Stock Market LIVE Updates on Thursday, August 22, 2024: Benchmark indices BSE Sensex and Nifty 50 opened on a positive note on Thursday, following indications of at least one rate cut during this year by the US Federal Reserve, according to the central bank’s latest minutes released on Wednesday.
At opening bell, the 30-stock BSE Sensex was up 191.35 points, or 0.24 per cent, to 81,096.65, while the Nifty 50 had climbed 62.25 points, or 0.25 per cent, to 24,832.45.
Overnight, the US market closed up following the release of the minutes of the latest US Federal Relserve meeting held on July 30 and 31.
The Dow Jones Industrial Average rose 0.14 per cent, to 40,890.49, the S&P 500 gained 0.42 per cent, to 5,620.85 and the Nasdaq Composite, opens new tab added 0.57 per cent, to 17,918.99.
Asian stocks edged higher ahead of key events from the Federal Reserve and the Bank of Japan that will help define the global rates trajectory.
The MSCI Asia Pacific Index climbed 0.2% as benchmarks in Japan, Australia and South Korea rose. That came after the S&P 500 and Nasdaq 100 indexes advanced on further signs the Fed will cut interest rates.
Minutes from the latest Fed policy meeting showed several officials acknowledged a plausible case for cutting rates, before the central bank voted to keep them steady. Chair Jerome Powell will have a chance to offer investors further clarity when he speaks in the Jackson Hole economic symposium on Friday.
Stocks to watch
Zomato
The food delivery platform is expected to acquire payments platform Paytm’s entertainment ticketing business for Rs 2,048 crore. As part of the deal, 280 employees from Paytm will move to Zomato.
Alkem Laboratories
A promoter of the pharmaceutical company is likely to offload a 0.7 per cent stake in the company through block deals, according to reports. The floor price is likely to be set at Rs 5,616 per share.
BEML
The PSU has signed a strategic Memorandum of Understanding (MoU) with the Directorate of Marine Engineering of the Indian Navy to develop advanced marine applications for defense. That apart, the company has also singed an MoU with SMH Rail, Malaysia’s largest rolling stock manufacturer, to meet global demand for rail and metro solutions.
Paras Defence and Space Technologies
The Department for Promotion of Industry and Internal Trade (DPIIT) has granted an industrial license to the company to manufacture several defence related items, including infrared or thermal imaging equipment, electro-optics systems, sub-systems and platform of radar systems, among other surveillance systems in Navi Mumbai, Maharashtra.
