The Prime Daily: 04 August 2026

Authored By Prime Research | Published at: Aug 4, 2026 09:20 AM IST

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Dow sets new closing record amid geopolitical de-escalation

The Dow Jones Industrial Average rose nearly 700 points to close at a record 53,178— its 22nd record close this year. The S&P 500 gained 1.5%, and the Nasdaq Composite jumped 2.1%, as easing U.S.-Iran tensions and stronger-than-expected July manufacturing data lifted sentiment.

Amazon topped a $3 trillion market valuation for the first time as growth stocks rebounded broadly. The “Magnificent Seven” added a combined $1.77 trillion in market capitalisation over three trading days, aided by falling Treasury yields.

Brent crude fell to settle near $84 a barrel, after President Trump signalled he would postpone further military action against Iran to pursue negotiations over the Strait of Hormuz. The retreat in energy prices eased Wall Street’s inflation concerns.

Separately, Trump criticized Exxon and Chevron for “making too much money” amid high gasoline prices, calling on the companies to pass more savings to consumers — as low-income households continue spending over 10% of monthly income on fuel despite falling crude prices.

The U.S. Treasury and the Bank of Japan confirmed coordinated yen-buying intervention — an unusual step that included the U.S. selling euros to fund the purchases. USD/JPY strengthened to around 157, up from 40-year lows near 164, with officials signalling readiness for further action.

The Indian rupee strengthened in line with most Asian currencies, rising 4 paise to close at 95.35, supported by a decline in crude oil prices after U.S. President Donald Trump said fresh U.S.-Iran talks are set to begin on Monday. The domestic currency also benefited from sustained foreign inflows into both equity and debt markets. In addition, expectations that the Reserve Bank of India may reduce its net short forward position provided further support to the rupee.

Nifty extended its winning streak for a fourth consecutive session.

During the session, the index crossed key resistance levels of 24,530 and 24,601, confirming the continuation of the bullish trend.

Foreign investors are gradually paring back their short positions in derivatives while adding to their cash market holdings.

Nifty is poised to test the next target of 24,776, derived from its 200-day average. Immediate support has now moved higher to the 24,400–24,500 zone.

Nifty experienced a massive 200-point surge during the closing auction session (CAS), driven by around 1% or more movement across as many as 12 Nifty stocks, and that is likely to correct after opening today.

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Disclaimer

At HDFC SKY*, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please Note: The information shared is intended solely for informational purposes and does not make any investment recommendations.
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