September 3, 2024
New Delhi, India
Stock Market Today
Indian benchmark indices BSE Sensex and Nifty 50 saw marginal movements on Tuesday, maintaining their positions near record highs from the previous session. The Nifty 50 surged by 4.7% in the last 13 trading sessions, marking its longest rally ever.
Market Performance:
- NSE Nifty 50: Closed flat at 25,279.85, following a 4.7% rally over the past 13 sessions.
- BSE Sensex: Ended marginally lower by 0.01% at 82,555.
- Bank Nifty: Outperformed, closing 0.49% higher at 51,689.
- Nifty Midcap 100: Closed up by 0.25% at 59,297.85.
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Sector Movements:
The IT index, which had gained for six consecutive days, declined by 0.4%, with all ten of its constituents trading lower. Infosys and HCLTech were among the top decliners, down by 0.7% and 0.3%, respectively. Meanwhile, Vedanta shares rose by 2% following the announcement of an interim dividend of Rs 20 per share.
Global Market Context:
Global markets exhibited caution ahead of critical U.S. economic data releases, with the focus on the ISM manufacturing survey and the upcoming jobs data. The outcomes of these reports could determine the magnitude of the Federal Reserve’s interest rate cut in September, which is expected to be either 25 or 50 basis points.
- European Markets: STOXX 600 down 0.1-0.3%.
- U.S. Stock Futures: Slight decline of 0.1-0.3%.
- Asian Markets: MSCI Asia-Pacific Index fell by 0.5%, while Japan’s Nikkei dropped 0.3%.
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Commodities:
- Oil Prices: Brent crude futures fell for a third straight session, down by 0.9% to $76.84 per barrel. Oil prices had earlier spiked above $81 due to political tensions in Libya.
- Gold: Edged higher to $2,505 an ounce, after hitting a record high of $2,531 in August.
Closing Remarks:
Indian markets held steady near record highs on Tuesday, with both Sensex and Nifty displaying minimal movements as investors await key U.S. economic data that could influence future interest rate decisions by the Federal Reserve. The Bank Nifty and midcap indices outperformed, reflecting selective investor interest amid a cautious global market environment.
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