Summary of this article
Finance minister Nirmala Sitharaman extended support to exporters amid the imposition of 50 per cent trade tariffs on India.
Crude oil prices slipped lower on August 29 with the West Texas Intermediate crude and Brent Crude prices witnessing slight declines.
Gold rates remained marginally high in the morning hours of August 29.
The headline indices finished the session lower on August 29. The Sensex closed at 80,080.57 falling 705.97 points or 0.87 per cent and the 50-share Nifty closed at 24,500.9 down by 211.15 points or 0.85 per cent. Several cues are set to affect D-street in trade today on August 29:
Stock Market Cues On August 29
Some of the key cues expected to impact D-street on August 29 include Finance Minister Nirmala Sitharaman's speech, crude oil prices, gold rates. Here’s a look at some of the cues:
FM Sitharaman’s Assurance
Finance minister Nirmala Sitharaman extended support to exporters amid the imposition of 50 per cent trade tariffs on India. Sitharaman addressed the Federation of Indian Export Organisations (FIEO) and said that she expects exporters to sustain momentum in growth vis-a-vis the Centre’s support. The Finance Minister also urged industry leaders to make sure that employees get job continuity amid global headwinds.
“The government is committed to addressing all concerns of the exporting community and will explore every possible avenue to safeguard their interests,” Sitharaman said at FIEO.
Crude Oil Prices On August 29
Crude oil prices slipped lower on August 29 with the West Texas Intermediate crude trading at $64.1 down by $0.5 or 0.73 per cent. The price of Brent Crude fell by $0.49 or 0.71 per cent to $68.13.
Gold Rate On August 29
Gold rate today remained marginally high in the morning hours of August 29, the rate of 24 karat gold remained around Rs 10,261 per gram, the rate of one gram of 22 karat purity gold remained around Rs 9,406. The rates for 18 karat purity gold were Rs 7,696 per gram on August 29.
Asian Indices Trade Mixed On August 29
Asian indices traded mixed in the early hours of August 29, the Hang Seng traded higher by 0.84 per cent and the Shanghai Composite gained 0.11 per cent. Conversely the KOSPI fell 0.14 per cent and Nikkei 225 slipped as much as 0.3 per cent at the time of writing.
US Market Indices
Wall Street indices finished the session in the green zone on August 28, the Dow Jones Industrial Average finished the session at 45,636.9 adding 71.67 points or 0.16 per cent. On the other hand the Nasdaq Composite and the S&P 500 finished the session higher by 0.53 per cent and 0.32 per cent respectively.
FII, DII Trade
Foreign Institutional Investors continued to remain net sellers for the fourth straight session on August 28, selling equities worth Rs 3,856.51 crore and Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth Rs 6,920.34 crore. So far in August, FIIs have net sold equities worth Rs 38,590.26crore and DIIs have net-purchased equities worth Rs 83,340.91 crore.
