Amid the biggest fall in the US markets in 2 years, the Indian stock market is up today, i.e. on 6 August. Sensex is up 350 points (0.45%) at 79,110. Nifty has also risen 100 points (0.42%). It is trading at 24,161.
Nifty realty, media, metal and IT sectors have risen more than 1.50%. FMCG, healthcare and auto are up about 1%. Out of 50 Nifty stocks, 44 are up and 6 are down. Adani Enterprises has risen the most by 2.83%. HDFC Life is down about 2%.
Four big things due to which the market is booming
- Reserve Bank meeting: The meeting of the Monetary Policy Committee of the Reserve Bank is starting from today. On August 8, 2024, RBI Governor Shaktikanta Das will inform about the decisions taken in the meeting. Experts expect RBI interest rates to remain unchanged at 6.5%.
- Quarterly results of companies: This week, the first quarter results of more than 900 companies will come. Today companies like Tata Power, TVS Motors, Bata, Raymond are going to release the results of April-June quarter. The results of companies affect the market sentiment.
- Global market movement: On Monday, the US market Dow Jones closed 2.60% down at 38,703. Nasdaq also fell 3.43%. It closed at 16,200. Today Japan’s Nikkei is up 10% in Asian markets. GIFT Nifty has also risen 0.81%.
- Foreign and domestic investors: Foreign Institutional Investors (FIIs) sold shares worth ₹ 10,073.75 crore on August 5. During this period, Domestic Institutional Investors (DII) bought shares worth ₹ 9,155.55 crore. That is, domestic investors are still buying.
Biggest fall in US market in almost 2 years
On Monday, the US market S&P 500 fell 3%, its worst day since September 2022. With this decline, the index is down 8.5% from its all-time high in July, but it is still up 8.7% in 2024.
Tech companies’ stocks were at the forefront in bringing down the market. Apple’s stock fell 4.8%, while Meta and Nvidia saw a decline of 2.5% and 6.4%. This decline in the US markets has come due to the economic slowdown.
