On Friday, August 8, Gift Nifty indicated a negative start for the benchmark Nifty. As of 7:05 AM, the GIFT Nifty was trading near the 24,645 mark, down 50 points from its previous close.
Most Asian markets were trading lower on Friday, tracking a mixed finish on Wall Street overnight. In the US, the Nasdaq closed higher to notch a fresh record, while the Dow Jones and S&P 500 ended in the red, pressured by a decline in Eli Lilly shares after data on its oral weight-loss drug fell short of expectations.
Upcoming earnings reports from key companies are expected to influence stock-specific movements.
State Bank of India, Tata Motors, Grasim Industries, Siemens, Info Edge India, Voltas, Cholamandalam Financial Holdings, Jubilant Agri and Consumer Products, Garden Reach Shipbuilders & Engineers and Wockhardt will announce their Q1 earnings today.
On Thursday, August 7, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth ₹4,997.19 crore, marking a streak of 14 consecutive trading sessions of selling. In contrast, Domestic Institutional Investors (DIIs) purchased shares worth ₹10,864.04 crore during the same session, extending their buying streak to 24 consecutive trading sessions.
On Thursday, the Nifty 50 closed slightly higher at 24,596.15, marking a gain of 0.09% after a volatile session. The Bank Nifty also inched up 0.2% to finish at 55,521.15. Strong rebounds in the Pharma and IT sectors helped lift market sentiment, while Realty and Oil & Gas were the only sectors to close lower. Mid-cap and small-cap indices also ended in the green, posting gains between 0.17% and 0.33%.
On Thursday, Wall Street closed with a mixed performance as the Dow Jones and S&P 500 ended in red, while tech-heavy Nasdaq closed higher.
New applications for U.S. unemployment benefits increased last week, reaching their highest point in a month. For the week ending August 2, initial claims for state jobless benefits rose by 7,000 to a seasonally adjusted 226,000. This is the highest reading since the week ending July 5.
Gold prices held steady in early trade, with spot prices flat at $3,400.26 per ounce. Domestic gold prices hit a record high of ₹1,01,790 per 10 gms on Thursday.
Oil prices in early trade edged lower as supply disruption concerns eased, with markets eyeing a possible Putin–Trump meeting. WTI traded at $63.83 and Brent at $66.39, both down 0.1%.
Disclaimer: The article is for informational purposes only and not investment advice.
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