Live updates on the stock market for Wednesday, August 7, 2024: On Wednesday, the Indian benchmark Sensex and Nifty are anticipated to open optimistically, after encouraging signals from the US markets. At 24,299 levels, the GIFT Nifty futures quoted more than 200 points higher than the Nifty50 futures, indicating a gap-up start as well.
Asia-Pacific markets mainly increased following Governor of the Bank of Japan Kazuo Ueda’s speech to investors, when he reassured them that the central bank will not raise interest rates when the market is unstable and that it must continue easing forcefully for the time being.
Asia had a 2.19 percent loss in the Nikkei, but a 3.06 percent increase in Japan’s Topix index.
The Kosdaq increased 2.7% and the Kospi increased 2.1% in South Korea. The S&P/ASX 200 index in Australia increased by 0.35 percent. In the meantime, the Hang Seng index in Hong Kong also saw positive trading with a 1.40 percent increase.
Investors in Asia will also be watching China’s July trade data, which is expected to show a 9.7% year-over-year gain in exports, up from an 8.6% increase in June. 3.5% growth in imports is anticipated, which would reverse June’s 2.3% decrease.
Major US indexes saw a recovery overnight following three days of losses. The Nasdaq Composite gained 1.03 percent, the S&P 500 improved by 1.04 percent, and the Dow Jones Industrial Average increased by 0.76 percent.
The NSE Nifty 50 finished Tuesday at 23,992, down 63 points, or 0.26 percent. In the meantime, the S&P BSE Sensex fell to 78,593.07, a decrease of 166.33 points, or 0.21 percent.
equities to monitor on July 7
Tata Power: While revenue climbed 13.7% to Rs 17,293.6 crore from Rs 15,213.3 crore, profit decreased by 0.2% to Rs 970.9 crore from Rs 972.5 crore.
SBI: Challa Sreenivasulu Setty will be named Chairman of the State Bank of India, effective August 28, for a three-year tenure. Rana Ashutosh Kumar Singh will assume the position of Managing Director.
PB Fintech: Following a loss of Rs 11.9 crore, PB Fintech reported a profit of Rs 60 crore. Adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda) increased 117% to Rs 49 crore, while revenue increased 52% to Rs 1,010 crore from Rs 666 crore. The adjusted Ebitda margin also increased to 5% from 3%.
Lupin: Compared to Rs 452.3 crore in Q1FY24, Lupin’s earnings increased by 77.2 percent to Rs 801.3 crore in Q1FY25. Additionally, revenue increased by 16.3%, from Rs 4,814 crore to Rs 5,600.3 crore.