Live stock market updates on Friday, August 9, 2024: Benchmark indices Sensex and Nifty are set to open in the green on Friday, mimicking gains in their global counterparts. GIFT Nifty futures also pointed to a gap-up start, trading 189 points higher than Nifty50 futures at 24,356 points.
Asia-Pacific markets posted gains on Friday, driven by positive momentum from Wall Street. The advance was driven by fresh US jobs data that improved investor sentiment and eased recession concerns that had emerged following a significant sell-off in markets earlier in the week.
Japan’s Nikkei 225 rose 1.46 percent, while the broader Topix index rose 1.53 percent.
In South Korea, the Kospi rose 1.49 percent and the Kosdaq, which focuses on smaller companies, gained 2.93 percent. Australia’s S&P/ASX 200, meanwhile, rose 0.72 percent.
In US markets, the S&P 500 rose 2.3 percent overnight. The Dow Jones Industrial Average rose 1.76 percent, while the Nasdaq Composite gained 2.87 percent.
In addition, investors in Asia will be paying attention to China’s Consumer Price Index (CPI) and Producer Price Index (PPI) for July, which are expected to be released today.
Domestically, two-wheeled electric vehicle (EV) manufacturer OLA ELectric will make its stock market debut today.
Stocks to watch today
License: The company reported a 10 percent rise in net profit, reaching Rs 10,461 crore for the quarter ended June 2024. This is up from Rs 9,544 crore in the same period last year. Total profit rose to Rs 2,10,910 crore in the last June quarter, compared to Rs 1,88,749 crore a year ago.
Eicher Motors: The company reported a 20 percent year-on-year increase in net profit, totaling Rs 1,101.5 crore for the first quarter ended June 30, 2024, as against Rs 918 crore in the corresponding quarter last year. Revenue increased 10.2 percent to Rs 4,393.1 crore, as against Rs 3,086.4 crore in the same period of the previous fiscal year.
ABB India: The electrification and automation-focused group reported a 50.3 percent year-on-year increase in net profit, reaching Rs 443.5 million in the second quarter ended June 30, 2024. It was Rs 295.6 million in the same quarter last year.
Cochin Shipyard: The state-owned company reported a 76.5 percent year-on-year increase in net profit, reaching Rs 174.2 crore in the first quarter ended June 30, 2024, against Rs 98.7 crore in the corresponding quarter last year.
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