Stock Market Live updates on Monday, August 5, 2024: Indian bourses are staring at a bear attack on Monday after heavy sell-off in global peers. The GIFT Nifty futures also indicated a gap-down start, quoting 322 points lower than Nifty50 futures at 24,389 levels.
Markets in Asia-Pacific saw a major sell-off on Monday morning, and extended Friday’s sell-off as investors anticipated crucial trade data from China and Taiwan this week, along with upcoming central bank decisions from Australia and India.
Japan’s markets led the declines in the region, with the Nikkei 225 dropping 5.77 per cent and Topix plummeting by up to 7.41 per cent amid volatile trading.
Australia’s S&P/ASX 200 decreased by 2.78 per cent, while South Korea’s Kospi fell 4.32 per cent and the Kosdaq dropped 4.78 per cent. Meanwhile, Hong Kong’s Hang Seng index, too, traded in red and slumped by 1.59 per cent.
Furthermore, investors today will watch out for service sector activity figures for countries including India, US and China.
In the US on Friday, stocks fell sharply following a weaker-than-expected July jobs report, raising concerns about a potential recession. The S&P 500 lost 1.84 per cent, the Nasdaq Composite declined by 2.43 per cent, and the Dow Jones Industrial Average fell by 610.71 points, or 1.51 per cent.
Stocks to watch
State Bank of India: SBI’s total deposit growth for the June quarter stood at 8.18 per cent, with domestic deposits at 8.08 per cent. The bank’s overall net interest margin (NIM) for the first quarter was 3.22 per cent, while the domestic NIM was 3.35 per cent.
Divi’s Laboratories: The pharmaceutical firm reported a net profit of Rs 430 crore, marking a 21 per cent increase from last year’s Rs 356 crore. Revenue for the first quarter reached Rs 2,118 crore, a 19 per cent rise from the previous year’s Rs 1,778 crore.
Ashoka Buildcon: The company has emerged as the lowest bidder for two Mumbai Metropolitan Region Development Authority (MMRDA) projects valued at approximately Rs 1,280.8 crore. The projects involve designing and constructing a creek bridge from Kolshet to Kalher and another from Gaimukh to Payegaon.
Infosys: India’s second-largest software services exporter announced on Saturday that it has received communication from the Directorate General of GST Intelligence (DGGI) closing the pre-show cause notice proceedings for the fiscal year 2017-2018, which had amounted to Rs 3,898 crore.
