Stock Market LIVE: GIFT Nifty signals gap-up start for Sensex, Nifty; Asian markets upbeat

Stock Market LIVE: GIFT Nifty signals gap-up start for Sensex, Nifty; Asian markets upbeat | News on Markets

Last updated: 2024/08/07 at 2:42 AM

Stock Market Live updates on Wednesday, August 7, 2024: Indian benchmarks Sensex, Nifty are expected to see an optimistic opening on Wednesday tracking positive cues from the US markets. The GIFT Nifty futures also indicated a gap-up start, quoting over 200 points higher than Nifty50 futures at 24,299 levels.

Asia-Pacific markets mostly rose after Bank of Japan’s Governor Kazuo Ueda in his speech assured investors that the central bank of Japan will not raise rates when market is unstable and it needs to keep easing firmly for the time being.

In Asia, the Nikkei declined by 2.19 per cent, while Japan’s broader Topix index was up by 3.06 per cent.

In South Korea, the Kospi climbed 2.10 per cent and the Kosdaq rose 2.7 per cent. Australia’s S&P/ASX 200 edged up by 0.35 per cent. Meanwhile, Hong Kong’s Hang Seng index, too, traded in green and soared by 1.40 per cent.

Furthermore, investors in Asia will today watch out for China’s July trade data, with forecasts predicting a 9.7 per cent year-over-year increase in exports, up from June’s 8.6 per cent rise. Imports are expected to grow by 3.5 per cent, reversing June’s 2.3 per cent decline.

Overnight in the US, major indices rebounded after three consecutive days of losses. The Dow Jones Industrial Average increased by 0.76 per cent, the S&P 500 rose 1.04 per cent, and the Nasdaq Composite advanced 1.03 per cent.

On Tuesday, the NSE Nifty 50 closed 63 points lower, or 0.26 per cent, to close at 23,992. Meanwhile, the S&P BSE Sensex declined by 166.33 points, or 0.21 per cent, ending at 78,593.07.

Stocks to watch on Aug 7

Tata Power: Tata Power’s profit slipped 0.2 per cent to Rs 970.9 crore from Rs 972.5 crore, but revenue increased 13.7 per cent to Rs 17,293.6 crore from Rs 15,213.3 crore.

SBI: State Bank of India will see Challa Sreenivasulu Setty appointed as Chairman for a three-year term starting August 28, with Rana Ashutosh Kumar Singh taking on the role of Managing Director.

PB Fintech: PB Fintech posted a profit of Rs 60 crore, an improvement from a loss of Rs 11.9 crore. Revenue surged 52 per cent to Rs 1,010 crore from Rs 666 crore, while adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) jumped 117 per cent to Rs 49 crore and the adjusted Ebitda margin expanded to 5 per cent from 3 per cent.

Lupin: Lupin’s profit surged 77.2 per cent to Rs 801.3 crore in Q1FY25 compared to Rs 452.3 crore in the previous year (Q1FY24). Revenue also saw an increase of 16.3 per cent, rising to Rs 5,600.3 crore from Rs 4,814 crore.

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