Live updates on the stock market for Tuesday, August 6, 2024: Tuesday’s opening of Indian stocks is probably going to be positive, following the upbeat outlook of their Asian counterparts. At 24,329 levels, the GIFT Nifty futures quoted 227 points higher than the Nifty50 futures, indicating a gap-up start as well.
Asia-Pacific markets experienced a significant resurgence, with Japan’s markets spearheading the progress in the area. Both the broad-based Topix and the Nikkei 225 had gains of 9.95% and 9.87 percent, respectively. Following a day in which the Nikkei 225 and Topix fell more than 12%, Japan’s stocks rebounded strongly.
The rebound occurs at a time when household expenditure in Japan fell 1.4% in real terms year over year in June, which was less than anticipated. In the meantime, real terms saw a 3.1% rise in the average monthly income per household over the prior year. This more significant than expected drop in spending may undermine the BOJ’s intentions to hike interest rates.
In addition, the S&P/ASX 200 in Australia increased by 0.65 percent, while the Kospi in South Korea increased by 4.92 percent and the Kosdaq by 6.60 percent. In the meantime, the Hang Seng index in Hong Kong also saw positive trading and increased by 1.09 percent.
The 30-stock Dow and the S&P 500 in the US had their worst sessions since September 2022 during night. The S&P 500 fell three percent, and the Dow finished the day down 2.6%. There was a 3.43% fall in the Nasdaq Composite.
But although the whole index had its worst day in almost two years, S&P 500 futures rose during overnight trade, suggesting that US markets will recover during the next session. S&P 500 futures rose by 0.9%, Nasdaq 100 futures jumped by 1.3%, and Dow Jones Industrial Average futures increased by 0.6%.
stocks to keep an eye on
Bharti Airtel: The business reported a notable 100.8 percent gain in Q1 earnings, coming in at Rs 4,160 crore as opposed to Rs 2,071.6 crore in Q1 of the prior year. EBITDA increased 1.8% to Rs 19,944.2 crore from Rs 19,590.5 crore, while revenue increased by 2.4% to Rs 38,506.4 crore from Rs 37,599.1 crore. The Ebitda margin dropped from 52.1 percent to 51.8% percent. The company posted extraordinary gains of Rs 735 crore, up from an exceptional loss of Rs 2,455.5 crore the previous year. ARPU grew to Rs 211 from Rs 209.
Motherson Sumi Wiring India: Revenue increased by 16.7% to Rs 2,184.8 crore from Rs 1,871.8 crore, while profit increased by 20.9 per cent to Rs 148.9 crore from Rs 123.1 crore.
Tata Chemicals: The company’s consolidated earnings fell precipitously, from Rs 587 crore to Rs 190 crore, a reduction of 67.6%. Additionally, revenue decreased by 10.2% to Rs 3,789 crore from Rs 4,218 crore.