Stock Market LIVE: Benchmarks may start lower; GIFT Nifty slips 230 pts, Nikkei falls 5%, Kospi 3% | News on Markets

Stock Market LIVE on Friday, August 2, 2024: Indian benchmarks Sensex and Nifty50 may open lower, reflecting a sharp decline in Asian markets. 

At 6:35 AM, GIFT Nifty futures are down 220 points at 24,897, signaling a gap-down start to the trading day.

In the US, markets experienced a sell-off amid rising recession fears, with the Dow Jones falling 1.21 per cent, the S&P 500 decreasing 1.37 per cent, and the Nasdaq sliding 2.3 per cent. Further, reports suggest that concerns are growing over whether the Federal Reserve is too late in adjusting its monetary policy.

Asian markets mirrored Wall Street’s losses, with the Nikkei plummeting over 5 per cent, the Kospi dropping 2.5 per cent, and the ASX 200 falling 1.83 per cent. 

Back in India, investors will focus on Q1 earnings reports and forex reserve data. On August 1, foreign institutional investors (FIIs) purchased shares worth Rs 2,089.28 crore, whereas domestic institutional investors (DIIs) sold shares worth Rs 337.03 crore.