FIRST TRADE: Sensex up over 800 pts, Nifty above 24,350; Eicher Motors up over 4%, ONGC up over 3%

Stock market today: Indian shares began the session xxx on Friday, August 9, tracking strength in global markets. Last seen, both indices were up 0.86 per cent, S&P BSE Sensex was up 676.88 points at 79,563.1 and Nifty rose 208.3 points at 24,325.3. 

"The sharp rebound in US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower than expected indicating that the labour market is not loosening as many sceptics feared. However, it is important to understand that the US economy is slowing down, and along with the struggling Chinese economy, it can pull down global growth in the near term," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit.

He added that Indian valuations continue to remain elevated and, therefore, there is no room for a sustained rally in the market. Tech stocks are likely to stage a recovery today drawing inspiration from the positive US cues." 

In the broader market, Nifty Midcap 100 and Smallcap 100 were up nearly 1 per cent. Last seen, high-beta Nifty Bank was up 0.75 per cent at 50,534.05. 

BUZZING STOCKS

Eicher Motors shares were up over 3 per cent after the company posted highest ever revenue, EBITDA, and PAT. 

ONGC shares were up over 3 per cent after Morgan Stanley raised the target price on the stock to Rs 430 from Rs 302 with an 'overweight' rating.

LIC shares were up 1 per cent after the company reported good Q1 results.

Cochin Shipyard shares were up over 4 per cent after the company reported strong Q1 numbers. 

Oil India shares were up over 2 per cent after the company reported operationally strong numbers.

MCX shares were up over 2 per cent after market regulator SEBI appointed Praveena Rai as MD and CEO.

Conversely, Biocon shares were down over 1 per cent after the company reported weak Q1 results.

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