Today’s Market News :
Market Updates
GIFT Nifty
Sep Fut: 25464
Nifty Sep Fut close: 25448
Change: +16.00 points
Change (%): 0.06%
NIFTY50 prev close: 25425.85
Nifty is in the process of consolidating ahead of a big event, with a possible breakout in the 25292-25442 band.
* Domestic markets continue to show strength, with rotational buying in large-cap stocks.
* India VIX, a measure of market fear, rose 1.04% to settle at 12.59 levels.
The US Federal Reserve begins a two-day meeting to decide on interest rate cuts, with investors speculating whether it will be a 25 or 50 basis point cut.
* The outcome will significantly impact stock prices, depending on Powell’s motivations and the economic outlook.
* Investors should accumulate large-cap stocks and ETFs tracking large cap indices such as Nifty 50 on dips.
US stocks closed nearly unchanged on Tuesday, with the S&P 500 and Dow Industrial Average reaching record highs before the first Federal Reserve rate cut in 4-1/2 years.
* The Dow Jones Industrial Average fell 15.90 points, or 0.04%, to 41,606.18, the S&P 500 gained 1.49 points, or 0.03%, to 5,634.58 and the Nasdaq Composite gained 35.93 points, or 0.20%, to 17,628.06.
The Indian stock market is experiencing consolidation ahead of the US Federal Reserve’s interest rate cut decision, with the Sensex climbing 90.88 points or 0.11% to settle at a lifetime high of 83,079.66. The Nifty 50 is trading at 25,418.55, with support at 25,300 levels and resistance at 25,550 levels [1).
Global Market Trends
Globally, the US stocks closed nearly unchanged on Tuesday, giving up earlier gains that had vaulted the S&P 500 and Dow Industrial Average to record highs. The Dow Jones Industrial Average fell 15.90 points, or 0.04%, to 41,606.18, while the S&P 500 gained 1.49 points, or 0.03%, to 5,634.58.
Key Stocks to Watch
Some key stocks to watch today include:
– Ola Electric: Up 10% after Goldman Sachs and BofA’s ‘buy’ calls
– Tata Motors: Trading higher after its electric vehicle sales surge
– Suzlon Energy: Expected to benefit from the growing demand for renewable energy
– Reliance: Continues to be a major player in the Indian market
– Varun Beverages: Seeing growth in its beverage business
Economic Updates
India has become the largest MSCI EM market, overtaking China, with Morgan Stanley remaining bullish. The country’s nominal GDP growth rate is running in the low teens, three times that of China. Wholesale inflation has fallen below 2% for the first time in four months in August ¹.
