India Market Recap

Indian equity benchmarks extended their losing streak for the fourth consecutive session on Thursday, despite opening gains supported by stronger global markets and a firm rupee. The Sensex declined 417.49 points to 76,152.86, while the Nifty 50 fell 41 points to 23,873.45. Earlier, the Sensex had gained over 300 points and the Nifty reclaimed 24,000, while Bank Nifty traded nearly 1% higher. On the technical front, Nifty support is placed at 23,800–23,700, while resistance is seen at 24,000–24,100.

US Market Recap

US stocks posted their strongest gain in a month after Federal Reserve Governor Christopher Waller indicated he could support keeping interest rates unchanged if inflation continues to ease. Markets reduced expectations of a September rate hike, while short-term Treasury yields outperformed and the dollar slipped to its lowest level since May. The S&P 500 gained 1.1%, led by megacap stocks, while the Nasdaq 100 and Dow Jones Industrial Average rose 1.2% each.

Asian Market Update

Asian equities opened higher, tracking strong gains on Wall Street as investors scaled back expectations of a Federal Reserve rate hike this month. The MSCI Asia Pacific index rose 0.3%, led by South Korea. The yen strengthened around 2% on Thursday, marking its biggest advance in more than a month and reversing a month-long decline.

Commodity Check

Crude oil prices remained elevated and were headed for their biggest weekly gain since July as renewed US-Iran hostilities raised concerns over prolonged disruptions to energy flows through the Strait of Hormuz. Brent crude edged toward $96 a barrel and was up more than 7% for the week, while WTI traded near $92. Gold steadied after gaining more than 2% on Thursday as Waller’s comments helped reduce expectations of a near-term rate hike. Spot gold rose 0.1% to $4,478.17 an ounce, while silver gained 0.1% to $66.90. Platinum and palladium were largely unchanged.

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