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Stock Market LIVE Updates: US stocks fall, Dow down 274 points
Dow Jones Industrial Average slid 274 points, or 0.8%. S&P 500 pulled back 1.3%, and Nasdaq Composite shed 2%.
Stock Market LIVE Updates: US stocks fall, Dow down 214 points
The Dow Jones Industrial Average slid 214points, or 0.6%. The S&P 500 pulled back 0.9%, and the Nasdaq Composite shed 1.6%.
According to data from S&P Global Market Intelligence, US 10-year Treasury rates increased 3 basis points to 4.078% after initially declining, while credit default swaps, which guarantee exposure to US Treasuries, barely changed.
Stock Market LIVE Updates: Dow Jones down 146 points
US stocks decline over Fitch downgrading US credit rating
The Dow Jones Industrial Average slid 146 points, or 0.4%. The S&P 500 dipped 0.8%, and the Nasdaq Composite
pulled back 1.1%
Global stock markets slide after US credit rating downgraded by Fitch
Global stock markets slumped on Wednesday after the United States had its top credit rating downgraded by Fitch.
Wall Street's main indices fell at the start of trading, but the losses were modest.
At around 1330 GMT:
Dow shed 0.4 percent, the broader S&P 500 gave up 0.7 percent and the tech-heavy Nasdaq fell 1.1 percent.
The US dollar rose against the euro, but dipped against the yen, which is even more of a safe haven asset.
Stock Market LIVE Updates: US stocks decline over Fitch downgrade
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 35,508.82.
The broad-based S&P 500 shed 0.8 percent to 4,541.43, while the tech-rich Nasdaq Composite Index sank 1.3 percent to 14,094.12.
HPCL Q1 results: Net profit comes in Rs 6,765 crore; revenue dips marginally
Hindustan Petroleum Corporation Limited reported a consolidated net profit of Rs 6,765.5 crore in the first quarter of FY 2023-24 on account of healthy marketing margins.
Read more here
Stock Market LIVE Updates: Dow Jones Industrial Average futures slid by 192 points, or about 0.5%. S&P 500 and Nasdaq-100 futures lost 0..7% and 0.9%, respectively.
Stock Market LIVE Updates: Gujarat Gas approves investment of Rs 100 crore (10 crore equity shares of Rs 10/- each) in equity shares of GSPC LNG Limited
Stock Market LIVE Updates: Vardhman Special Steels approves Capex amounting to approximately Rs 160 crore towards increasing capacity of Rolling Mill
Stock Market LIVE Updates: Dow Jones Industrial Average futures down by 130 points, or about 0.4%. S&P 500 and Nasdaq-100 futures dipped 0.5% and 0.8%, respectively.
Stock Market LIVE Updates: Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Is it an end of the up move and the beginning of the correction?
Nifty opened with a gap down and continued to slide for the rest of the day before a last hour recovery from the Intraday low of 19,424 led Nifty closing at 19527, down 207 points.
Nifty closed below the 20-Day Exponential Moving Average (DEMA) of 19,562 for the first time since March 31st. The Foreign Portfolio Investors (FPIs) were seen liquidated their long positions for the fifth consecutive trading session and the Long Short Ratio has now fallen from 73% on 6th July to 51% on 1st August.
Nifty fell sharply on account of put writers exiting from 19,500, 19,600 and 19,700 Strikes. The resistance for Nifty Now shifts down to 19,600 on the back of strong call writing today. A close below today’s low of 19,424 can lead to more long liquidation and initiation of fresh shorts.
Bank Nifty too closed below its 20 DEMA of 45,347 for the first time since 26th June. The support for Bank Nifty is now placed at 44,500. A break below 44,500 can drag the Index until 43,600 where it’s next visible support is placed. Bank Nifty closed at 44,996, down 597 points.
It remains to be seen if bulls attempt a bounce back. Failure to do so would mean that this might be the beginning of a healthy correction after a sharp up move.
