Indiaβs economic growth in the April-June quarter was 6.7% year-on-year (YoY), easing from 7.8% in the previous quarter, but still the world’s fastest-growing major economy.
Tata Motors shares fell 1.5% in early trading after the company reported an 8% drop in domestic vehicle sales for August. In contrast, Maruti Suzuki shares edged up 0.5% despite a nearly 4% decline in sales.
Meanwhile, TVS Motor shares rose by 1% following a 13% increase in domestic two-wheeler sales for August, while Hero MotoCorp shares jumped over 3% after reporting a nearly 5% rise in domestic sales.
Firstcry shares fell 2% after the company reported a narrowed first-quarter loss on strong demand for baby care products.
Experts View
“The market has entered a zone of steady but mild up-move caused by the accumulation of quality largecaps. FIIs turning buyers last week mainly due to some large bulk deals also has improved sentiments in the market,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“FY25 Q1 GDP print at 6.7% indicates mild sluggishness in the economy. This will warrant rate cuts by the RBI in the next monetary policy meeting. Even though banks are struggling for deposits, rate cuts will improve the prospects for banking stocks,” Vijayakumar added.
Deven Mehata, Derivative Analyst at Choice Broking, said, “Nifty can find support at 25,200 followed by 25,100 and 25,000. On the higher side, 25,300 can be an immediate resistance, followed by 25,350 and 25,400.”
Global Markets
Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a US jobs report that could decide whether a rate cut expected this month will be regular or super-sized.
Asian markets mostly followed Friday’s rally on Wall Street, with Japan’s Nikkei up 0.5% and adding to last week’s 8.7% bounce.
MSCI’s broadest index of Asia-Pacific shares outside Japan barely moved, while South Korean stocks edged up 0.1%. The EUROSTOXX 50 futures were flat, while FTSE futures added 0.3%.
FII/DII Tracker
The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 5,316 crore on August 30, while domestic institutional investors sold equities worth Rs 3,198 crore on the same day.
Crude Oil
Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the US, the world’s two biggest oil consumers.
Brent crude futures fell 57 cents, or 0.7%, to $76.36 a barrel, while US West Texas Intermediate crude slipped 50 cents, or 0.7%, to $73.05 a barrel.
Currency Watch
The Indian rupee fell 1 paisa to 83.86 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.03% to 101.72 level.
(With inputs from agencies)
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