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Unicommerce IPO Receives Strong Response, Subscribed 168.35 Times on Third Bidding Day – Latest Market News Today, August 8, 2024: Issue Oversubscribed, Check GMP

The latest market news today has been buzzing with updates on various aspects of the financial world. From IPO news to commodity updates, stock market recommendations, and insights into specific companies, there is a lot to keep track of in the dynamic world of finance. Let’s dive into some of the key highlights from today’s market wrap-up.

Starting with IPO news, the Unicommerce IPO has received a strong response, being oversubscribed 168.35 times on the third day of bidding. This indicates a high level of interest from investors across different categories. On the other hand, Brainbees Solutions IPO was subscribed 12.22 times on the last day of bidding, showing a positive response from the market.

In the commodity market, oil prices have risen for the third straight session due to tensions in the Middle East and positive US job data. Brent crude is currently trading at $79 per barrel. Gold prices have also climbed over 1% on demand and optimism for Fed rate cuts, with silver also seeing an increase.

In the stock market, Bumble shares have crashed 33% after the dating app trimmed its 2024 revenue guidance, leading to a significant loss in market value. Chandan Taparia has recommended buying three stocks – Alkem Lab, HDFC Bank, and ABB – for potential upmove. Canara Bank is set to replace Bandhan Bank in the Bank Nifty during September reshuffling, according to Nuvama Institutional.

Moving on to specific stock updates, NHPC stock has fallen 16% from its peak, with Kotak Institutional predicting another 32% drop. Devyani International has sailed through Q1, but investors should be cautious about a slow recovery. Dividend stocks like Coal India, Power Grid, NMDC, and HCL Technologies are among the top picks for investors looking for stable returns.

In terms of market performance, the Sensex and Nifty saw a decline today, with HDFC Life Insurance Company, Tata Motors, LTI Mindtree, and Grasim Industries among the most active stocks. The Indian stock market has been facing volatility, with concerns about economic outlook, geopolitical tensions, and Q1 earnings contributing to the fluctuations.

Overall, today’s market news highlights the dynamic nature of the financial world, with a mix of positive and negative developments across different sectors. Investors and traders need to stay informed and adapt to changing market conditions to make informed decisions. Follow Mint’s market blog for real-time updates on your favorite companies and stay ahead of the curve in the world of finance.

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