Opening Bell:
Gift Nifty is down by 270.0 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets plunged on Friday following a significant overnight sell-off on Wall Street. Japan’s Nikkei 225 plummeted nearly 5%, while the Topix dropped over 5%. South Korea’s Kospi fell 2.6%, and the Kosdaq declined by 2.56%. Hong Kong’s Hang Seng index futures also pointed to a lower opening.
The US stock market ended sharply lower on Thursday amid concerns over a slowing economy. The Dow Jones Industrial Average declined 494.82 points, or 1.21%, to 40,347.97. The S&P 500 dropped 75.62 points, or 1.37%, to 5,446.68, while the Nasdaq Composite closed 405.25 points, or 2.30%, lower at 17,194.15.
Stocks News:
👉 Kalyan Jewellers reported a 24 percent year-on-year (YoY) increase in net profit to Rs 177 crore in Q1 FY25. The company’s revenue also rose by 26.5 percent YoY, reaching Rs 5,535 crore.
👉 Tata Motors reported a 74 percent year-on-year (YoY) increase in its Q1 FY25 consolidated net profit, reaching Rs 5,566 crore. The company’s revenue from operations rose by 5.7 percent YoY to Rs 1,07,316 crore.
👉 Aditya Birla Capital reported a 17 percent year-on-year (YoY) increase in net profit, reaching Rs 758 crore in Q1 FY25. The company’s sales rose by 25.37 percent YoY to Rs 8,832 crore.
👉 Adani Enterprises’ net profit surged to Rs 1,455 crore, more than doubling in Q1 FY25. Revenue from operations increased by 12.5 percent YoY, reaching Rs 25,472 crore.
👉 Zomato’s net profit soared 126.5 times to Rs 253 crore in the April-June quarter compared to the same period a year ago. Revenue increased by 74 percent year-on-year (YoY), reaching Rs 4,206 crore.
👉 The foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 2,089 crore on August 1, while domestic institutional investors sold equities worth Rs 337 crore on the same day.
Domestic and International Events
- Goods and Services Tax (GST) collections reached ₹1.82 lakh crore in July, marking a year-on-year (YoY) increase of 10.3%. This figure also represents a rise compared to the ₹1.74 lakh crore collected in June 2024.
- On Thursday, the Bank of England implemented its first interest rate cut since March 2020. The BoE reduced rates by 25 basis points (bps), bringing them down to 5% from a 16-year high of 5.25%, which had been maintained since August 2023. Bank of England Governor Andrew Bailey stated that the central bank would proceed cautiously in the future.
- A measure of US manufacturing activity fell to an eight-month low in July due to a slump in new orders. The Institute for Supply Management (ISM) reported that its manufacturing PMI dropped to 46.8 last month, the lowest reading since November, down from 48.5 in June. Economists polled by Reuters had forecast the PMI to rise to 48.8.
- Crude oil prices traded higher but were poised for a fourth consecutive weekly decline amid signs of disappointing global fuel demand growth. Brent crude futures rose 0.4% to $79.85 a barrel, following a 1.5% decline in the previous session. Similarly, US West Texas Intermediate crude futures increased by 0.5% to $76.69, after a 2.1% drop on Thursday.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,305 | (0.2) % |
| Shanghai Composite | 2,932 | (0.2) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,348 | (1.2) % |
| DAX | 18,083 | (2.3) % |
| FTSE 100 | 8,283 | (1.0) % |
| Nikkei | 38,126 | (2.5) % |
| Straits Times | 3,420 | (1.0) % |