Godrej Properties Q1 results: Profit up three-fold to Rs 125 crore, sale bookings fall 11%
Real estate developer Godrej Properties reported about a three-fold jump in consolidated net profit at Rs 125 crore for the quarter that ended June 30, while sale bookings fell 11 percent annually to Rs 2,254 crore, the company said in a regulatory filing.
Read more here
Stock Market LIVE Updates: US Stock futures plunge after Fitch's credit rating downgrade
US stock futures fell on Wednesday after Fitch downgraded the UScredit rating.
Dow Jones Industrial Average futures slid by 110 points, or 0.3%. S&P 500 and Nasdaq-100 futures dipped 0.5% and 0.8%, respectively.
Arvind SmartSpace Q1 results: PAT rises 11%, bookings up 14%
Ahmedabad-based developer Arvind SmartSpaces Ltd reported an 11 percent YoY increase in PAT at Rs 8 crore for the first quarter of FY 2023-24.
Read more here
Adani Wilmar Q1 results: Consolidated net loss of Rs 79 crore
Edible oil major Adani Wilmar reported a consolidated net loss of Rs 79 crore in the first quarter of this fiscal year due to lower income amid fall in prices of cooking oils.
Total income fell 12 per cent to Rs 12,928 crore during the April-June period of this fiscal from Rs 14,724 crore in the corresponding period of the previous financial year, Adani Wilmar said in a regulatory filing.
Read more here
Stock Market LIVE Updates: Gold price drops by Rs 180 to Rs 60,250/10g amid weak global cues
Gold price fell by Rs 180 to Rs 60,250 per 10 gram in the national capital on August 2 amid weak global cues, according to HDFC Securities.
The precious metal had closed at Rs 60,430 per 10 gram in the previous trade.
Silver also declined Rs 400 to Rs 76,700 per kilogram.
In the overseas market, gold and silver were quoting lower at $1,949 per ounce and $24.29 per ounce, respectively.
Stock Market LIVE Updates: Titan Q1 results: Net profit falls 4.3% to Rs 756 crores, revenue up 26%
Titan Company Ltd. on August 2 reported consolidated net profit at Rs 756 crore for the June quarter of FY24, registering a decline of 4.3 percent from Rs 790 crore in the same quarter of the previous financial year.
Read more here
Stock Market LIVE Updates: Fitch's US credit rating downgrade triggers Rs 3.56 lakh cr loss on Dalal Street
Equity indices spiralled lower on August 2 after rating agency Fitch unexpectedly downgraded US’s sovereign credit rating, spooking investors across the globe and triggering a rout in world markets.
Read more here
Stock Market LIVE Updates: Tata MF says the following could be possible impacts of Fitch downgrading US credit rating
- We believe that the Fitch rating downgrade is unlikely to lead to major impact in debt,
currency and commodity markets. As the previous rating downgrade for US debt came in 2011
by S&P, which had then led to steep stock market declines and rising bond yields.
- Currently we have seen some correction in equity markets globally due to risk off sentiment
and minimal impact on bond yields, currency and commodity markets.
- This recent rating downgrade could lead to rise in US Treasury yields and decline in risk assets.
- The Dollar and Gold could strengthen as investors shift assets towards safe havens.
- This could also weigh on emerging-market assets due to rise in US yields.
IndiGo Q1 results: Airline posts profit of Rs 3,090 crore in Q1 on higher traffic, airfares
InterGlobe Aviation, the operator of low-cost airline IndiGo, on August 2 posted a profit of Rs 3,090.6 crore for the quarter ended June 2023, as compared to a net loss of Rs 1,064 crore in the same period a year ago.
Revenue from operations for IndiGo, the largest airline in the country, rose 29.8 percent to Rs 16,683.1 crore, from the year-ago period when the airline had reported a topline of Rs 12,855 crore.
