On 16th August 2024, benchmark indices held on to their morning gains, aided by rallies in the IT and realty counters. This came after positive US retail sales, CPI, and jobless data raised hopes of a potential rate cut by the US Fed next month.

At 12:30 PM, Sensex was up 733.37 points, or 0.93%, at 79,839.25, while Nifty was up 210.20 points, or 0.87%, at 24,354.00. Of the shares traded, 2,107 advanced, 1,201 declined, and 86 remained unchanged.

The mid-cap and small-cap indices performed well with respective rises of 0.8% and 1.1%, continuing the outperformance since this morning.

The Nifty IT index rose by 2% in the afternoon, driven by gains in TCS, Infosys, Wipro, Tech Mahindra, and HCL Tech, boosting overall sentiment.

The Nifty Realty also contributed to the gains, with stocks like DLG, Godrej Properties, and Prestige Real Estates lifting the index. Auto stocks increased by 1%, led by Tata Motors and Mahindra & Mahindra, while Pharma stocks remained mostly unchanged.

For Nifty, the major gainers included Wipro, M&M, LTIMindtree, Tata Motors, and Tech Mahindra, while the major laggards were Hero MotoCorp, HDFC Life Insurance, Sun Pharma, SBI, and Divi’s Labs.

On Sensex, notable gainers were Wipro, M&M, Tata Motors, TCS, and Tech Mahindra, whereas the biggest losers were Sun Pharma, Maruti Suzuki, UltraTech Cement, NTPC, and JSW Steel.

The India VIX was down 6%, at 14.60.

Ola Electric shares surged 20% to hit an upper circuit limit after receiving its first ‘Buy’ rating following June quarter earnings.

Hindustan Zinc shares fell almost 8% as the OFS, in which promoter Vedanta Ltd. will sell a 3.17% stake, opened for subscription.

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