The stock market today
On August 9, trends in the GIFT Nifty show a strong start for the broader index with a rise of 24 points, and as a result, equity benchmark indices Sensex and Nifty are anticipated to open modestly higher.
The Nifty50 closed 26 points down at 19,570 points, trading close to its 200-day moving average of 19,591 points and attempting to maintain the current trend. The BSE Sensex lost 106 points to close the previous session at 65,846 points.
According to the pivot point calculator, the Nifty may find support at 19,541, then 19,517, and 19,478. In the event of an upward trend, 19,618 may serve as the main barrier, followed by 19,642 and 19,681.
Nifty Gift
The GIFT Nifty gained 24 points after the Nifty closed 26 points down on August 8 at 19,570 points, indicating a neutral to modestly positive start for the broader index. The value of GIFT Nifty futures was 19,577 points.
A US MARKETS
Following a selloff for the main averages on Tuesday night, no movement was seen in US stock futures. Futures for the Dow Jones Industrial Average dropped 27 points, or 0.08 percent. Both Nasdaq 100 and S&P 500 futures experienced a 0.06 percent decrease.
After the casino firm announced that it will be opening an online sportsbook with ESPN, named ESPN Bet, this fall, Penn Entertainment saw a 12 percent increase in extended trading. The major averages had a bad day on Tuesday, and investors are now recovering. The Dow Jones Industrial Average ended with a loss of 158.64 points, or 0.45%. Even so, that's better than where the Dow was when it fell by around 465 points at its session lows.
The Nasdaq Composite dropped 0.79 percent, and the S&P 500 dropped 0.42 percent. The selloff follows Moody's. The downgrading of a number of smaller banks on Tuesday weakened investor optimism. However, others argue that the retreat is expected given the remarkable rise in stocks this year. Some market participants were concerned the signal could portend more difficulties for markets in the future.
European Economies
On Tuesday, European markets declined as traders anticipated important inflation data due later this week and responded to an unexpected banking tax plan from Italy.
The pan-European Stoxx 600 index finished 0.2 percent lower, with banks leading declines, losing 2.7 percent, as most industries experienced losses. Healthcare stocks increased 3.2 percent against the general trend. The unexpected announcement by the government of a 40% windfall tax on financial earnings hurt Italian lenders, causing the banking industry to suffer. The favorable discussion of health care followed a promising medication trial outcome from the Danish pharmaceutical company Novo Nordisk.
The European blue-chip index concluded Monday's trading session up 0.1 percent as investors grabbed profits close to the end of the results season and risk sentiment came back into focus. This followed last week's global downturn.
On Wednesday, China is expected to publish disinflation of 0.5 percent year-over-year, which would relieve price pressures globally but also indicate that Beijing needs to increase fiscal support. The United States will disclose its consumer price index on Thursday. On Tuesday, the FTSE closed 0.36 percent lower at 7,527 points and the DAX closed 1.1% lower at 15,774 points.
Asian marketplaces.
Markets in the Asia-Pacific region were neutral as investors awaited China's July inflation data; the consumer price index is expected to fall for the first time since February 2021.
According to economists surveyed by Reuters, China's inflation rate will decrease by 0.4% year over year. The nation's producer price index, which gauges changes in the prices domestic producers receive for their work, is also anticipated to decline by 4.1%. Futures for the Hang Seng index in Hong Kong were trading at 19,084, indicating a better open than the HSI's closing price of 19,184.17.
Early morning trading saw the Topix decline 0.3 percent while the Nikkei 225 of Japan dipped 0.24 percent. In contrast, the Kosdaq rose 1% and the Kospi rose 0.88 % in South Korea. The S&P/ASX 200 in Australia was trading about flat.
After Moody's lowered the credit rating of many regional banks, citing deposit risk, a probable recession, and troubled commercial real estate portfolios, all three major US indexes experienced a selloff overnight. The S&P 500 fell 0.42 percent, the Nasdaq Composite down 0.79 percent, and the Dow Jones Industrial Average fell by 0.45 percent.
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