Long term return stock market Indian Stock Market Nifty 50

Stock Market Soars as Nifty 50 Hits Some Highs: Broad-Based Gains and Positive Global Trends

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Stock Market Performance on August 7, 2024

Market Overview

The stock market experienced a robust performance yesterday, opening significantly higher than the previous day’s closing point. Throughout the day, the Nifty 50 index maintained its strength and closed in the green, indicating a positive sentiment among investors.

Nifty 50 Performance

The Nifty 50 index reached its peak at 10:37 AM and sustained its gains for the rest of the trading session. All sectors recorded gains, with oil & gas and metal stocks leading the charge. This broad-based rally reflects a strong market momentum and investor confidence.

Global Market Influence

The positive trend was not limited to the Indian markets. Global markets, including those in the US, Europe, and most Asian countries, also saw an uptick. This synchronized growth suggests a favorable global economic environment, contributing to the optimism in the domestic market.

Top Gainers on Nifty 50

Several stocks in the Nifty 50 index saw significant gains. The top performers included:

  • ONGC: The stock closed at Rs 329.10, up by 7.51%.
  • Coal India: It ended the day at Rs 531.50, gaining 6.39%.
  • Adani Enterprises: This stock rose by 3.69% to Rs 3,185.95.
  • Adani Ports: Closing at Rs 1,543.80, the stock increased by 3.33%.
  • Power Grid: The stock closed at Rs 352.05, up by 3.32%.

Top Losers on Nifty 50

Despite the overall positive market, some stocks did not fare as well. The top losers included:

  • IndusInd Bank: The stock dropped by 2.60% to Rs 1,345.15.
  • Eicher Motors: It closed at Rs 4,597.15, down by 1.22%.
  • Tech Mahindra: The stock decreased by 0.66% to Rs 1,473.65.
  • Britannia: It ended the day at Rs 5,836.80, down by 0.30%.
  • Titan: The stock closed at Rs 3,326.25, dropping by 0.27%.

Key News Highlights

Changes in LTCG Tax Rules

The central government has revised the Long-Term Capital Gains (LTCG) tax rules for real estate. Property owners now have two options: they can pay 12.5% without indexation or opt for 20% with the indexation benefit. This change aims to provide more flexibility and potentially lower tax burdens for property investors.

IPO Subscriptions

Two major Initial Public Offerings (IPOs) were in the spotlight:

  • Brainbees Solutions (FirstCry): The IPO was subscribed 0.30 times overall, with retail subscriptions reaching 1.06 times. The subscription period closes tomorrow.
  • Unicommerce: This IPO was more heavily subscribed, with an overall subscription of 12.23 times and retail subscriptions at 35.57 times. It also closes for subscription tomorrow.

Corporate Updates

Several companies reported notable financial updates:

  • Pidilite Industries: The company’s net profit rose by 17.98% year-on-year to Rs 551.57 crore for the April-June quarter.
  • Reliance Jio: Added 42.4 million subscribers in the 2023-24 period, bringing the total to 481.80 million. The company now holds about 85% of the country’s total 5G capacity.
  • LTIMindtree: Appointed as the global digital service provider for Germany-based engineering company Exyte.
  • Godrej Consumer Products: Reported a 41.36% increase in quarterly net profit to Rs 450.69 crore and announced an interim dividend of Rs 5 per share with a record date of August 16.
  • Uno Minda: Saw a 15.21% decline in quarterly net profit, totaling Rs 199.03 crore.
  • AIA Engineering: Announced a share buyback worth Rs 500 crore.

Commodity and Currency Changes

The commodity and currency markets also saw movements:

  • Gold (10g): Decreased by 0.32%, closing at Rs 69,010.
  • Silver (1kg): Increased by 0.45%, closing at Rs 79,500.
  • USD-INR: The exchange rate rose by 0.05%, with the USD-INR closing at Rs 83.95/USD.

Global Indices Performance

  • Dow Jones: Increased by 0.76%, closing at 38,997.66.
  • Nasdaq: Rose by 1.03%, closing at 16,366.85.

Long-Term Returns

Over the past 20 years, the following indices have shown significant annualized returns:

  • Sensex: 14.61% p.a.
  • Nifty: 14.45% p.a.
  • Dow Jones: 7.14% p.a.
  • Nasdaq: 11.74% p.a.

The stock market’s performance on August 7, 2024, was overwhelmingly positive, driven by gains across all sectors and bolstered by strong global market trends. Key corporate updates and changes in tax rules added to the day’s significant developments. As investors navigate these dynamic conditions, the market outlook remains optimistic.

Read More Stock Market Daily Updates & News

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