The Indian stock market, including the Sensex and Nifty 50, is likely to open lower today due to a significant sell-off in global markets. Asian markets and Wall Street both experienced declines, raising fears of a recession after weak economic data.
Recent Performance:
- On Thursday, Sensex and Nifty 50 ended at record highs for the fifth day in a row.
- Sensex increased by 126.21 points to close at 81,867.55.
- Nifty 50 rose by 59.75 points to settle at 25,010.90.
Expert Advice:
- Deepak Jasani from HDFC Securities advises retail investors to rebalance their portfolios and consider taking profits from stocks that have surged.
- Amar Deo Singh from Angel One Ltd suggests focusing on quality investments and taking a long-term view.
Global Market Influences:
Asian Markets:
- Asian markets fell sharply today after Wall Street’s decline.
- Japan’s Nikkei 225 and Topix both dropped over 5%.
- South Korea’s Kospi and Kosdaq fell around 2.6%.
- Hong Kong’s Hang Seng futures indicate a lower start.
Gift Nifty:
- Trading at around 24,820, nearly 215 points below Nifty futures’ previous close, signaling a lower opening for Indian markets.
Wall Street:
- US markets dropped sharply on Thursday amid economic slowdown concerns.
- Dow Jones fell by 494.82 points.
- S&P 500 dropped by 75.62 points.
- Nasdaq decreased by 405.25 points.
- Notable stock movements: Meta up 5.87%, Amazon down 4.47%, Nvidia down 6.67%, ARM down 15.72%, Qualcomm down 9.37%, Moderna down 21.01%, Eli Lilly up 3.5%.
Bank of England:
- Cut interest rates by 25 basis points to 5%, the first reduction since March 2020.
US Economic Data:
- Manufacturing activity hit an eight-month low in July.
- Jobless claims reached an 11-month high last week.
India’s GST Collections:
- GST collections increased by 10.3% year-on-year in July, totaling ₹1.82 lakh crore.
US Treasury Yields:
- Yields fell to six-month lows due to weak economic data.
Oil Prices:
- Brent crude rose to $79.85 a barrel.
- US West Texas Intermediate crude increased to $76.69 a barrel.
Currencies:
- The Japanese yen and Swiss franc strengthened against the dollar.
- The yen traded at 149.085 per dollar, and the franc hit its highest since February at 0.8726 per dollar.
- The pound and euro slightly declined against the dollar.
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