Market Insights: Stock Market Performance of August 9th, 2024

The Indian stock market experienced solid, across-the-board purchasing in early trading on Friday, August 9, which pushed the benchmarks, the Sensex and the Nifty 50, by over a percent apiece.

The Sensex opened 1,098 points, or 1.4 percent, higher at 79,984.24 against its previous close of 78,886.22. On the other hand, the Nifty 50 began at 24,386.85 versus its previous finish of 24,117 and surged 1.3 percent to the level of 24,419.75. The BSE's mid and smallcap indexes both rose by more than 1%.

The Indian stock market witnessed gains on Friday, following solid gains in the US market overnight after the US Labor Department data showed weekly unemployment benefits claims fell to a seasonally adjusted 2,33,000 against expectations for 2,40,000. This alleviated recession fears, which had risen following a weaker-than-expected July jobs report.

The Indian stock market has been experiencing high volatility recently, reacting to global cues, central banks' actions, geopolitical tensions, Q1 earnings, and valuation concerns. The volatility index India VIX is up about 18% in August so far. A sharp rise in market volatility has made it challenging to make investment decisions in the stock market.

img source: tickertape