Market Performance:
- The Sensex has reached a milestone of 80,000 points, with companies like M&M and Tata Steel among the top gainers, seeing increases between 20-75% in the first half of 2024
- In the US, the S&P 500 and Nasdaq have set new record highs, driven by strong corporate earnings and a favorable jobs report that beat expectations.
Major Moves and Trends:
Jeff Bezos is set to sell an additional $5 billion worth of Amazon shares as they reach record highs, following previous sales totaling $8.5 billion earlier this year.
IREDA shares have surged 7% to an all-time high, doubling in value this year.
Vraj Iron & Steel debuted at a 16% premium and continued to perform well, hitting the upper circuit.
Earnings Season:
The upcoming earnings season is expected to be closely watched, with significant reports from major corporations like Delta, PepsiCo, and JPMorgan Chase. This will be critical for assessing the market’s direction in the coming months.
Economic Indicators:
Inflation data and Federal Reserve actions remain key focus areas. The upcoming U.S. inflation report and Fed Chair Jerome Powell’s testimony are anticipated to have significant impacts on market sentiment.
Sector Highlights:
Technology stocks continue to drive market gains, with significant contributions from major tech giants. This trend is expected to be tested during the earnings season.
