MARKET LIKELY TO START STRONG, RBI POLICY IN FOCUS

GIFT Nifty:

GIFT Nifty futures indicate a strong start for the Nifty 50, with an expected jump of 82.50 points at the opening bell.

The Reserve Bank of India (RBI) Governor Shaktikanta Das will announce the Monetary Policy Committee`s decision today, August 8. The repo rate has been steady at 6.5% for eight consecutive meetings since February 2023. If unchanged again, it will be the ninth straight hold. Das will also discuss the current economic situation, both domestic and global.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,314.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,801.21 crore in the Indian equity market on 7 August 2024, provisional data showed.

FPIs have sold shares worth over Rs 18140.47 crore in August 2024 (so far). They bought shares worth 5407.83 crore in June 2024.

Global Markets:

Asian stocks traded mixed on Thursday, following a decline on Wall Street. The continued volatility in global markets reflects investor concerns over the global economy.

Market participants are also closely monitoring corporate earnings reports being released worldwide.

US stocks closed lower on Wednesday, with the Nasdaq leading the decline amid a slump in technology shares. A weak demand for a 10-year Treasury auction further rattled investor sentiment. The Dow Jones Industrial Average fell 0.6%, the S&P 500 lost 0.77%, and the Nasdaq Composite dropped 1.05%.

Domestic Market:

Domestic shares roared back to life Wednesday, snapping a three-day losing streak. The Nifty50 closed near 24,300, with all sectors in the green. Oil & gas and metals led the charge. Global markets cheered the Bank of Japan`s pledge to maintain stable rates. Domestically, DIIs continue to support the market, offsetting FII selling. The S&P BSE Sensex jumped 874.94 points or 1.11% to 79,468.01. The Nifty 50 index surged 304.95 points or 1.27% to 24,297.50. The 50-unit index slumped 4.07% in the past three sessions.

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