Sensex slipped 200 points, IT-steel stocks fell Stock Market Today

 Indian stock markets have started weak today on 8th August. The major indices of the market are trading in red. Sensex has fallen by about 200 points to reach the level of 79,250. Nifty has also slipped by about 50 points to reach near 24,240. The impact of weak global sentiment is being seen on the domestic markets.

Selling in IT and metal sectors. 

The biggest fall among Nifty stocks is Infosys and JSW Steel stocks which have slipped by 1-1 percent. While Tata Motors and Cipla stocks are registering a rise of about 1-1 percent. IT, metal and auto sectors are creating pressure in the market. While buying is taking place in FMCG and pharma stocks.Earlier on Wednesday, strong buying was seen in the domestic markets. The Sensex closed at 79,468 with a gain of 874 points. The Nifty also closed at 24,297, up 304 points.

       

Market falls in view of RBI policy announcement

On August 8, Indian stock markets opened lower in anticipation of the Reserve Bank of India's (RBI) upcoming monetary policy announcement. The Sensex fell 235.60 points or 0.30% to settle at 79,232.41 while the Nifty fell 61.20 points or 0.25% to settle at 24,236.30. In the early trading session, 1,407 stocks advanced, 925 declined and 137 stocks remained steady. Gaining stocks on the Nifty included major players such as Hindalco, Tata Motors, HDFC Bank, Bajaj Auto and Cipla. In contrast, Infosys, JSW Steel, LTI Mindtree, L&T and Tata Steel were among the major losers.

Banking sector index rises

 The banking stock index started its trading day at 50,051.90 and hit a peak of 50,185.55 at mid-session. It is currently hovering around the 50,175 mark, having registered a gain of over 55 points.

 Sensex and Nifty started on a weak 

 The trading session started on a negative note with the Sensex opening at 79,420.49 and later hit a daily low of 79,142.04. Parallelly, the Nifty 50 index opened at 24,248.55 but then fell further to hit an intraday low of 24,228.40.

The Indian rupee crossed the 84 level during the early hours of inter-bank foreign exchange trading 

on August 8, 2024, with traders eagerly awaiting the Reserve Bank of India's (RBI) announcement on monetary policy. The currency is currently valued at 83.94, close to its day's low of 84.013 per dollar. The rupee has barely held above its all-time low of 84.182 against the dollar. The consensus among economists is that the RBI will maintain its current monetary policy for the ninth consecutive session.

Market Insights for Today 

Prashant Tapase, Senior Vice President, Research at Mehta Equities, reads the recent recovery in the Nifty index as a sign that the market correction may be short-lived. Today's focus turns to the RBI's monetary policy committee (MPC) meeting, which is projected to keep the repo rate steady at 6.5% in view of the current inflation pressures, which are currently recorded at 5.08%, and a notable rise in food inflation to 9.36% by June. A rate cut appears unlikely until December 2024, buoyed by favorable monsoon forecasts and an increase in kharif crop sowing. Meanwhile, concerns over a possible US recession, political uncertainties, rising tensions in the Middle East and volatility in the "yen carry trade" have turned bearish on Wall Street. For market strategies, Tapsey recommends buying Nifty stocks within the range of 24,100-24,150, and eyeing a target of 24,357 to 24,550. For Bank Nifty stocks, the buy range is suggested between 49,500-49,700, and targets are set at 50,500 to 51,151. Highlighting today's investment potential, IEX stands out with a current market price of 198 and an expected target of 207 to 213, indicating a potential market breakout and positive momentum in bullish indicators.

 

Prashant Tapase, Senior Vice President, Research at Mehta Equities, reads the recent recovery in the Nifty index as a sign that the market correction may be short-lived. Today's focus is on the RBI's monetary policy committee (MPC) meeting, which is projected to keep the repo rate steady at 6.5% in view of current inflation pressures, currently recorded at 5.08%, and a notable rise in food inflation to 9.36% by June. A rate cut until December 2024 appears unlikely, buoyed by favourable monsoon forecasts and an increase in kharif crop sowing. Meanwhile, concerns over a possible US recession, political uncertainties, rising tensions in the Middle East and volatility in the "yen carry trade" have turned bearish on Wall Street. For market strategies, Tapase recommends buying Nifty stocks within the range of 24,100-24,150, with an eye on a target of 24,357 to 24,550. For Bank Nifty stocks, the buy range is suggested between 49,500-49,700, and targets are set at 50,500 to 51,151. Highlighting today's investment potential, IEX stands out with a current market price of 198 and an estimated target of 207 to 213, indicating a potential market breakout and positive momentum in bullish indicators.