Stock Market Live updates on Friday, August 9, 2024: The benchmark indices Sensex, Nifty are gauging at a green open on Friday, mimicking gains of global peers. The GIFT Nifty futures also indicated a gap-up start, quoting 189 points higher than Nifty50 futures at 24,356 levels.
Asia-Pacific markets saw gains on Friday, following positive momentum from Wall Street. The rise was driven by new US labour market data that improved investor sentiment and eased recession concerns, which had emerged after a significant market sell-off earlier in the week.
Japan’s Nikkei 225 advanced by 1.46 per cent, while the broader Topix index grew by 1.53 per cent.
In South Korea, the Kospi climbed 1.49 per cent, and the Kosdaq, which focuses on smaller firms, jumped 2.93 per cent. Meanwhile, Australia’s S&P/ASX 200 increased by 0.72 per cent.
In US markets overnight, the S&P 500 surged 2.3 per cent. The Dow Jones Industrial Average rose 1.76 per cent, while the Nasdaq Composite increased by 2.87 per cent.
Moreover, investors in Asia will watch out for China’s consumer price index (CPI) and producer price index (PPI) for July are anticipated to be released today.
Stocks to watch today
LIC: The company reported a 10 per cent increase 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 income rose to Rs 2,10,910 crore in the latest June quarter, compared to Rs 1,88,749 crore in the previous year.
Eicher Motors: The company saw a 20 per cent year-on-year rise in net profit, totaling Rs 1,101.5 crore for the first quarter ending June 30, 2024, up from Rs 918 crore in the corresponding quarter of the previous year. Revenue increased by 10.2 per cent to Rs 4,393.1 crore, compared to Rs 3,086.4 crore in the same period of the previous fiscal year.
ABB India: The electrification and automation major reported a 50.3 per cent year-on-year increase in net profit, reaching Rs 443.5 crore for the second quarter ending June 30, 2024. This compares to Rs 295.6 crore in the same quarter last year.
Cochin Shipyard: The state-owned company reported a 76.5 per cent year-on-year jump in net profit, reaching Rs 174.2 crore for the first quarter ending June 30, 2024, up from Rs 98.7 crore in the corresponding quarter of the previous year.
