Market Savera - 8/11/2024

Stock Market Updates

U.S. stocks ended in record territory on Wednesday after the Federal Reserve delivered a 25 basis point interest-rate cut that investors had been expecting, helping to keep the postelection rally alive. Stocks hit fresh all-time highs, climbing alongside bonds and commodities.

The Federal Reserve on Thursday voted to cut its benchmark interest rate by quarter-percentage point to a range of 4.5%-4.75%.

In advance of the Fed, the Bank of England cut interest rates by a quarter point on Thursday for only the second time since 2020.

Investors rushed into exchange-funds after Donald Trump won the race to become the 47th president of the U.S., particularly seeking exposure to the country's stock market. A "monumental" $22 billion flowed into U.S.-listed ETFs on Wednesday.

China’s exports in October rose at their fastest pace in 19 months, sharply beating analysts’ estimates.

Wipro announces Strategic Partnership with RELEX Solutions

Macrotech Developers to acquire Bain Capital’s stake in digital infra firms for Rs 307 cr

Cyient DLM Wins Long Term Deal with Honeywell Aerospace Technologies to Provide Aircraft Cooling Technology

Asian equities climbed Friday after stocks, bonds and commodities all rallied in the US as the Federal Reserve cut interest rates. Investors will be watching the final day of China’s National People’s Congress, which is expected to announce fiscal stimulus to support the world’s second-largest economy.

Nifty 50 snapped a two–day rally on Nov 07 and settled over 1% lower as Indian markets started pricing in the effects of Donald Trump winning the US election on emerging markets' financial assets, which weighed on the risk-on sentiments. Indian Rupee continued to weaken even as the USD gave up some gains made on the previous day.

Nifty is not able to break sustainably out of the 24000-24500 band. A breach of this band could result in a move in that direction. 23680-23800 could be the next support band in case of a downward breach.

Indian markets could open flat to mildly higher, in line with higher Asian markets today and positive US markets on Nov 07