Stock Market LIVE Updates on Thursday, August 22, 2024: Indian benchmark indices BSE Sensex and Nifty 50 were trading on a positive note on Thursday, as investors awaited more cues from the US Federal Reserve’s chair, Jerome Powell, regarding an expected interest rate cut by the Federal Reserve before the year’s end.
Around noon, the benchmark Sensex was trading in green, surging 225 points to 81,130 levels. Bharti Airtel, Ultratech Cement, and Titan were among the top gainers on the BSE Sensex.
Overnight, the US market closed up following the release of the minutes of the latest US Federal Reserve meeting held on July 30 and 31. The Dow Jones Industrial Average rose 0.14 percent to 40,890.49, the S&P 500 gained 0.42 percent to 5,620.85, and the Nasdaq Composite added 0.57 percent to 17,918.99.
Asian stocks edged higher ahead of key events from the Federal Reserve and the Bank of Japan that will help define the global rates trajectory. The MSCI Asia Pacific Index climbed 0.2% as benchmarks in Japan, Australia, and South Korea rose. This came after the S&P 500 and Nasdaq 100 indexes advanced on further signs that the Fed will cut interest rates.
Minutes from the latest Fed policy meeting showed several officials acknowledged a plausible case for cutting rates before the central bank voted to keep them steady. Chair Jerome Powell will have a chance to offer investors further clarity when he speaks at the Jackson Hole economic symposium on Friday.
In terms of stocks to watch:
1. Zomato: The food delivery platform is expected to acquire payments platform Paytm’s entertainment ticketing business for Rs 2,048 crore. As part of the deal, 280 employees from Paytm will move to Zomato.
2. Alkem Laboratories: A promoter of the pharmaceutical company is likely to offload a 0.7 percent stake in the company through block deals, with the floor price likely to be set at Rs 5,616 per share.
3. BEML: The PSU has signed a strategic Memorandum of Understanding (MoU) with the Directorate of Marine Engineering of the Indian Navy to develop advanced marine applications for defense. Additionally, the company has signed an MoU with SMH Rail, Malaysia’s largest rolling stock manufacturer, to meet global demand for rail and metro solutions.
4. Paras Defence and Space Technologies: The Department for Promotion of Industry and Internal Trade (DPIIT) has granted an industrial license to the company to manufacture several defense-related items, including infrared or thermal imaging equipment, electro-optics systems, sub-systems, and platform of radar systems, among other surveillance systems in Navi Mumbai, Maharashtra.
Overall, the stock market on Thursday, August 22, 2024, was showing positive signs as investors awaited further guidance from key events and speeches by central bank officials. The market movements were influenced by global economic factors and specific company developments, making it an interesting day for investors to keep a close eye on market updates.