Latest Stock Market News

The decline in smallcaps has been widespread across various sectors. However, the pharmaceutical sector, typically seen as a defensive haven during market downturns, has bucked the trend with many stocks performing well. Among the hardest hit in the 100-stock index is Birlasoft, experiencing a 23% drop. State-run shipping companies, Ircon International and Cochin Shipyard, have also suffered significant losses of 22% and 20%, respectively.

The Nifty Realty index was trading 1.68 per cent up at 1040.35.

Biotech firm Bavarian Nordic shares soared over 15% on Friday, another day of substantial gains which analysts have linked to the outbreak of the mpox virus.

Nifty is approaching the crucial resistance level of 24,700, which coincides with the previous downside gap from August 5th. Experts predict this gap will likely be filled soon, opening the door for further upside potential. Keep an eye on 24,700 and 25,000 as the next key targets. Meanwhile, immediate support remains at 24,350.

Short covering signals a shift from extreme bearishness to bullishness.

Gold prices plunged Rs 400 to Rs 72,750 per 10 grams in the national capital on Friday, according to the All India Sarafa Association. The precious metal had closed at Rs 73,150 per 10 grams in the previous session.

Cryptocurrency prices showed mixed trends today, with Bitcoin, Ethereum, BNB, Solana, and XRP trading slightly higher, while Toncoin, Dogecoin, Avalanche, Shiba Inu, and Polkadot traded marginally lower.

INDIA-MARKETS/INDIA RUPEE-Rupee holds above record low to end flat on day and week

Following positive global cues, Nifty and Sensex ended up nearly 1.7% higher, with the Nifty 50 rising 397.40 points to 24,541, and the Sensex gaining 1,331 points to close at 80,436.

The Nifty Bank index closed 1.59 per cent up at 50516.9.