Stock market today: Sensex dips over 250 points, Nifty also opens in red on August 8, 2024

Sensex dipped over 250 points in early trade today to trade at 24,213.70 points, while Nifty was down by 0.34% to trade at 24,213.70 as of 9:40 am on August 8th, 2024.

Cipla, ITC, Tata Motors, HDFC Bank, and Dr Reddy gained an early edge during trade, while ONGC, Shri Ram Finance, JSW Steel, Infosys and BPCL dipped by over 1% each, and were amidst the leading laggards.

Almost all broad market indices were trading in red, incurring marginal losses, with the exception of India VIX, which inched up by 2.42%. Amidst sectoral indices, media, pharma, realty, healthcare and consumer durables were trading in green, while other indices were trading in red.

Aditya Gaggar, director of Progressive Shares noted that Indian equities ended 7th August trade higher at 24,297. After 2 days of correction, Nifty50 has formed a green candle but its long-legged DOJI pattern still indicates indecisiveness. As long as the Index holds its support level of 23,960, it can soar higher to 24,550 followed by 24,700.

" From the Energy sector, we retain our positive stance on OMC stocks (BPCL & HPCL), Gas stocks are also indicating a continuation of their uptrend. Stock-specific buying can be seen in the FMCG segment (Balrampur Chini and HUL, ITC). A strong trendline reversal was seen in the metal sector, activity of today's trade will confirm the continuation or reversal of the trend. The pharma stocks are soaring higher and we are bullish on several stocks namely Alkem, IPCA Labs, and Natco Pharma. Investors should keep an eye on the chemical and textile segment", he continued.

^{Said Shrikant Chouhan, Head Equity Research, Kotak Securities, "unless Nifty/Sensex breaks 24,400/79,900, the broader market will remain within a trading range, between 23,900/78,300 and 24,400/79,900 levels. We believe 24,150/79,150 could be the crucial support zone for day traders. As long as the market stays above this level, the upward movement is likely to persist. On the upper side, Nifty could rise to 24,400-25,550/80,000-80,450. On the contrary, below 24,150/79,150, it may retest 24,050-23,900/78,800- 78,300 levels. A drop below 23,900/78,300 could push the indices to 23,650/77,500 levels. The strategy should be to buy Nifty if it crosses 24,400 levels".}