Stock market today: Sensex gains around 900 points in early trade, Nifty up by over 1% on August 9th, 2024

Sensex and Nifty opened the day in greens, with Sensex inching up over 880 points to trade at 79,786.29, while Nifty trading at 24,388.20, up by 1.12% as of 9:30 am on August 8th, 2024.

Eicher Motors and ONGC were up by over 3% each, while Tech Mahindra, LTI Mindtree, and HCL Tech gained over 2% each in morning trade today. On the other hand, HDFC Life and Cipla were amongst the leading laggards. All broad market indices opened the day in green and swiftly made gains of around 1% each, with the exception of India VIX, which tumbled over 5%.

IT, metal, realty and oil and gas, which had witnessed a correction yesterday, quickly rebounded to gaining over 1% each in early trade.

As Aditya Gaggar, director of Progressive Shares notes, "GIFT Nifty indicates a strong opening of the Indian equities around the higher end of the consolidation i.e. 24,330, and now the sustainability at the higher levels will be the key factor to watch out for. If the index surpasses the immediate hurdle then the ongoing momentum will push the Index higher towards 24,550".

"The stocks from the Pharma space have performed as per our expectations, boosting our confidence to remain bullish (Alkem Labs, Ipca Labs, and Natco Pharma). We will continue to hold a positive stance on Balrampur Chini, ITC, and Jubilant Foodworks from the FMCG segment. Considering a gap-up opening, the remaining sectors are also likely to start the session in tandem with the benchmark index but whether they hold their gains or not will have to be seen", he continued.

Sameet Chavan, Head Research, Technical and Derivative - Angel One advises traders to continue with the cautious approach and watch levels closely on both sides, and trade in the direction of the breakout rather than switching sides frequently. Additionally, monitoring global markets can provide early indications of the likely direction of the breakout, he added.