Nifty last close: 24951.15 (+0.38%)
Indian equity market was seen strong consolidation on July 31
Nifty50 Index settled 0.38 percent higher at 24,951.15 points
Sensex rose 0.35 percent (286 points) to 81,741 points
Among sectoral indices, Nifty Metal was the top gainer, up 1.2 percent
Nifty Pharma and Media, each up over one percent
Nifty PSU Bank and Nifty Realty were the losers, both down 0.4 percent
FIIs extended their selling as they sold equities worth Rs 3,462 crore on July 31
DIIs bought equities worth Rs 3,366 crore on the same day
US markets ended higher on July 31
Federal Reserve kept U.S. interest rates unchanged while signaling possible easing in September if inflation cools
Fed leaves rates unchanged for 8th straight meeting
Fed reiterates no rate cuts until confident inflation is moving to 2%
Inflation has eased but remains “somewhat elevated”
Fed says there has been “some” further progress on inflation
Attentive to risks on both side of dual mandate
Unemployment rate has moved up but remains “low”
While Fed Chair Powell has not confirmed a September rate cut, he sounds more optimistic.
Ultimately, the Fed awaits the next 2 months of inflation data.
Further declines in inflation open for a September cut
Dow gained 0.25%, Nasdaq rallied 2.5% and S&P500 gained 1.5%
The S&P 500 and Nasdaq scored their biggest daily percentage gains since Feb 22
Nvidia surges nearly 13%
Apple and Amazon rallied each 2%
Crude sustains $80/bbl
US 10-year yield slips to 4%
Gold prices shot up to $2450/oz
Asian markets were set lower opening on Aug 1
Nikkei down 2.7% and Hangseng down 0.5%
GiftNifty indicates a positive opening for the index
Nifty is facing a intraday resistance 24980 and 25020
If stays above 25020 will try to move 25070
On flip side, Nifty considering a supports 24930 and 24900
Below 24900 finding a next support around 24840
Updated: 09.05 am / 01st Aug 2024
