Stock Market LIVE on Thursday, August 1, 2024: GIFT Nifty indicates a positive opening for Indian benchmarks Nifty50 and Sensex. At 6:36 AM, GIFT Nifty futures were up 83 points at 25,096.50, pointing towards a higher start for the trading day.
Meanwhile, US markets ended higher after Federal Reserve Chair Jerome Powell suggested the possibility of an interest rate cut at the next meeting, should inflation data continue to show signs of easing.
The Federal Reserve decided to keep interest rates unchanged at 5.25 per cent – 5.50 per cent for the eighth straight meeting, in-line with street estimates. Additionally, Meta’s financial results exceeded expectations, providing further boost to US markets. The Nasdaq surged 2.64 per cent, the S&P 500 climbed 1.58 per cent, and the Dow Jones increased 0.24 per cent.
In the Asia-Pacific region, market reactions were mixed following Powell’s hints about a potential September rate cut. Australia’s ASX 200 reached a new high, rising 0.46 per cent, while Japan’s Nikkei fell 2.26 per cent. Conversely, Korea’s Kospi saw an increase of 0.44 per cent.
Back home, investors will watch out for manufacturing data. Furthermore, on July 31, foreign institutional investors (FIIs) sold shares worth Rs 3,462.36 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 3,366.51 crore.
