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WEEKLY MARKET REVIEW
The market extended the fall for the second consecutive week ended August 9 amid high volatility led by US recession fear, the unwinding of yen carry trade, geopolitical tensions in the Middle East, inline RBI policy outcome, and mixed earnings from India Inc.
The broader indices broke a two-week outperformance and ended lower, in line with the main index, in the highly volatile week led by mixed quarterly earnings, inline RBI policy outcome, fear of US recession, and geopolitical escalations.
During the week, the BSE Smallcap index, BSE Largecap index, and BSE Midcap index shed 2 percent, 1.5 percent, and 1 percent, respectively.
This week, BSE Sensex declined 1,276.04 points or 1.57 percent to close at 79,705.91, while the Nifty50 index shed 350.2 points or 1.41 percent to finish at 24,367.50.
On the sectoral front, Nifty Metal and PSU Bank were down nearly 3 percent, Nifty Energy index shed 2.5 percent, Nifty Bank and IT indices were down 1.5 percent each. On the other hand, Nifty Pharma index added 1.5 percent and Nifty Healthcare and FMCG indices rose 0.5 percent each.
Regarding the market value, Reliance Industries lost the most, followed by State Bank of India, Infosys, and Tata Consultancy Services. On the other hand, Hindustan Unilever, ITC, and JSW Steel added most of their market cap.
The BSE Small-cap index fell nearly 2 percent while the BSE Large-cap Index shed 1.5 percent and BSE Mid-cap Index declined 1 percent.
Foreign institutional investors (FIIs) sold equities worth Rs 19,139.76 crore, however, Domestic Institutional Investors (DII) bought equities worth Rs 20,871.10 crore.
The Indian rupee touched a fresh record low of 83.96 during the week and ended 21 paise lower against the US dollar at 83.95 on August 9 against its August 2 closing of 83.74.
STOCKS IN NEWS
Info Edge India: Info Edge India declared their Q1 results on 09 Aug 2024. The topline increased by 8.11% & the profit increased by 46.85% YoY. The earnings per share (EPS) for Q1 stood at ₹17.8, reflecting a 45.31% increase year-on-year. Currently, Info Edge India has a market capitalization of ₹89,292.31 Cr.
Mindteck India: Mindteck India declared their Q1 results on 08 Aug 2024. The topline increased by 15.78% year-over-year (YoY) and the profit increased by 2.41% YoY. Operating income for the quarter was down by 3.91% QoQ and decreased by 5.25% YoY, reflecting some operational challenges.
K M Sugars Mills: K M Sugars Mills declared their Q1 results on 08 Aug 2024. The top line decreased by 32.52% & the profit declined by 42.49% YoY. The operating income was down by 0.29% quarter-over-quarter and decreased significantly by 34.3% year-over-year. The Earnings Per Share (EPS) for Q1 stands at ₹0.76, which represents a decrease of 42.42% year-over-year.
Ambika Cotton Mills: Ambika Cotton Mills declared their Q1 results on 09 Aug 2024. The top line decreased by 5.79% YoY, while the profit increased by 3.76% YoY. Operating income showed a significant improvement, rising by 21.61% q-o-q and a remarkable 53.1% Y-o-Y. Earnings per Share (EPS) for the quarter stood at ₹37.61, reflecting a 3.78% increase Y-o-Y.
Kopran: Kopran declared their Q1 results on 08 Aug 2024. The topline increased by 19.17% & the profit increased by 300.12% YoY. The operating income was down by 21.05% q-o-q & increased by 368.15% Y-o-Y. The EPS is ₹4.6 for Q1 which increased by 693.1% Y-o-Y. Currently, the Kopran has a market cap of ₹1180.2 Cr.