Market is expected to open on a positive 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
Market Review
US:
The US markets rose on Monday as the Wall Street tried to recover from the steep losses suffered last week. The stocks rebounded as buyers scooped stocks at bargain after the selloff last week.
Asia:
Most markets in Asia-Pacific rebounded on Tuesday morning, tracking an overnight rise in US stocks as investors prepare for US inflation print for August.
India:
The benchmark stock indices reversed losses to close higher on Monday, buoyed by financial stocksto snap a threesession fall. Market is expected to open on a positive note and likely to witness range bound move during the day.
Global economy:
Passenger vehicle sales in China fell in August for the fifth straight month, industry data showed on Monday, though sales of all-electric and plug-in hybrid models rose, helped by subsidies for drivers trading in more polluting vehicles.Sales fell 1.1% from the same month a year earlier to 1.92 million vehicles, data from the China Passenger Car Association showed. That compared with a 3.1% decline in July. New energy vehicle sales, however, jumped 43.2% to account for a record 53.5% of total car sales. as local EV champion BYD set a sales record and U.S. rival Tesla had its best month of 2024. Car exports increased 24% after a 20% rise in July. The United Arab Emirates' economy grew 3.4% in the first quarter of 2024 compared with the same period the previous year, according to preliminary government estimates reported by the state news agency WAM on Monday.The UAE's gross domestic product reached 430 billion dirhams ($117 billion) in Q1, with non-oil GDP growing 4% year-on-year during the period, WAM reported, citing figures from the Federal Competitiveness and Statistics Centre. Trade activities, manufacturing, and financial and insurance services were among the biggest contributors to non-oil GDP.
Commodities:
Oil was steady in early trade on Tuesday as investors weighed supply disruptions from Tropical Storm Francine and the potential for further output cuts against persistently weak Chinese demand. Gold price struggles to capitalize on the previous day's move up from the $2,485 region and ticks lower during the Asian session on Tuesday amid some follow-through US Dollar strength.
Currency:
The AUD/USD pair extends its losses for the third successive day following the downbeat Westpac Consumer Confidence from Australia released on Tuesday.
Please refer disclaimer at https://www.nirmalbang.com/disclaimer.aspx
SEBI Registration number is INH000001766
