Review & Preview @4PM —— Thursday, August 8th 2024

Review & Preview @4PM —— Thursday, August 8th 2024

NIFTY (-181, 24117)
Sensex (-582, 78886)
Bank Nifty (+38, 50157)

Nifty witnessed a roller-coaster session, with a bear initially and then the bull; finally, it panned out to be a dead cat…

Sentimental Overview:

Nifty’s rebound lost steam amidst;

1. Blame it on weak global cues.
2. A hawkish RBI.
3. US recession fears.
4. Political instability in the U.S
5. Rising tensions in the Middle East.
6. The “Yen Carry Trade.”

The RBI MPC Highlights:

1. The RBI maintained policy repo at 6.5% for the ninth consecutive meeting.
2. Keen on ensuring that inflation is down towards its 4% while supporting growth.
3. The annual inflation accelerated to a four-month high of 5.08% in June 2024, boosted by rising food prices but remaining within the RBI’s tolerance of the 2-6% target range.
4. The economic growth forecast for the fiscal year 2025 at 7.2%.

Technical Overview:

Outperfoming Nifty Sectors:

NIFTY PHARMA (+0.35%)
NIFTY MEDIA (+0.09%)

Outperfoming Nifty Sectors:

Nifty IT (-1.98%)
Nifty METALS (-1.64%)
Nifty PSE (-1.59%)
Nifty Infra (-1.41%)
Nifty Reality (-1.34%)

Buzzing stocks:

Tata Motors (+1.63%, 1042) climbed after Moody’s upgraded unsecured instruments’ ratings to Ba1 from Ba3.

Tata Motors also was in limelight after launching Tata Curvv EV, its fifth EV offering from Tata Motors after the Tiago EV, Punch EV, Tigor EV, and Nexon EV.

Reports also suggest that the Curvv EV to boost market share

Bulls of the day:

TATAMOTORS (+1.63%)
HDFCLIFE (+1.57%)
SBILIFE (+1.22%)
CIPLA (+1.06%)
HDFCBANK (+1.03%)

Bears of the day:

LTIM (-4.09%)
GRASIM (-3.60%)
ASIANPAINTS (-3.37%)
APOLLOHOSP (-3.09%)
INFY (-2.94%)

Disclaimer: This does not construe to be an investment advice. Stock market investments are subject to market risks. All information is a point of view, and is for educational and informational use only. The author accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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