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U.S. stocks ended sharply lower on Monday as the global equities meltdown continued. On Monday, the S&P 500 and Nasdaq 100 dropped 3% each, while the Cboe Volatility Index “fear gauge” climbed by the most since 2018 to 38.57. Speculation about a looming US recession, an unwinding of artificial intelligence euphoria, and a surging yen leading to an unwind of carry trades had led to a three-day selling spree across global equities. The MSCI All-Country World Index slumped 6.4% in three sessions through Monday.
Japanese equities powered higher from the open leading gains in Asia after, retracing some of the losses sustained in Monday’s global rout. Japan’s benchmark Nikkei 225 index soared nearly 11% early Tuesday, before giving up some gains.
Biocon received an EIR for its API facility Cera Sanitaryware approves Rs 130 crore buyback at 27% premium. Coal India signs pacts with global firms for potential investment in critical minerals projects
Nifty fell more than 2.6 percent on August 5 driven by global sell-off post signs of US recession setting in and rise in interest rates in Japan. At close, Nifty was down 2.68% or 662.1 points at 24055.6. All cyclical and even IT stocks came under selling pressure on fears of global slowdown. Traders can start bottom fishing for upsides (with stop losses in place). On upmoves, 24413 could offer resistance.
Indian markets could open higher, in line with mostly higher Asian markets today and despite sharply negative US markets on Aug 05 |
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