Market Live Updates Today: Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 54 points.
The BSE Sensex rallied 214 points to 58,350.5, while the Nifty50 rose 43 points to 17,388 and formed a small-bodied bullish candle on the daily charts yesterday.
image for illustrative purpose
The BSE Sensex rallied 214 points to 58,350.5, while the Nifty50 rose 43 points to 17,388 and formed a small-bodied bullish candle on the daily charts yesterday.
As per pivot charts, the key support level for the Nifty is placed at 17,273, followed by 17,159. If the index moves up, key resistance levels to watch out for are 17,455 and 17,522.
US Markets
Wall Street ended sharply higher on Wednesday, with strong profit forecasts from PayPal and CVS Health Corp lifting sentiment and helping elevate the Nasdaq to its highest level since early May.
The S&P 500 climbed 1.56% to end the session at 4,155.12 points. The Nasdaq gained 2.59% to 12,668.16 points, while Dow Jones Industrial Average rose 1.29% to 32,812.50 points.
Asian Markets
Asia-Pacific shares traded higher on Thursday following the rally on Wall Street. Mainland China markets gained as well. The Shanghai Composite added 0.39% and the Shenzhen Component climbed 0.44%.
Japan's Nikkei 225 rose 0.57%, while the Topix index was flat. The Kospi in South Korea gained 0.55%. In Australia, the S&P/ASX 200 added 0.29%. MSCI's broadest index of Asia-Pacific shares outside of China was 0.68% higher.
Live Updates
- 4 Aug 2022 9:17 AM IST
FRP of sugarcane raised
The Fair and Remunerative Price (FRP) of sugarcane for the sugar season 2022–23 (October–September) has been approved by the Cabinet Committee on Economic Affairs, which is chaired by Prime Minister Narendra Modi.
The FRP is set at Rs 305 per quintal for a basic recovery rate of 10.25 percent, with a premium of Rs 3.05 per qtl for each 0.1 percent recovery over and above that level, and a reduction in FRP by Rs 3.05 per qtl for every 0.1 percent decrease in recovery.
To protect the interests of sugarcane farmers, the government has also decided that there would be no deductions for sugar mills whose recovery is less than 9.5 percent. In place of the current sugar season's price of Rs 275.50 per qtl for sugarcane, these farmers will receive Rs 282.125 per qtl in 2022–23.
- 4 Aug 2022 9:16 AM IST
US services sector gains speed
The US services industry unexpectedly picked up in July as new orders grew solidly, supporting views that the economy was not in recession despite output slumping in the first half.
The ISM's non-manufacturing PMI rebounded to a reading of 56.7 last month from 55.3 in June, ending three straight monthly declines. Thirteen industries, including mining, public administration and wholesale trade reported growth. But agriculture, forestry, fishing and hunting, as well as retail trade and finance and insurance contracted.
- 4 Aug 2022 9:16 AM IST
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 765.17 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 518.42 crore on August 3, as per provisional data available on the NSE.
- 4 Aug 2022 9:15 AM IST
RBI meeting
The Reserve Bank of India's rate-setting panel on Wednesday began its three-day deliberations on the next bi-monthly monetary policy amid expectations of at least a 35-basis-point hike in the interest rate to check high retail inflation. It might be the third consecutive hike in the repo rate or short-term lending rate in the last three months.
The central bank has already announced to gradually withdraw its accommodative monetary policy stance. Headed by RBI Governor Shaktikanta Das, the Monetary Policy Committee is scheduled to announce its decision on August 5.
- 4 Aug 2022 9:15 AM IST
Oil prices rebound
Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak US fuel demand.
Brent crude futures rose 53 cents, or 0.6%, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6% gain, to $91.21. Both benchmarks fell to their weakest levels since February in the previous session.
US crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.