Read more here
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services:
Domestic Equities saw downward pressure following the global peers amid weak economic data and a downgrade in US sovereign credit rating. Nifty opened lower and witnessed profit booking throughout the session to close with a loss of 219 points (-1.1%) at 19514. India's VIX sharply rose by 10% indicating volatility in the market. The broader market too faced the burnt with Nifty midcap 100 and small cap 100 down more than 1%. All sectors ended in red with PSU Bank, Metals, and Auto being the top losers.
Globally markets including Indian Equities came under pressure after Fitch Ratings downgraded the U.S. sovereign credit rating from AAA to +AA. Further, weak economic data from the United States, Eurozone, and China dampened investors' sentiments. However, strong GST collection in the month of July and a surge in domestic core output data kept the downside in check. Going ahead, markets could remain subdued given the gloomy global environment. Stock-specific action is likely to continue in the market with the ongoing result season.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened a gap down today and continued to drift lower throughout the day to close in the negative down ~200 points. On the daily charts, we can observe that the Nifty has closed below the 20-day moving average (19,622) which was holding on as support since the up move started in April 2023 which is a sign of short-term weakness. The daily momentum indicator has a negative crossover which is a sell signal, and the indicator is still away from the equilibrium line indicating that the weakness can continue.
On the hourly charts, the Nifty has witnessed a bounce back from the lower end of the falling channel, however, it is unlikely to result in a trend reversal. We expect Nifty to continue with the weakness and on the downside, we expect it to target levels of 19,100 from a short-term perspective. Crucial support levels to keep handy are 19,420 – 19,400 and on the upside, 19,600 – 19,630 is the immediate hurdle zone.
Bank Nifty has also witnessed a sharp decline and it has decisively closed below the 20-day moving average (45,400) which is a sign of weakness. With the daily momentum indicator also having a negative crossover which is a sell signal, thus, both the price and momentum indicator is suggesting a further correction. On the way down 44,000 is the short-term target with a reversal placed at 45,800.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets traded under pressure and lost over a percent amid feeble global cues. After the initial downtick, the Nifty inched gradually lower as the day progressed and slipped below the crucial support of 19,500 as well. However, recovery in the final hour trimmed the losses and it finally settled at 19530 levels. The decline was widespread wherein metal, auto and energy were among the top losers. The broader indices also felt the heat and shed over a percent each.
Nifty has closed below the crucial support of short term moving average i.e. 20 EMA after five months but respected the trend line around the 19420 zone. We feel it is prudent to reduce aggressive longs and wait for clarity. Traders should keep a close watch on the US markets for cues.
Om Mehra, Equity Research Analyst at Choice Broking:
The benchmark indices saw a roller coaster ride as the opening session was dominated by bears, but short covering was noted in the dying hours.
Global stocks fell as a result of Fitch Ratings' reduction of the US sovereign credit grade, which prompted a quick retreat from risky assets.
Sensex settled at 65782.78 losing 1.02 percent and Nifty ended at 19526.55 slipping 207 points or 1.05 percent. While Bank nifty closed the session at 44995.70 losing out 1.31 percent. Weakness spread to broader markets as well, as Nifty Midcap and Small cap ended on the lower side.
India VIX has bounced by 9.73 percent intraday and settled at 11.28. The Put Call Ratio of Nifty remains at 0.75 levels.
Technically, Nifty has formed a long bearish candle after the gap down indicates sellers are taking the lead. Volume profile indicates Index may find support around the 18450 zone, however 19300 would have remarkable levels if Index can sustain above this level.
On the other hand, Bank Nifty has support around 44400 zones while resistance is placed at 45300-45400 range. Overall, Index looks weak for the short term; sell on rise would be advisable in coming days until 19720 levels are attained. Yet this volatility can provide traders with enough opportunities for short term gain on both buy and sell sides.
Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:
The Bank Nifty index faced a bearish scenario as the bears took control, resulting in a breakdown from a rising trendline accompanied by increased trading volumes. Currently, the immediate resistance level for the index is at 45200. If the index manages to break above this resistance, it could potentially trigger some buying activity in the market. On the downside, the index has the next support at 44600/44500 levels. If the index holds above this support zone, there is a possibility of witnessing some buying interest, leading the index towards the 45000 level.
