Opening Bell:
Gift Nifty is up by 162.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded higher on Tuesday, recovering from the previous session’s crash, with Japanese stock indices rebounding significantly and recouping most of Monday’s losses. Japan’s Nikkei 225 surged by as much as 10.5%, following a near-record plunge of 12.4% the day before, while the Topix index rallied over 10%. South Korea’s Kospi climbed over 4%, and the Kosdaq jumped 5.5%. However, Hong Kong Hang Seng index futures indicated a lower opening.
The U.S. stock market experienced a significant sell-off on Monday, resulting in substantial losses across all three major indexes. This marked their most significant three-day percentage decline since June 2022, with the Nasdaq and S&P 500 hitting their lowest levels since early May. The Dow Jones Industrial Average plummeted 1,033.99 points, or 2.6%, closing at 38,703.27. The S&P 500 fell 160.23 points, or 3.00%, to 5,186.33. The Nasdaq Composite dropped 576.08 points, or 3.43%, ending at 16,200.08.
Stocks News:
👉 Oil and Natural Gas Corporation (ONGC) reported its Q1 standalone financial results. The company’s profit fell by 9.4% to ₹8,938.1 crore compared to ₹9,869.4 crore in the previous quarter, while revenue grew by 1.8% to ₹35,266.4 crore from ₹34,636.7 crore. Year-over-year, ONGC saw a profit decline of 15.1% from ₹10,526.8 crore, despite a revenue increase of 4.3% from ₹33,814.3 crore.
👉 Tata Chemicals reported its Q1 consolidated year-over-year financial results. The company’s profit dropped by 67.6% to ₹190 crore compared to ₹587 crore in the same quarter last year. Revenue fell by 10.2% to ₹3,789 crore from ₹4,218 crore in the previous year.
👉 Bharti Hexacom reported its Q1 quarter-over-quarter financial results. The company’s profit jumped 130% to ₹511.2 crore compared to ₹222.6 crore in the previous quarter. Revenue grew by 2.3% to ₹1,910.6 crore from ₹1,868 crore. However, EBITDA fell slightly by 0.25% to ₹911.7 crore compared to ₹914 crore, with the EBITDA margin dropping to 47.7% from 48.9%. Additionally, the company recorded an exceptional gain of ₹318.3 crore, compared to nil in the previous quarter.
👉 BLS International Services reported its Q1 consolidated year-over-year financial results. The company’s profit surged by 70.1% to ₹120.8 crore compared to ₹71 crore in the same quarter last year. Revenue increased by 28.5% to ₹492.7 crore, up from ₹383.5 crore in the previous year.
👉 The foreign institutional investors (FIIs) sold equities worth Rs 10078 crore on August 5, while domestic institutional investors bought equities worth Rs 9,155 crore on the same day.
Domestic and International Events
- India’s services sector remained robust in July, with the HSBC index at 60.3, a slight dip from June. Growth was driven by investments in technology, online services, and new business opportunities. Despite rising costs, favourable conditions supported employment and a positive outlook for the future.
- The U.S. services sector activity rebounded from a four-year low in July. The Institute for Supply Management (ISM) reported that its non-manufacturing purchasing managers index (PMI) increased to 51.4 last month from 48.8 in June, which was the lowest level since May 2020. Economists polled by Reuters had forecast the services PMI to rise to 51.0.
- Crude oil prices rose more than 1% on Tuesday amid concerns over escalating conflict in the Middle East. Brent crude futures increased by 1.6%, reaching $77.55 per barrel, while U.S. West Texas Intermediate crude futures climbed 1.9% to $74.29 per barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,698 | (1.5) % |
| Shanghai Composite | 2,861 | (1.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,703 | (2.6) % |
| DAX | 17,339 | (1.8) % |
| FTSE 100 | 8,008 | (2.0) % |
| Nikkei | 31,458 | (12.4) % |
| Straits Times | 3,244 | (4.1) % |
