 |
|
The Indian stock market displayed moderate growth on the morning of August 10, 2024, with the S&P BSE Sensex and Nifty 50 indices registering modest gains. The Sensex, India's benchmark index, rose by 20.55 points, representing a 0.03% increase, settling at 80,460.37. Meanwhile, the Nifty 50 index added 18 points, or 0.07%, to reach 24,559.15.
The broader market exhibited stronger performance compared to the frontline indices. The S&P BSE Mid-Cap index saw a 0.52% increase, while the S&P BSE Small-Cap index recorded a more significant gain of 1.19%. This indicates positive sentiment in the market across various market segments.
Media shares continued their upward trajectory for the second consecutive trading session, contributing significantly to the overall market buoyancy. The Nifty Media index surged by 2.17%, reaching 2,104.35. Over the past two trading days, the index has accumulated a notable 4.31% gain. This positive performance can be attributed to several factors, including improving advertising revenue, growth in digital media consumption, and potential regulatory changes that could benefit the sector.
In terms of individual stocks, V18 Broadcast witnessed a substantial 4.21% rise, followed by Network 18 Media & Investments with a 3.05% increase. Other prominent gainers included Saregama India (2.64%), PVR Inox (2.6%), Hathway Cable & Datacom (1.78%), Tips Industries (1.75%), Dish TV India (1.24%), Zee Entertainment Enterprises (1.15%), Nazara Technologies (0.55%), and Sun TV Network (0.21%).
The news of Caplin Point Laboratories soaring by 8.40% was a significant highlight of the day. This surge was attributed to a positive inspection conducted by the Brazilian Health Regulatory Agency (ANVISA) at the company's Chennai facility between August 12 and 16, 2024. The inspection resulted in zero observations, indicating compliance with regulatory standards and boosting investor confidence in the company's manufacturing practices.
Techno Electric & Engineering Company (Techno Electric) hit the upper circuit limit of 5% after announcing a partnership with IndiGrid to develop two Greenfield interstate transmission Systems (ISTS) projects. This collaboration signals a strategic move towards expanding the company's operations in the energy sector.
Glenmark Pharmaceuticals added 2.89% to its value following an announcement by its subsidiary, Glenmark Therapeutics Inc. in the USA, regarding the launch of the over-the-counter (OTC) product Olopatadine Hydrochloride Ophthalmic Solution. This new product launch indicates the company's commitment to expanding its reach in the healthcare market and diversifying its product portfolio.
On the macroeconomic front, India's foreign exchange reserves experienced a decline of $4.8 billion, reaching $670.119 billion for the week ending August 9, 2024. This decrease followed a previous week where reserves had reached an all-time high of $674.919 billion. The primary contributor to the decline was a decrease in foreign currency assets, which fell by $4.079 billion to $587.96 billion. Gold reserves also saw a reduction of $860 million, bringing the total to $59.239 billion. However, special drawing rights (SDRs) increased by $121 million to $18.282 billion, while India's reserve position with the International Monetary Fund (IMF) rose by $18 million to $4.638 billion.
Source: Benchmarks trades with small gains; media shares in demand