Jayden Ong, Senior Market Analyst, APAC, Vantage
Credit rating agency Fitch made headlines by downgrading the United States' long-term sovereign credit rating from AAA to AA+. This decision marked the first time in history that the U.S. lost its top-tier AAA rating with Fitch.
One of the primary reasons cited by Fitch for downgrading the U.S. credit rating was the mounting fiscal challenges faced by the nation. The U.S. has been grappling with a persistent budget deficit, increasing national debt, and rising interest payments on that debt. Failure to address these fiscal issues could lead to higher borrowing costs, hampering economic growth and increasing financial vulnerability.
The downgrade of the U.S. credit rating to AA+ can have significant implications for the financial markets, both domestically and globally. The U.S. Treasury bonds are considered a benchmark for safe-haven assets worldwide. The downgrade may result in higher yields on U.S. government debt as investors demand higher compensation for perceived increased risk. This could lead to a sell-off of U.S. Treasuries by investors seeking higher returns, potentially driving down bond prices.
Since Fitch began to lower the evaluation to AA+, it proves that the uncertainties of the US economic system will gradually increase in the future, which will put pressure on the Indian equities market in the short term and expect the gold market to continue to be beneficial in this circumstance.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
A sharp sell-off in Asian and European markets gave investors a reason to encash on the recent upsurge. FIIs seem to have sold off local equities after the record rally last month. With both the dollar index and the US bond yields rising in recent sessions, the effects are being felt in emerging markets, including India. Also, we are seeing valuations getting stretched, and with a lot of uncertainty still around in the global arena on interest rates and higher inflation levels, investors are likely to pare their exposure at regular intervals in the near to medium term.
Technically, after the dismissal of the 20-day SMA (Simple Moving Average) support levels the selling pressure has intensified. After a long time, the Nifty has closed below the 20-day SMA and also formed a long bearish candle on daily charts which is largely negative.
We are of the view that 19450 would be the immediate support zone for the bulls. Above which, we could see a one quick pullback rally till 19580-19600. On the flip side, fresh selling pressure is possible only after the dismissal of 19450, and below the same the index could slip till 19400-19375.
Vinod Nair, Head of Research at Geojit Financial Services
The Indian market witnessed a broad sectoral slide, affected by weak global market trends. Negative news regarding the US rating downgrade on fiscal concerns, coupled with weak factory activity data from Eurozone and China, led to widespread worries across the globe. Additionally, prolonged FII selling, triggered by a rise in US bond yields, has disrupted the mood of the domestic market.
Rupak De, Senior Technical analyst at LKP Securities:
Nifty's recent slip below its consolidation indicates a bearish sentiment. The index has also dropped below the 21EMA, reinforcing the bearish outlook. The RSI is signaling a bearish momentum for the future. On the downside, support is observed at 19500, a decisive fall below 19500 may create further negativity; while resistance is seen at 19600.
Rupee Close:
Indian rupee closed 32 paise lower at 82.58 per dollar versus previous close of 82.26.
Market Close
: Benchmark indices ended lower on August 2 with Nifty below 19,550.
At close, the Sensex was down 676.53 points or 1.02% at 65,782.78, and the Nifty was down 207.00 points or 1.05% at 19,526.50. About 1232 shares advanced, 2265 shares declined, and 132 shares unchanged.
Biggest losers on the Nifty were Hero MotoCorp, Tata Motors, Tata Steel, NTPC and Bajaj Finserv, while gainers were Divis Labs, Nestle India, HUL, Tech Mahindra and Asian Paints.
All the sectoral indices ended in the red with capital goods, PSU Bank, power and metal down 2 percent each, while auto, bank, realty and oil & gas down 1 percent each.
The BSE Midcap and Smallcap indices shed 1 percent each.
