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The Federal Reserve reported notable advancements in reducing inflation, nearing its 2% target, hinting at a potential rate cut in September. Job growth has slowed and unemployment rates have increased. Despite this, the Fed maintained its key rate at 5.3%, facing pressure from some Democrats for rate reductions.

Dipan Mehta of Elixir Equities discussed the outlook for the auto and cement industries, noting potential slowdowns and increased competition. He commented on recent developments in speculative trading regulations, the pharma sector, and the performance of companies like Zomato, Paytm, and Maruti. Mehta advised caution in the auto sector while expressing optimism about select pharma stocks.

But for the near term, at least for the next six months, the likelihood is that you will get a little better of margins than you have in the past and we are already seeing that in the current quarter estimates.

The BSE Sensex rose by nearly 286 points, achieving a record high, while Nifty remained above 24,950. Godrej Properties, Ambuja Cements, and Indus Towers were key stocks, showing various changes in their prices. Expert Riyank Arora provided stock recommendations based on existing chart patterns and trading volumes.

Gold prices reached a two-week high following indications from U.S. Federal Reserve Chair Jerome Powell of possible interest rate cuts by September. Spot gold stood at $2,448.38 per ounce. Attention is on the forthcoming U.S. payroll report which may influence gold prices as the week concludes.

Markets experienced a slight uptick on Wednesday. Key companies such as ITC, Tata Motors, and Infosys will be under focus due to their quarterly results. Tata Steel and Coal India reported profit growths, while Infosys faces a GST investigation concerning Rs 32000 crore. Bank of Baroda and Sonata Software also posted their quarterly results.

While Fed officials are wary of any actions that could mar their data-not-politics approach to setting monetary policy, the steady drop in inflation in recent months prompted a broad consensus that the inflation battle was near its end.

Tata Steel advanced with the closure of its heavy-end UK assets to halt cash losses. Although it reported a 75% year-on-year rise in net profit for the June quarter, UK operations continued to incur losses. The company now focuses on working capital stabilization, employee support, and securing grant funding for an electric arc furnace.

Bank of Baroda (BoB) on Wednesday reported a 10 per cent increase in standalone net profit to Rs 4,458 crore in the June 2024 quarter, helped by a decline in bad loans. The state-owned bank had posted a net profit of Rs 4,070 crore in the year-ago period.

The drug maker reported net profit of Rs 494 crore in the corresponding period of previous year.Revenue from operations rose 12.2% YoY to Rs 2,893 crore in Q1FY25. On a quarter-on-quarter (QoQ) basis revenue and net profit increased 18.5% and 14%, respectively.