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Stock Market Updates Today: The BSE Sensex jumps 418.81 points to close at Rs 81,018.72, while the NSE Nifty ends the day above 24,700 at 24,722.75 with a gain of 157.4.
Sensex Today.
Stock Market Updates Today, August 4: The domestic markets on Monday started the week on a positive note, snapping a two-day falling trend. The BSE Sensex jumped 418.81 points to close at Rs 81,018.72, while the NSE Nifty ended the day above 24,700 at 24,722.75 with a gain of 157.4.
In the broader market, the BSE Midcap Index was trading higher by 1.11% and the BSE Smallcap Index was up by 0.76%
Among the 30 shares on the Sensex, a total of 26 ended the day in green. Among the top gainers were Tata Steel (4.05% up), Bharat Electronics (3.55%), Adani Ports (3.46%), TCS (2.55%), and Tech Mahindra (2.46).
However, four companies closed in red — PowerGrid (down 1.01%), HDFC Bank (-0.86%), ICICI Bank (-0.60%), and Hindustan Unilever (-0.25%).
Sector-wise, metals and auto were the top gainers on the Nifty, rising by 2.48% and 1.61%, respectively.
“In the near-term the market is in unchartered territory. A clear direction will emerge on news surrounding the US-India trade deal happening after the next round of trade negotiations. A deal with a tariff of 20% or below will be positive from the market perspective. If this doesn’t happen, and the 25% tariff remains, the market is likely to drift down since it will impact India’s growth and corporate earnings making it difficult to justify the current elevated valuations,” V K Vijayakumar, chief investment strategist at Geojit Investments Ltd.
From the global market perspective, indications are that a rate cut from the Fed in the September FOMC meeting is likely after the latest jobs report indicating declines in job additions in July and downward revisions in the jobs created in May and June. Clearly, the US economy is slowing down and the Fed is likely to respond with a rate cut in September. With the inflationary impact of the tariffs kicking in, a stagflationary scenario for the US cannot be ruled out. The market will respond to incoming data and evolving outlook, he added.
Technical View
With over 30% of Nifty 500 stocks closing below their respective lower bollinger bands, we are beginning to approach extremes from where a swing higher could be seen. However, if pullback attempts fail to clear 24,670, expect continued slippage towards 24450-24000, said Anand James, chief market strategist at Geojit Investments Ltd.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
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