Opening Bell:
Gift Nifty is up by 258.0 points in the early morning trade, indicating a positive opening for Indian stock market
On Wednesday, Asian markets exhibited mixed performance, mirroring the gains from Wall Street the previous night and in anticipation of upcoming trade data from China. In Japan, the Nikkei 225 fell by 1%, while the Topix index rose by 0.3%. South Korea’s Kospi gained 1%, with the Kosdaq experiencing a stronger rally, rising by 1.3%. In Hong Kong, Hang Seng index futures indicated a higher opening, suggesting potential positive movement in the market.
U.S. stocks experienced a notable rebound on Tuesday, closing significantly higher as recent comments from Federal Reserve officials helped ease concerns about a potential recession. The Dow Jones Industrial Average increased by 294.39 points, or 0.76%, to finish at 38,997.66. Meanwhile, the S&P 500 rallied 53.70 points, or 1.04%, closing at 5,240.03, and the Nasdaq Composite climbed 166.77 points, or 1.03%, to end the day at 16,366.85.
Stocks News:
👉 PB Fintech’s consolidated financial results for the first quarter showed significant year-over-year improvements. The company reported a profit of ₹60 crore, a notable turnaround from the previous year’s loss of ₹11.9 crore. Revenue surged by 52%, reaching ₹1,010 crore compared to ₹666 crore in the same quarter last year. Adjusted EBITDA jumped by 117% to ₹49 crore, up from ₹23 crore, while the adjusted EBITDA margin expanded to 5% from the previous 3%.
👉 Lupin’s consolidated financial results for the first quarter showed robust year-over-year growth. The company’s profit surged by 77.2% to ₹801.3 crore, compared to ₹452.3 crore in the same period last year. Revenue increased by 16.3%, reaching ₹5,600.3 crore, up from ₹4,814 crore.
👉 Tata Power Company’s consolidated financial results for the first quarter revealed a slight decline in profit and a notable increase in revenue year-over-year. The profit decreased by 0.2% to ₹970.9 crore, compared to ₹972.5 crore in the same period last year. Revenue rose by 13.7%, reaching ₹17,293.6 crore, up from ₹15,213.3 crore. Additionally, Tata Power announced its acquisition of a 40% stake in Khorlochhu Hydro Power for ₹830 crore. The company also received board approval for the termination and delisting of its Global Depository Shares (GDSs) programme.
👉 PI Industries’ consolidated financial results for the first quarter showed solid year-over-year growth. The company’s profit increased by 17.2% to ₹448.8 crore, compared to ₹382.9 crore in the same period last year. Revenue grew by 8.3%, reaching ₹2,068.9 crore, up from ₹1,910.4 crore.
👉 The foreign institutional investors (FIIs) extended their selling on August 6 as they sold equities worth Rs 3531 crore, while domestic institutional investors extended their buying, as they bought equities worth Rs 3357 crore on the same day.
Domestic and International Events
- Retail inflation for industrial workers eased to 3.67% in June, down from 3.86% the previous month, primarily due to a decrease in the prices of certain food items. According to a statement from the Labour Ministry, the year-on-year inflation rate for June 2024 moderated to 3.67%, compared to 5.57% in June 2023.
In June 2024, the All-India Consumer Price Index for Industrial Workers (CPI-IW) rose to 141.4 points, up from 139.9 points in May 2024. The Food and Beverages Group within the CPI-IW also saw an increase, reaching 148.7 points in June compared to 145.2 points in May
- Australia’s central bank ruled out the possibility of an interest rate cut this year, stating that core inflation is expected to decline only gradually. This decision came after holding interest rates steady for the sixth consecutive meeting. In response, the Australian dollar firmed by 0.3% to $0.6517. Additionally, three-year bond futures extended declines, falling 29 ticks to 96.4, as markets reduced the likelihood of a November rate cut to 55% from 88% before the policy decision. However, a rate cut is still fully priced in by December, despite the unexpectedly hawkish stance.
- 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 | 16,647 | (0.3) % |
| Shanghai Composite | 2,867 | 0.2 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,998 | 0.8 % |
| DAX | 17,354 | 0.1 % |
| FTSE 100 | 8,027 | 0.2 % |
| Nikkei | 34,675 | 10.2 % |
| Straits Times | 3,198 | (1.4) % |
