The Indian markets rose handsomely on August 7, 2024 following three days of continuous fall with the Nifty 50 registering an increase of 304.95 and Sensex 30 rising 874.94. All eyes are on Gift Nifty today.
Gift Nifty movement chart
The Gift Nifty movement chart shows the following: 1-day: +0.19%, 1 week: -2.91%, 1 month: 0.92%, 3 months: +6.99%, 6 months: 9.33% and 1 year: 23.47%.
The GIFT Nifty is a benchmark index that indicates the performance of the top 50 companies listed on the National Stock Exchange of India (NSE). It was rebranded from SGX Nifty and shifted to the new international exchange NSE IFSC which is located in GIFT City of Gandhinagar in the state of Gujarat.
RBI announcement today
Experts said volatility in the markets can be expected as trading begins on August 8. “All eyes will be on the Reserve Bank monetary policy committee decision on the interest rates. There are numerous companies the performance of which are dependent on the interest rates, and they can be areas of special investor interest today,” said Nilanjan Dey, investment strategist and director, Wishlist Capital.
US indices down
On the other hand, all three major benchmark indices in the US stock markets also showed a downward trend on August 7. These are the Dow Jones average, Nasdaq and S&P 500.
While Dow Jones ended the day going down by 48.67 points to close at 38,714.78 points, S&P 500 registered a decline of 40.53 points to close the day at 5,199.50. Nasdaq registered the biggest fall in absolute terms – by 171.05 points – to end the day at 16,195.81 points.
European indices up
The major European indices, however, ended in the green. FTSE rose 140.19 points to close at 8,166.88 points. The French index CAC rose 135.97 points and ended August 7 trading at 7,266.01 while the German DAX rose 260.83 to close at 17,615.15 points.
The Reserve Bank of India governor Shaktikanta Das is expected to announce the decision of the Monetary Policy Committee on August 8. The RBI has kept the rates unchanged at 6.5 per cent for the last 18 months.
The Reserve Bank of India is expected to announce the MPC decision today, August 8, 2024. All eyes will be on the effect of the announcement on the markets. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
