session progressed and ended on firm footing.

Benchmark equity indices BSE Sensex and NSE Nifty ended the week's last trading session with gains, closing higher by 1% each.

At the closing bell, the BSE Sensex stood higher by 819 points (up 1%).

Meanwhile, the NSE Nifty closed higher by 251 points (up 1%).

Eicher motors, M&M and Tata Motors were among the top gainers today.

BPCL, Maruti Suzuki and Sun Pharma on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,391 up by 290 points, at the time of writing.

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.

The BSE MidCap index ended 1.2% higher and BSE SmallCap index ended 0.8% higher.

All other Sectoral indices are trading on positive note with socks in realty sector, auto sector and IT sector witnessing most buying.

Shares of Trent, PI Industries and Colgate hit their respective 52-week highs 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...

The rupee is trading at 83.96 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 69,694 per 10 grams.

Meanwhile, silver prices were trading flat at Rs 80,595 per 1 kg.

Here are three reasons why Indian Markets are rising today

#1 Strong US Labour Market Data

Overnight, US jobless claims fell more than expected, easing fears of a weakening labour market. However, this data led to reduced expectations of a larger rate cut from the Federal Reserve, with the probability of a half-point cut in September dropping from 69% to 54%.

The robust US labour market and tempered rate cut expectations are seen as positive for global equity markets, as they signal continued economic resilience without the need for aggressive monetary easing.

#2 Robust Chinese Inflation Data

Supporting market sentiment, Chinese data revealed that consumer inflation rose by 0.5% in July, surpassing forecasts of a 0.3% increase.

This suggests a reduced risk of the Chinese economy slipping into deflation, which is reassuring for global markets. In response, Chinese blue-chip stocks climbed 0.5%, while Hong Kong's Hang Seng index saw a 1.4% increase.

#3 Rebound in US Market

US stocks jumped on Thursday, with all three indices closing sharply higher after jobless claims fell more than expected in the latest week, soothing worries the labour market was weakening too quickly.

The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average rose 1.8-2.9%.

#4 Decline in Oil Prices

Oil prices edged down in early Asian trading on Friday. Brent crude futures fell 0.11%, to US$ 79.1 a barrel, while US West Texas Intermediate crude futures dipped by a cent to US$ 76.1 per barrel.

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.

Trent Q1 Results

In news from the retail sector, Trent on 9 August reported a consolidated net profit of Rs 3.9 bn for Q1 FY25, rising 126% from a profit of Rs 1.7 bn in the same quarter of the previous financial year. Trent's earnings beat Street expectations by a wide margin.

The revenue from operations for the Tata Group company came in at Rs 41 bn, rising 56% from Rs 26.3 bn in the year-ago quarter.

Earnings before interest, tax, depreciation and amortization (EBITDA) was at Rs 6.1 bn. The EBITDA margin rose to 14.9% during the quarter, up nearly a percentage point from 13.9% in the year-ago period.

With a presence in 178 cities, the business as of June 30 in store portfolio has 228 Westside, 559 Zudio, and 36 stores across other lifestyle concepts. During the quarter the company opened 6 Westside and 16 Zudio stores across 12 cities.

The business witnessed improved operating performance driven by its own brands, staples, and fresh & general merchandise offerings which now contribute to over 70% of revenues.

NBCC Jumps 7%. Here's Why

Moving on, NBCC Ltd's shares surged 7% on 9 August after the firm said it received a Rs 150 bn order from Srinagar Development Authority.

The SDA and the NBCC, a government of India enterprise, signed the MoU for the development of a satellite township at Rakh Gund Aksha in Bemina locality on the outskirts of the city.

The MoU was signed by SDA's Owais Ahmed and NBCC's Sanjay Gupta.

The project site is located adjacent to the upcoming Medi City and the High Court Complex.

The NBCC will implement the project as a project management and marketing consultant from 'concept to commissioning.

The project will be completed in a phased manner in five years and will consist of residential plots, the development of villas, apartments, commercial offices, an indoor sports centre and 5-star resorts with all modern facilities and amenities.

About 3,200 affordable housing flats of 45 sqm each are also planned on the project site.

The project development cost, site infrastructure, facilities, amenities and affordable housing units will be implemented in a self-sustaining mode - the funding from the revenue generated from sale proceeds of proposed villas, the commercial component of the proposed development and the like.

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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