Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
US:
US stock market ended mixed on Monday with the Dow Jones posting record close.
Asia:
Asian markets traded lower, while the US stock market ended mixed overnight, weighed down by tech stocks.
India:
On Monday, the Indian stock market indices ended with strong gains, with the Nifty 50 reclaiming the 25,000 level. Indian equities celebrated the festive day by regaining the 25k mark after an indication from the US Fed that interest rate cuts are most likely to start from its September meeting. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global Economy:
China's industrial profits grew faster in July, data showed on Tuesday, even as sluggish domestic demand weighs on the recovery in the world's second-largest economy. Profits in July jumped 4.1% from a year earlier following a 3.6% rise in June, according to National Bureau of Statistics (NBS) data. For the January-July period, profits expanded slightly faster at 3.6% compared with 3.5% in the first half, offering some hope of improving momentum amid dreary factory output, export, prices and banking lending numbers earlier in August.
Nigeria's economy grew 3.19% in the second quarter of 2024 compared with the same quarter last year, lifted by higher crude oil production and the performance of its services sector. The growth rate was quicker than the 2.51% growth recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of this year. The oil sector, which accounts for the bulk of government revenue and foreign-exchange reserves, expanded 10.15%, while agriculture grew 1.41%. Industrial output rose 3.53%.Nigeria recorded average daily oil output of 1.41 million barrels per day (mbpd) in the second quarter, up from the daily average of 1.22 mbpd in the same quarter of 2023.
Commodities:
The Gold price trades in negative territory amid the modest recovery of the US Dollar on Tuesday. Nonetheless, the signal from US Federal Reserve Chair Jerome Powell at Jackson Hole to start cutting interest rates is likely to support the precious metal. Crude oil prices traded lower after jumping more than 3% in the previous session as Libya’s eastern government said it would halt exports.
Currency:
The dollar edged higher on Tuesday and major currencies traded sideways as lingering concerns over tensions in the Middle East partially offset investors' optimism for imminent U.S. interest rate cuts.
Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766
