Nifty is expected to open lower amid unfavorable global cues

Global Weakness Anticipated to Weigh on Nifty's Opening

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: August 02, 2024

On Thursday, DIIs sold shares worth Rs 337 crore, while foreign institutional investors bought shares for Rs 2,089 crore.

As indicated by the Nifty futures traded on GIFT Nifty, the Indian equity benchmarks are expected to experience a significant decline on Friday. The futures dropped 220 points, or 0.88 percent, to 24,835, indicating gloomy feelings on international stock markets.

Japan's Nikkei sank 5%, followed by Hong Kong's Hang Seng (1.65%), Taiwan Weighted (2.65%), South Korea's KOSPI (3%), and Australia's S&P ASX (2.3%). These declines were fueled by a report suggesting that US manufacturing activity fell to an eight-month low in July, indicating a contraction in a sector that accounts for 10.3% of the world's largest economy.

Overnight, the US Dow Jones Industrial Average slid 494.82 points, or 1.21%, to settle at 40,347.97. The S&P 500 dropped 75.62 points, or 1.37 percent, while the Nasdaq fell 405.25 points, or 2.30 percent.

Domestic institutional investors (DIIs) sold shares worth Rs 337 crore on Thursday, while foreign institutional investors (FIIs) were net buyers, acquiring shares worth Rs 2,089 crore.

The price range for Ola Electric's initial public offering (IPO), which is set at Rs 72–76 per share, is now available for subscription.

Tata Motors' first-quarter profit increased more than anticipated, mostly as a result of its premium car sales. Consolidated net profit for the company increased 74% year over year to Rs 5,566 crore, exceeding the average analyst expectation of Rs 5,425 crore.

ITC reported a quarterly profit that was lower than anticipated by the market due to pressure from consumers choosing less expensive options over big-name brands. For the quarter that ended on June 30, the firm posted a profit of Rs 4,917 crore, which was less than the average analyst expectation of Rs 5,162 crore but marginally higher than Rs 4,902 crore a year earlier.

Stock at Focus:

Maruti Suzuki: Reported lower total sales for July compared to the previous year by 4%, with lower domestic sales by 5%.

Eicher Motors: Sales of VE Commercial Vehicles increased 13% year over year, while sales of motorcycles decreased 8%. Global motorcycle sales decreased 14% from the previous year.

Infosys: Received communication from the Karnataka State government that the pre-show cause notice has been withdrawn.

Hero MotoCorp: stated that overall sales were down 5.4% year over year, with exports up 13% and domestic sales falling 6.4%.

Disclaimer: The sole purpose of our news article is to provide you with educational and informative content. The content in these articles does not intend investment, financial, legal, tax, or any other advice. It should not be used as a substitute for professional advice or assistance.