Stock Market Highlights, Aug 6: Sensex drops 1,259 pts from high, ends 166 pts down; Nifty below 24k

Stock Market Highlights on August 6: On the BSE, 17 out of 30 listed stocks of the Sensex ended in the red, with State Bank of India, Mahindra & Mahindra, and Bharti Airtel being the top drags

9:17 AM

Stock Market Opening Bell :: Sensex jumps over 1% in early deals

9:11 AM

Stock market pre-open session :: Nifty advances 134 pts

9:10 AM

Stock market pre-open session :: Sensex adds over 220 pts

9:05 AM

Currency Check :: Rupee opens nearly flat

9:02 AM

ALERT :: Japan MoF, BoJ, FSA to hold 3-way meeting from 3 PM Japan Standard Time (11:30 AM IST), say reports

Alert: MoF is Ministry of Finance, FSA is Financial Services Agency

8:55 AM

US Fed's high rates spur slowdown fear, heightens chances of recession

The turmoil shaking global financial markets reflects a sudden fear that the Federal Reserve may have held its key interest rate too high for too long, heightening the risk of a US recession.

Economists and Wall Street traders now expect the Fed to cut its benchmark rate, which influences borrowing costs for consumers and businesses, much faster than they thought just a week ago. Chair Jerome Powell has often stressed that the Fed could quickly lower rates if it decides that it's needed to bolster the economy. Read more

8:49 AM

Gold price slips Rs 10 to Rs 70,570, silver climbs Rs 100 to Rs 85,800

Gold Price Today: The price of 24-carat gold fell Rs 10 in early trade on Tuesday, with ten grams of the precious metal trading at Rs 70,570, according to the GoodReturns website.

The price of silver climbed Rs 100, with one kilogram of the precious metal selling at Rs 85,800. The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 64,690. Read more

8:38 AM

Nikkei zooms 11%; why are the Asian markets rallying on Tuesday?

After Monday's mayhem, global markets mainly Asian were seen quoting with astounding gains in early deals, with Japan's Nikkei up nearly 11 per cent at the highest point of the day.

As of 07:45 AM, Nikkei had pared some gains, but still was up strongly by 8.5 per cent at 34,112. Among other beaten down markets, Kospi rallied nearly 5 per cent and Taiwan 3 per cent in intra-day deals. Hang Seng and Shanghai Composite were trading with gains of 1 per cent each. Read more

8:31 AM

Brokerage call: Nomura says three rate cuts lined up by US Fed this year

The Japanese brokerage firm Nomura has predicted a total 75 basis points (bp) in rate cuts this year after the significant dovish surprise in the July employment report.

>>Consecutive 25 bp cuts in September, November and December (previously: two 25bp cuts in September and December).
>> Deterioration in the labour market is the start of a worsening trend, but the balance of risks is now skewed to the downside.
>>If job losses continue to trend higher or financial conditions tighten significantly, it would raise the likelihood of 50 bp cuts.

8:19 AM

Charts suggest downside for Nifty PSU Bank, Fin Svcs; here's how to trade

Nifty Financial Services Index

The Nifty Financial Services Index is currently experiencing a downward trend in the near term. Despite this decline, the overall trend remains bullish, suggesting that the current downtrend should be seen as a temporary pullback within a larger uptrend. This perspective is critical for traders and investors to maintain a strategic approach. Read more

8:10 AM

Bajaj Housing Finance, four others get Sebi's approval to go public

The market regulator Securities and Exchange Board of India (Sebi) has given the nod to the Rs 7,000 crore initial public offer (IPO) of Bajaj Housing Finance. The housing finance firm, which is a wholly-owned subsidiary of Bajaj Finance, is eyeing to raise Rs 4,000 crore through fresh issuance while the public offer will also have an offer for sale.

The firm had filed its documents with the regulator on June 10 and received the approval on Monday. Read more

8:01 AM

Brent crude trades at $77.30

7:50 AM

India Inc gives weakest performance on profit front in seven quarters

India Inc has reported a muted start to the financial year 2024-25, with a decline in net earnings and a modest single-digit uptick in revenues.

An analysis of 488 companies that have released their results for the June 2024 quarter reveals a 1.6 per cent year-on-year (Y-o-Y) drop in combined net profit -- the weakest performance in the past seven quarters. Read more

7:45 AM

Federal Reserve's policymakers signal rate cuts ahead, but not recession

US central bank policymakers pushed back on Monday against the notion that weaker-than-expected July jobs data means the economy is in recessionary freefall, but also warned that the Federal Reserve will need to cut rates to avoid such an outcome.

 

Many of the latest job report's details leave "a little more room for confidence that we're slowing but not falling off a cliff," San Francisco Fed President Mary Daly said at an event in Hawaii. Read more

 

7:35 AM

Stocks to watch on August 6: RIL, Bharti Airtel, Lupin, TVS Motor, ONGC

Bharti Airtel:Telecom giant Bharti Airtel reported a sharp 158 per cent year-on-year (Y-o-Y) jump in net profit in the June quarter (Q1FY25). This comes amid greater focus on cost efficiencies, rising number of 4G and 5G users, and continued growth in the Wi-Fi category. Beating industry estimates, the telco’s net profit for Q1FY25 reached Rs 4,159 crore, up from Rs 1,612 crore in the year-ago period. Sequentially, the profit more than doubled. It was Rs 2,071 crore in the previous quarter.  

Triveni Turbine: Triveni Turbine reported a 31.9 per cent increase in profit to Rs 80.41 crore and a 23 per cent rise in revenue to Rs 463.3 crore. 

Brigade Ent: Brigade Enterprises saw a whopping 268 per cent increase in profit to Rs 80.5 crore and a 64.8 per cent rise in revenue to Rs 1,077.7 crore. 

RIL: Reliance Industries is set to hold its fourty-seventh Annual General Meeting on August 29. Read more