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Home > Stock Market Updates > Market Savera - 01/08/2024
Podcast: Stock Market Updates
Episode:

Market Savera - 01/08/2024
Category: Business
Duration: 00:02:29
Publish Date: 2024-08-01 03:17:20
Description: U.S. stocks extended sharp gains Wednesday afternoon after the Federal Reserve, as expected, left rates unchanged at 5.25-5.5% for the eighth time and Chair Jerome Powell said a cut as early as September was a possibility. The S&P 500 and Nasdaq scored their biggest daily percentage gains since Feb 22. In late trading, Meta Platforms Inc. soared on a sales beat. Qualcomm Inc., the world’s biggest seller of smartphone processors, gave a strong revenue forecast. India’s core sector growth eased to a 20-month low of 4 percent in June, from 6.4 percent in the previous month, owing to a slowdown in five of eight industries and an unfavourable base. A September rate cut could bring more investments into emerging markets (EMs), with India standing to benefit substantially. Mahindra looks to add five-door Thar production capacity by 4,000 units per month Angel One invests Rs 250 crore in wealth management arm Godrej Properties acquires 46-acre land in Indore for plotted development Asia-Pacific markets largely rose on Thursday (except Nikkei which fell sharply as the strengthening yen clouded the outlook for the country's exporters), after comments from U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut could come in September if inflation data remains “encouraging.” Nifty ended higher for the fourth straight session on July 31. At close, Nifty was up 0.38% or 93.9 points at 24951.2. Nifty made a narrow range (128 points high low range) small bull candle on July 31. Nifty closed 3.92% higher for the month. Nifty could face resistance from the 24999-25085 band while 24595 could offer support on downmoves in the near term. Banks, Power and Auto shares saw high volumes and Power and Healthcare stocks look good for some more upside in the near term.
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