Latest Stock Market News

The Relative Strength Index of the stock stood at 79.94 on Friday.

The stock traded at a P/E multiple of -270.84, while the price-to-book value ratio stood at 10.16.

Amazon.com experienced a slowdown in online sales growth during the second quarter, as consumers opted for cheaper products. This cautious spending behavior caused an almost 8% decline in Amazon shares. Despite beating analyst expectations in profits and cloud computing sales, stiff competition and budget-conscious shoppers impacted Amazon’s projections for the upcoming quarter.

Several companies, including Britannia Industries and Chambal Fertilizers, marked August 5 as the record date to identify shareholders eligible for dividends. Investors had to buy shares by the day before the ex-date to qualify. Specific dividend amounts were announced for each firm, and this served as the final day for share purchase for eligibility.

The MSCI Asia Pacific Index dropped as much as 2.8%, the most since June 2022, with Taiwan Semiconductor Manufacturing Co. and Tokyo Electron Ltd. among the biggest drags. Japan’s Topix Index headed for a technical correction, while benchmarks in the tech-heavy markets of South Korea and Taiwan fell about 3%.

Investor anxiety grew on Wall Street Thursday, with the Cboe Volatility Index (VIX) hitting a three-month high of 19.48. This followed significant drops in U.S. stocks—1.4% for the S&P 500 and 2.3% for the Nasdaq Composite. Economic slowdown fears have led to increased trading in VIX options.

U.S. chip stocks suffered a major decline, largely influenced by a cautious forecast from Arm Holdings, which prompted worries about the pace of AI returns. This led to a substantial drop in Arm shares. The broader market, including the S&P 500 and Nasdaq, also experienced significant losses. Intel disclosed plans to reduce its workforce and suspend its dividend.

The Nifty 50 index saw a 5,000-point rally mainly fueled by domestic fund investments of ₹3.3 lakh crore. Reliance Industries and other major firms contributed significantly to the gains. While the market remains highly valued, ongoing fund flows could push the index higher, with potential short-term corrections expected.

Wealth managers suggested trimming investments in risky and underperforming schemes as the Nifty hit 25,000. They advised taking profits from high-performing PSU and defense funds, and reviewing schemes that failed to beat their benchmarks. Investors were guided to shift towards large-cap portfolios and gilt funds for more stable returns.

VALUATION COMFORT Top consumer stocks beaten down despite being near 52-wk highs; benign demand to drive interest amid mkt correction