• Market Savera - 04/07/2024

  • Jul 4 2024
  • Length: 2 mins
  • Podcast

Market Savera - 04/07/2024 By cover art

Market Savera - 04/07/2024

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  • Summary

  • Global markets Wall Street traders pulled stocks higher as bond yields fell after a series of weaker-than-estimated economic reports strengthened the case for the Federal Reserve to start cutting rates this year. The S&P 500 rose to new highs in Wednesday’s shortened trading session as investors appeared to ignore sluggish economic data. The exchanges in the US will be shut today for Independence Day. The U.S. ISM measure of services activity surprised by sliding to its lowest since mid-2020, with employment notably weak ahead of the June payrolls report due on Friday. Minutes from the Fed’s June policy meeting showed officials were awaiting further evidence that inflation is cooling and were divided on how long to keep rates elevated. Investors will now keep a close eye on Friday’s US jobs report. Economists anticipate a 190,000 gain in June nonfarm payrolls — less than the previous month — with the unemployment rate holding at 4%. Corporate News Bandhan Bank reported loans and advances at Rs 1.26 lakh crore up 21.8% for Q1FY25 Brigade Enterprises signed a joint development agreement in Bengaluru for 1.2 million sq ft residential project Vedanta Ltd reported a rise in production of aluminium, zinc, iron ore and steel in the June quarter Local Markets Stocks in Asia rose Thursday to 27 month highs after US shares touched a fresh peak as economic data supported the case for Federal Reserve interest-rate cuts. Nifty ended higher on July 3 with Nifty above 24,250 amid buying across the sectors. At close, Nifty was up 0.67% or 162.7 points at 24286.5. A breach of the low of the day i.e. 24207 could bring in more weakness while 24380 could offer resistance on upmoves in the near term. Indian markets could open higher, in line with mostly higher Asian markets today and positive US markets on July 03
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