Market Recovers, Nifty Up 134 Points

6 Aug 2024 , 01:15 PM

After starting the day on a strong note, recovering from a nearly 3% drop on August 5, the Nifty and Sensex have given up some of their early gains. By 1 PM, the Sensex was up 437.81 points or 0.56% at 79,197.21, while the Nifty was up 134.40 points or 0.56% at 24,190.00. The market breadth was positive, with about 2,261 shares advancing, 1,100 shares declining, and 78 shares remaining unchanged.

Broader Market Performance

The mid-cap and small-cap indices continued to outperform the headline indices, rising by 1.2% and 1.4%, respectively. Since the start of the year, these indices have gained approximately 21%, outpacing the Nifty’s gain of 13.3%.

Volatility Index

The India VIX, which measures market volatility, cooled off by about 11%, hovering around 18. This decrease in volatility reflects a more stable market sentiment.

Sectoral Performance

• Top Gainers: The Nifty Metal and Realty indices were the top gainers on the bourses. Notable performers included Adani Enterprises, JSW Steel, Tata Steel, and Hindalco, which helped maintain a positive momentum.
• Nifty Auto: Initially the best-performing index at the opening bell, Nifty Auto pared most of its gains and traded below 1% as investors booked partial profits.
• Nifty Bank: This index was nearly flat, trading higher by just 0.1%.

Stock Highlights

On the Sensex, the top gainers included HCL Technologies, JSW Steel, L&T, HUL, and Wipro. Meanwhile, Bharti Airtel, HDFC Bank, and ICICI Bank were among the top losers.

Midcap and Smallcap Indices

The BSE Midcap and Smallcap indices each rose by 1%, continuing to show strong performance compared to the larger market indices.

Market Outlook

All sectoral indices are trading in the green, indicating a broad-based recovery. Despite the moderation in gains, the overall market sentiment remains positive.