Global Markets Brace for Bearish Start as Sell-Off Spreads
Global markets are bracing for a bearish start on Monday, August 5, 2024, as heavy sell-offs in global peers cast a shadow over investor sentiment. The GIFT Nifty futures indicate a gap-down start, quoting 322 points lower than Nifty50 futures at 24,389 levels.
The Asia-Pacific region witnessed a major sell-off on Monday morning, extending Friday's losses. Investors are anticipating crucial trade data from China and Taiwan this week, along with upcoming central bank decisions from Australia and India.
Japan's markets led the declines, with the Nikkei 225 dropping 5.77% and Topix plummeting by 7.41%. Australia's S&P/ASX 200 decreased by 2.78%, while South Korea's Kospi fell 4.32% and the Kosdaq dropped 4.78%. Hong Kong's Hang Seng index also traded in red, slumping by 1.59%.
Adding to the bearish sentiment, investors will be closely watching service sector activity figures for countries including India, the US, and China.
In the US on Friday, stocks fell sharply following a weaker-than-expected July jobs report, raising concerns about a potential recession. The S&P 500 lost 1.84%, the Nasdaq Composite declined by 2.43%, and the Dow Jones Industrial Average fell by 610.71 points, or 1.51%.
Indian Market Highlights
SBI's total deposit growth for the June quarter stood at 8.18%, with domestic deposits at 8.08%. The bank's overall net interest margin (NIM) for the first quarter was 3.22%, while the domestic NIM was 3.35%.
The pharmaceutical firm reported a net profit of Rs 430 crore, marking a 21% increase from last year's Rs 356 crore. Revenue for the first quarter reached Rs 2,118 crore, a 19% rise from the previous year's Rs 1,778 crore.
The company has emerged as the lowest bidder for two Mumbai Metropolitan Region Development Authority (MMRDA) projects valued at approximately Rs 1,280.8 crore. The projects involve designing and constructing a creek bridge from Kolshet to Kalher and another from Gaimukh to Payegaon.
India's second-largest software services exporter announced on Saturday that it has received communication from the Directorate General of GST Intelligence (DGGI) closing the pre-show cause notice proceedings for the fiscal year 2017-2018, which had amounted to Rs 3,898 crore.