Stock Market Today: GIFT Nifty index on the NSE IX trading 27.5 points, or 0.14 percent, higher at 19,528 to indicate Dalal Street will start the day positively. The benchmark Nifty50 index dropped more than 50 points to trade below 19,450, while the S&P BSE Sensex dropped more than 250 points to trade at 65,492 levels. After Fitch downgraded U.S. sovereign debt, which led to profit-taking, Asian shares were muted on Thursday. Investors are now focusing on the Bank of England’s rate decision and the earnings from Apple and Amazon. The market capitalization of all BSE-listed equities decreased to Rs 306.8 lakh crore, leaving investors with losses of Rs 3.48 lakh crore. The Sensex ended 676 points lower, but the Nifty managed to close above its support level of 19,500.
Tokyo stocks opened lower
On Thursday, Tokyo stocks declined for the second straight day, following Wall Street’s declines as a result of Fitch’s downgrading of US government bonds, which hurt global equities.The broad Topix index fell 0.72 percent, or 16.47 points, to 2,285.29. The benchmark Nikkei 225 index was down 0.94 percent, or 307.05 points, at 32,400.64 in early trade.
Stock Market Today: Oil prices rose
Early on Thursday, in Asian trading, oil prices increased marginally as traders assessed the impact of Fitch’s downgrade of the U.S. government’s top credit against positive inventory data released by the US on Wednesday and the potential extension of OPEC+ output curbs.
Stocks in focus
Hero MotoCorp
During raids against top Hero MotoCorp personnel, the Enforcement Directorate seized cash and jewels worth 25 crore. Additionally, the law enforcement organisation discovered “incriminating” papers in Pawan Kant Munjal’s and other executives’ homes and workplaces. This occurs the day after the ED searched Chairman Pawan Munjal’s offices in Delhi and the nearby city of Gurugram on August 1 and filed a complaint against him under the Prevention of Money Laundering Act (PMLA), according to the news agency PTI.
Titan
The largest consumer lifestyle company in India, Titan Company Limited, announced sales increase of 19% in the first quarter of FY 2023–24. Separately, the quarter’s overall revenue came to Rs. 10,306 crore, while the combined total revenue came to Rs. 11,070 crore. Both on a standalone level and when combined, the EBIT for the quarter indicated a minor decrease of 2%. Similar to this, for standalone and consolidated numbers, the PBT before extraordinary items fell by 4% to Rs 1,024 crores and 7% to Rs 1,002 crores, respectively. On a standalone basis, PAT decreased by 2% to Rs 777 crores, while on a consolidated basis, it decreased by 4% to Rs 756 crores.
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