Nomura On Sansera Engineering
-Buy rating, target at Rs 995 per share
-Q1FY24 was in-line with estimate
Total orderbook with annual peak revenue stood at Rs 1,690 crore with healthy global orders
Ramp-up in aerospace, defence in domestic PV to drive revenue growth in FY24/25
Ministry of Information & Broadcasting has granted permission to uplink and downlink TV Channels by Shemaroo Entertainment.
Stock Market LIVE Updates | CLSA View On Oberoi Realty
-Downgrade to sell rating, target at Rs 1,052 per share
-Pre-sales in Q1 were subdued
-Company expects better H2FY24 driven by a revival of sales in Worli & Mulund projects
-Company took sharp price hikes at Worli & Goregaon projects along with Thane
-Believe improvement in pre-sales over FY24-26 is already priced into stock
Stock Market LIVE Updates | Supriya Lifescience partners with US-based Plasma Nutrition, Inc
Supriya Lifescience announced collaboration with Plasma Nutrition, Inc. The strategic partnership involves an exclusive technology licensing agreement, granting Supriya Lifescience Ltd the sole rights for manufacturing and marketing Ingredient Optimized Protein (ioProtein) in India.
Stock Market LIVE Updates | Sundaram Finance Q1 results:
Net profit at Rs 92.5 crore versus Rs 33 crore and revenue at Rs 111.2 crore versus Rs 45.7 crore, YoY.
Stock Market LIVE Updates | Morgan Stanley View On Navin Fluorine International
-Overweight rating, target cut to Rs 4,951 per share
-Constructive outlook across specialty chemical & contract manufacturing was a surprise
-Balanced business mix, resilient agro chemical portfolio
-New CDMO order wins & upside levers to volume & margin keep us overweight
Stock Market LIVE Updates | Morgan Stanley View On Multi Commodity Exchange of India
-Underweight rating, target at Rs 1,270 per share
-Average daily traded value (ADTV) is key driver of profits and share price
-In July 2023, ADTV was down 6.5 percent MoM to Rs 54,700 crore led by futures
-MCX stock was up 11 percent MoM outperforming Sensex which was up 3 percent MoM
Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas:
Indian Rupee fell by 0.4% on Wednesday on weak domestic markets and reflects a surge in crude oil prices. Nifty and Sensex declined around 1% each. FII outflows also put downside pressure on Rupee. US Dollar slipped after Fitch downgraded US sovereign credit rating to AA+ from AAA. Economic data from the US also disappointed as ISM manufacturing PMI and JOLTS job openings missed forecasts.
We expect Rupee to trade with a negative bias on risk aversion in global markets and weak Asian currencies. Though the US Dollar declined on a credit rating downgrade by Fitch, safe haven demand amid risk aversion in global markets is providing a shield to the greenback. Investors may remain cautious ahead of US ISM services PMI and non-farm payrolls report from the US later this week. Investors may also remain cautious ahead of the Bank of England’s monetary policy. We expect the USDINR spot to trade in the range of 82.20 to 83 in the near term.
