Opening Bell:
Gift Nifty is down by 185.0 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets traded lower on Thursday, mirroring the overnight losses on Wall Street. Japan’s Nikkei 225 declined by 1.7%, and the Topix dropped over 1%. South Korea’s Kospi fell by 1.2%, while the Kosdaq decreased by 1%. Hong Kong’s Hang Seng index futures also pointed to a lower opening.
The US stock market ended lower on Wednesday, with the Nasdaq falling 1% due to a sell-off in technology shares. The Dow Jones Industrial Average declined by 234.21 points, or 0.6%, to 38,763.45. The S&P 500 fell by 40.53 points, or 0.77%, to 5,199.5. The Nasdaq Composite ended 171.05 points, or 1.05%, lower at 16,195.81.
Stocks News:
👉 NHPC reported its consolidated Q1 results, showing a 1.2% increase in profit to Rs 1,108.5 crore, up from Rs 1,095 crore in the same period last year. However, revenue fell by 2.3% to Rs 2,694.2 crore, compared to Rs 2,757.3 crore.
👉 Abbott India reported its Q1 year-on-year results, with profit jumping 13% to Rs 328.01 crore compared to Rs 290.2 crore. Revenue increased by 5.3% to Rs 1,557.6 crore, up from Rs 1,479 crore.
👉 Godrej Consumer Products reported its consolidated Q1 year-on-year results, with profit jumping 41.4% to Rs 450.7 crore compared to Rs 318.8 crore. Revenue fell by 3.4% to Rs 3,331.6 crore, down from Rs 3,448.9 crore. The company declared an interim dividend of Rs 5 per share.
👉 Apollo Tyres reported its consolidated Q1 year-on-year results, with profit plunging 23.9% to Rs 302 crore compared to Rs 396.9 crore. However, revenue grew by 1.4% to Rs 6,334.8 crore, up from Rs 6,244.6 crore.
👉 The foreign institutional investors (FIIs) extended their selling on August 7 as they sold equities worth Rs 3314 crore, while domestic institutional investors bought equities worth Rs 3901 crore on the same day.
Domestic and International Events
- India’s central bank is widely expected to hold rates steady on Thursday, but with growing worries about the global economy, investors are hoping for a more dovish tone from policymakers that could open the door for an October rate cut. All 59 economists in a Reuters poll conducted in late July predicted that the Reserve Bank of India would hold the repo rate at 6.50% for a ninth straight meeting. However, investors remain hopeful that the RBI will soften its stance on inflation, influenced by the recent souring of global market sentiment and the near-certainty of an interest rate cut by the U.S. Federal Reserve in September.
- Under the Finance Bill 2024 amendments, property owners have a choice between two long-term capital gains (LTCG) tax options: 20% with indexation or 12.5% without indexation. To determine which option is more beneficial, calculate the LTCG for both scenarios. With indexation, you adjust the cost of acquisition for inflation, potentially reducing your taxable gain, but the tax rate is higher at 20%. Without indexation, the cost of acquisition remains unchanged, resulting in a lower tax rate of 12.5%, but this could lead to a higher taxable gain. For instance, if the indexed cost of acquisition is higher than the sale price, you might not have any LTCG under the 20% rate. Conversely, if the gain is substantial, the 12.5% option might lead to higher tax savings. Comparing both calculations based on your property’s specifics will help you choose the most tax-efficient option.
- Crude oil prices declined on Wednesday following data that revealed an unexpected increase in U.S. crude oil and gasoline inventories. Brent crude oil fell by 0.24% to $76.30 a barrel, while U.S. West Texas Intermediate (WTI) crude futures decreased by 0.31% to $72.97 a barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,878 | 1.4 % |
| Shanghai Composite | 2,870 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,763 | (0.6) % |
| DAX | 17,615 | 1.5 % |
| FTSE 100 | 8,167 | 1.8 % |
| Nikkei | 35,090 | 1.2 % |
| Straits Times | 3,250 | 1.6 % |
