Sunday, 16 June 2024
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Stock Market

Sensex plunges 900 points and the Nifty drops below 19,450

In response to Fitch’s downgrading of the US Credit Rating and investors seeking safety in gold’s enduring charm, gold prices have experienced a good rebound.

For the past five years, gold has maintained a strong position in investors’ safe investment allocations, and soon, it is anticipated to take support at 58000.

Sensex and Nifty

The US debt crisis has also affected gold prices, and gold is anticipated to continue ranking high on investors’ lists of asset classes to keep money invested during difficult times.

The box office for Hindi films looks to have stabilized, and Hollywood made an impressive comeback. The revival of Hindi cinema and merger synergy are major drivers of this revival. The first quarter net profit for Aditya Birla Capital increased by 55%, and revenue increased by 26%. Despite a 10% decline in Q1 sales, Dalmia Bharat Sugar recorded a 13.1 percent YoY gain in net profit.

  • Gold prices rebound after Fitch downgrade and investor safety concerns.
  • US debt crisis impacts gold prices, boosting investor interest in gold.
  • Downgrade doesn’t reveal market unawareness; soft landing driving global equities.

The supply approval for Indian Made Foreign Liquor (IMFL) brands that Som Distilleries & Breweries received in Rajasthan would have a significant influence on the company’s top and bottom lines in the medium future.

Global markets are reacting negatively to the US credit rating downgrading, as the rise in the dollar index to 102 and the spike in the yield on the US 10-year bond are both short-term negatives for emerging countries.

The negative knee-jerk reaction, however, will pass quickly because the downgrade doesn’t reveal anything that the market is unaware of. The notion of a “soft landing” for the US economy has been driving up equities markets globally, and the downgrade doesn’t change that.

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