Stock Market LIVE Updates | Bernstein Vie On Reliance Industries
-Outperform rating, target at Rs 3,000 per share
-Reliance is on path of unlocking across business segments
Sensex Today | Market at 3 PM
The Sensex was down 769.16 points or 1.16% at 65,690.15, and the Nifty was down 231.40 points or 1.17% at 19,502.10. About 948 shares advanced, 2,245 shares declined, and 93 shares were unchanged.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Nestle | 22,930.55 | 1.49 | 85.83k |
| Divis Labs | 3,689.25 | 1.37 | 602.34k |
| HUL | 2,558.65 | 0.3 | 1.78m |
| Asian Paints | 3,352.00 | 0.27 | 701.30k |
| HDFC Life | 643.40 | 0.1 | 2.20m |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Hero Motocorp | 2,987.85 | -3.68 | 2.45m |
| Tata Steel | 119.00 | -3.41 | 48.60m |
| Tata Motors | 622.20 | -3.33 | 13.35m |
| Eicher Motors | 3,322.25 | -2.74 | 1.08m |
| Bajaj Finserv | 1,529.30 | -2.74 | 1.56m |
| NTPC | 219.15 | -2.66 | 20.46m |
| Coal India | 234.70 | -2.35 | 23.76m |
| SBI | 597.95 | -2.27 | 12.95m |
| LTIMindtree | 4,869.05 | -2.18 | 456.75k |
| Hindalco | 454.10 | -2.15 | 5.33m |
| Company | Price at 14:00 | Price at 14:53 | Chg(%) Hourly Vol |
|---|---|---|---|
| Abhishek | 40.60 | 38.60 | -2.00 0 |
| Solex Energy | 698.00 | 667.00 | -31.00 1.35k |
| Alkali Metals | 108.00 | 104.00 | -4.00 562 |
| Vels Film | 97.80 | 94.20 | -3.60 5.30k |
| Sahana Systems | 155.55 | 150.00 | -5.55 1.57k |
| Party | 57.75 | 55.70 | -2.05 6.24k |
| Som Distillerie | 331.45 | 319.85 | -11.60 63.50k |
| Centrum Capital | 23.20 | 22.40 | -0.80 33.87k |
| Murudeshwar Cer | 41.45 | 40.10 | -1.35 1.12k |
| Lotus Eye Care | 100.50 | 97.25 | -3.25 680 |
| Company | Price at 14:00 | Price at 14:53 | Chg(%) Hourly Vol |
|---|---|---|---|
| Pattech Fitwell | 55.55 | 65.20 | 9.65 600 |
| Infinium Pharma | 340.00 | 360.50 | 20.50 142 |
| Jeena Sikho | 852.00 | 897.05 | 45.05 2.38k |
| Sejal Glass | 220.30 | 229.80 | 9.50 222 |
| Sundaram | 123.40 | 128.70 | 5.30 32.44k |
| Pulz Electronic | 57.10 | 59.50 | 2.40 7.25k |
| Arrow Greentech | 323.30 | 336.00 | 12.70 2.06k |
| Rachana Infra | 110.05 | 114.00 | 3.95 1.34k |
| KDDL | 1,563.90 | 1,616.20 | 52.30 3.30k |
| Madhav Copper | 39.50 | 40.80 | 1.30 9.12k |
Sensex Today | Jateen Trivedi, VP Research Analyst at LKP Securities:
Gold prices have shown positive rally on safe-haven demand as Fitch downgrades the US Credit Rating, reflecting heightened concerns over the stability of global financial markets and investors seeking refuge in the timeless allure of gold as since past 5 years Gold has been giving strong place in investors safe investment allocation.
With many crises passed from the China US Trade War. Pandemic, Russia Ukraine war and now US debt crisis, Gold will be on investors top list to keep funds allocated in times of uncertainty. Gold broadly looks likely to take support of 58000, as even if Spot gold underperforms due to dollar rise the rupee fall adds domestic Gold price to remain positive towards 60000-62000 in near term.
Stock market LIVE Updates | HSBC View On Inox PVR
-Buy rating, target at Rs 1,920 per share
-Q1 disappointed, but sequential rebound augurs well for rest of FY24
-Hollywood saw an impressive rebound, Hindi box office appears to have stabilised
-Recovery in Hindi cinema, merger synergies key catalysts
Stock Market LIVE Updates | Adani Wilmar reports net loss for June quarter
--Net loss Rs 79 crore in June quarter
--Revenue Rs 12930 crore, down 12% YoY
--EBITDA Rs 130 crore, down 71% YoY
Stock Market LIVE Updates |
IOB 1Q net profit Rs 500 crore vs Rs392 crore y/y
-- Gross non-performing assets 7.13% vs. 7.44% q/q
-- Provisions Rs838 crore, down 16% q/q
-- Interest income Rs542 crore, up 22% y/y
-- Interest expense Rs3100 crore, up 16% y/y
-- Other income Rs803 crore, up 36% y/y
